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Bradesco Seguros 30 Business Context & Strategy Integrated Report 2018 ABOUT THIS REPORT PROFILE CREATING VALUE CORPORATE GOVERNANCE SUSTAINABILITY TECHNOLOGY & INNOVATION STAKEHOLDERS About this Report GRI 102-46, GRI 102-47, GRI 102-49, GRI 102-54 In this edition of our Integrated Report we STRATEGIC PILLARS review our key practices, accomplishments Sustainable and challenges in 2018 and our strategic vi- Customer Relations sion for the future. The contents of this report and Profitable Growth have been developed within the frameworks outlined by the Global Reporting Initiative Efficiency and Human capital (GRI) and the International Integrated Re- innovation porting Council (IIRC) to integrate financial, social and environmental information in a single report. It also references indicators used by the B3 Corporate Sustainability In- SUSTAINABLE DEVELOPMENT GOALS dex (ISE), the Dow Jones Sustainability Index (DJSI) and the Carbon Disclosure Project 1 No poverty 10 Reduced inequalities (CDP). In addition, this report makes refer- Zero hunger and Sustainable cities ence to the UN’s Sustainable Development 2 11 sustainable agriculture and communities Goals (SDGs) as part of Agenda 2030 where Responsible consumption relevant, and conforms to the Listed Com- 3 Health & well being 12 and production pany Self-Regulation Code and Good Prac- tices outlined by the Brazilian Association of 4 Quality education 13 Climate action Public Stock Corporations (ABRASCA). 5 Gender equality 14 Life below water This report has been prepared in accor- dance with the GRI Standards: Core option, 6 Clean water and sanitation 15 Life on land providing social and environmental disclo- Peace, justice & 7 Affordable and clean energy 16 sures covering more than 75% of our reve- strong institutions nues, and work continually to improve our Decent work and 8 17 Partnerships for the goals approach to reporting. economic growth Industry, innovation Bradesco’s Integrated Report is the result of 9 All SDGs – 1 to 17 and infrastructure a collective effort across several functions to provide transparency around subjects of interest to our many stakeholders. CAPITALS STAKEHOLDERS As part of our practice of revisiting our Materiality Matrix every two years, Bradesco Financial Clients carried out a new materiality assessment process in 2018 (read more on p. 8). Human Internal stakeholders The contents of this report are flagged by icons indicating the relevant integrated re- Intellectual Shareholders & investors porting capitals, the stakeholders with which we engage and the SDGs that are support- Manufactured Suppliers ed by our activities. Natural Government (regulators) This report is published in summary form in print; the full report is available on our web- Social Community/ society/ site at banco.bradesco/ri. third sector ABOUT THIS REPORT PROFILE CREATING VALUE CORPORATE GOVERNANCE SUSTAINABILITY TECHNOLOGY & INNOVATION STAKEHOLDERS Contents 4 MESSAGE FROM MANAGEMENT 8 MATERIALITY ASSESSMENT PROCESS 12 HOW BRADESCO CREATES VALUE 14 2018 HIGHLIGHTS 18 PROFILE 26 Bradesco Seguros 30 Business Context & Strategy 32 VALUE CREATION 34 Economic and Financial Performance 54 Risk Management 64 Asset Management 70 CORPORATE GOVERNANCE 79 Ethics and Compliance 86 SUSTAINABILITY 87 Sustainability Drivers 90 A Green and Inclusive Economy 120 TECHNOLOGY & INNOVATION 123 Innovation Pillars 130 STAKEHOLDERS 131 People Management 164 Supplier Relations 175 Client Relations 193 Interaction with Shareholders & Investors 194 Our Commitment to Society 210 GOVERNANCE BODIES 212 GRI CONTENT INDEX 224 ASSURANCE REPORT 226 CORPORATE INFORMATION 226 CREDITS BRADESCO INTEGRATED REPORT 2018 3 ABOUT THIS REPORT PROFILE CREATING VALUE CORPORATE GOVERNANCE SUSTAINABILITY TECHNOLOGY & INNOVATION STAKEHOLDERS 4 Statement from THE Board OF Directors ABOUT THIS REPORT PROFILE CREATING VALUE CORPORATE GOVERNANCE SUSTAINABILITY TECHNOLOGY & INNOVATION STAKEHOLDERS Statement from the Board of Directors GRI 102-14 Dear Madams and Sirs, We want to be the Bank of choice for people, and work continually to support the customers by offering solutions and ser- country’s continued economic and social vices that match their diverse profiles. To development. achieve this, we have undertaken a rapid transformation of the Organization from a As part of our commitment to transparen- product-based to a relationship-based cy and democratic access to information, Bank combining traditional banking with in this report we provide detailed insight next-generation technology, offering cus- into our most important achievements and tomers a range of facilities that are respon- results in the year. sive to their needs. To our shareholders and customers, our In a fast and dramatically changing world, thanks for your support, trust