(Adds amount to be paid to BB Seguridade's parent)
SAO PAULO, Sept 25 (Reuters) - Brazilian state-controlled insurer BB Seguridade Participações SA said on Wednesday its board will propose returning 2.7 billion reais ($651 million) in capital it considers "excessive" to shareholders.
In a securities filing, BB Seguridade said that if the proposal is approved at its shareholder meeting, the company will pay 1.35 reais per share.
The insurer's parent, Banco do Brasil SA, said in a separate securities filing it may receive 1.8 billion reais as its share of the capital reduction. The payment will not affect earnings and will be absorbed by the bank's capital. ($1 = 4.1482 reais) (Reporting by Tatiana Bautzer in Sao Paulo Editing by Leslie Adler and Matthew Lewis)