UPDATE 1-BB Seguridade sees returns nearing 60 pct despite Brazil woes

SAO PAULO, Feb 22 (Reuters) - BB Seguridade Participações SA, the insurance unit of state-controlled Banco do Brasil SA, could deliver returns close to 60 percent this year even as Brazil's deepest recession in decades hampers growth in underwriting premiums and makes delinquencies more likely, Chief Financial Officer Werner Süffert said on Monday.