and preference. our resilience is a testament to a well-de- signed strategic plan and business mod- Luiz Carlos Trabuco Cappi el aimed at achieving sustainability and Chairman of the Board of Directors future-readiness. Bradesco’s ability to deliver recurring results ensures that we continue to benefit all stakeholders consistently. Inherent in our culture, our commitment to social responsibility takes on a special meaning in the work done by Fundação Bradesco, the largest private social and educational program in Brazil. For more than six decades, we have invested in 40 Foun- dation-operated schools providing free, high-quality education to children, adoles- cents and adults. We ended the year with more than 94,000 students. 2018 was a year of both adversity and lessons learned. With our teams’ continued commit- ment, we succeeded in achieving set goals. Bradesco will be challenged by the new business environment emerging in 2019. But we are prepared, with our exception- al capabilities and team. Just as we have throughout our history, we remain confident of Brazil’s potential and the capabilities of its BRADESCO INTEGRATED REPORT 2018 5 ABOUT THIS REPORT PROFILE CREATING VALUE CORPORATE GOVERNANCE SUSTAINABILITY TECHNOLOGY & INNOVATION STAKEHOLDERS Statement from the CEO GRI 102-14 We celebrated our 75th anniversary as a Our business model remains stronger than Bank with a history marked by confidence ever and we have compelling credentials— and realistic optimism about Brazil’s strength combining the best of in-person service as a nation. Our nation-wide presence is and digital—to meet our customers’ aspira- built on our belief in people’s capabilities tions. Throughout the year we continued to and our commitment to delivering excel- improve our operations and cost structure, lence in financial services to all consumers. with an emphasis on credit risk, thanks to enhanced loan underwriting and collection The year 2018 brought political and eco- models, and the positive effect from eco- nomic complexity and uncertainty, both in nomic recovery. The continual evolution of Brazil and globally. Despite this, Brades- our products and services has helped to co delivered consistent results in the year provide greater convenience, make the ser- thanks to a strategy solidly grounded in our vice experience more efficient, and reduce culture and our teams’ commitment. cost to serve. We see signs that Brazil’s headwinds are In this context, net income in the year was now subsiding, and reforms are likely to be R$ 21.6 billion, up by 13.4%. Loan origination passed that will create a more stable envi- grew substantially, with the loan portfolio ronment and allow the economy to recover expanding by 7.8%. Improvement was also with sustained growth. seen in operating income, which rose by 24.9%, and in return on equity, which stood at 19.0% at financial year-end and rose further to 19.7% in the fourth quarter. Customers remain our number one priori- ty, and our initiatives are centered around finding ways to improve the customer ex- perience. To achieve this, we have invested 13.4% heavily in technology and are at the fore- front of our industry in the development and net income growth use of a range of technologies and espe- cially artificial intelligence. 6 Statement from THE CEO ABOUT THIS REPORT PROFILE CREATING VALUE CORPORATE GOVERNANCE SUSTAINABILITY TECHNOLOGY & INNOVATION STAKEHOLDERS We recognize that we are transitioning to a new economy with both opportunities and challenges for development, and this has led us to increasingly incorporate social and environmental aspects into our corporate management approach, supporting a global agenda by advancing sustainable business. Our achievements in 2018 are thanks to the support, trust and preference of our share- holders and customers, and the exceptional performance of our employees and other partners, who together have strengthened our results. To all of you, our thanks. I warmly invite you to read our Integrated Report 2018. Octavio de Lazari Junior CEO Our business model remains stronger than ever and we have compelling credentials—combining the best of in-person service and digital—to meet our customers’ aspirations BRADESCO INTEGRATED REPORT 2018 7 ABOUT THIS REPORT PROFILE CREATING VALUE CORPORATE GOVERNANCE SUSTAINABILITY TECHNOLOGY & INNOVATION STAKEHOLDERS Materiality assessment process GRI 102-40, GRI 102-42, GRI 102-43, GRI 102-44 Our material topics In 2018 we conducted a new materiality assessment—with a wider range of stake- In total, the materiality holders and increased participation from the Board of Directors—to identify our most review included more than relevant and challenging topics and align expectations with stakeholders. 1,000 interactions with the The assessment
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