Portuguese-based insurers net €738 million profits in 2023

Insurers operating in Portugal suffered a fall in profits last year, compared to the previous year.

Even so, insurers based in Portugal, even if they belong to foreign multinationals, stacked up €646 million of net results, to which were added the profits of branches of European insurers to a total of €738 million.

These profits were distributed among the 62 companies analysed by the ASF, the sector’s regulatory entity, which on Monday released the first activity figures of each of the insurers that operated in Portugal in 2023. At first, only five posted losses of little consequence as they have little activity in Portugal or are in the investment phase, as is the case of Asisa Seguros.

Four other companies are not subject to analysis due to the uniqueness of their activity: Hiscox, represented by Innovarisk, Inter Partner of the AXA group, CPR of the Fidelidade group and Prévoir — the latter an independent company with a tradition and significant activity in Life insurance.

In absolute value, the company with the highest profit posted in 2023 was GamaLife (€92 million), a Life insurance company that distributes through Novobanco and with a branch in Italy. Fidelidade achieved €83 million of profit in Portugal, although it raked in another €100 million from its business abroad, not reflected in the analysis.

In terms of financial turnover, the most profitable insurers were in the Life branch, working in combination, such as Generali Tranquilidade and Allianz (€72 million and €55 million). Life companies, which at the same time are those that require greater capital immobilisation by their shareholders, occupy the first positions in the ranking.

From among these companies with the greatest profits that solely operate in Non-Life insurance are Liberty (€25 million), Ageas Seguros (€24 million) and Zurich (€23 million).

BBVA Seguros was the most profitable with over €92 million, followed by health insurer Planicare (€2.8 million), bond insurer Azuaga/Abarca (€3.7 million) , GamaLife (€92 million) and Aegon Santander Vida with €17 million according to calculations made by online business daily ECO.