BB Seguridade Participações SA revised the growth projection for its adjusted net income in 2017 to a decline of between -5.0% and -1.0%, according to an Aug. 7 filing.

The new projection is considerably down from the previous growth forecast of between 1.0% and 5.0%.

The company observed a 4.7% contraction in its adjusted net income in the first half. It saw its reported adjusted net income for the second quarter fall 12.0% to 956.3 million Brazilian reais.

As of Aug. 7, US$1 was equivalent to 3.13 Brazilian reais.