Insurance in Brazil Market Players Analysis¶
Products and Services¶
This report analyzes the top 10 key players in the Brazilian insurance market based on available data from 2024 and 2025. The analysis focuses on their main products and services and provides available information regarding their growth or decline in volume and revenue.
Bradesco Seguros: A major player in the Brazilian insurance market, part of the larger Bradesco financial group. It operates across various segments, including health (Bradesco Saúde), life (Bradesco Vida e Previdência), and property and casualty. Bradesco Seguros is focusing on efficiency, innovation, sustainability, and strategic partnerships. They are actively increasing the activation of market brokers for life insurance, travel insurance, and private pension products. They also launched Croma Oncologia, a joint venture for integrated cancer care. Bradesco Seguros showed substantial growth in market share, with a 20.01% increase in the first quarter of 2024 compared to the previous year, reaching 5.9% market share (excluding VGBL). The group's revenue from insurance premiums, social security contributions, and capitalization increased by 11.8% in Q1 2024, totaling R$ 28 billion. In 2024, their faturamento reached R$ 121.1 billion, a 13.6% increase from 2023, with a net income of R$ 9.1 billion.
Porto Seguro: A prominent Brazilian insurance company with a diversified business model encompassing insurance, health (Porto Saúde), banking (Porto Bank), and services (Porto Serviço). Known for its ecosystem of services, the company emphasizes diversification and strengthening its four business units. Porto Seguro has a strong digital presence with millions of digital interactions and active app users. They focus significantly on customer experience and operational efficiency. Porto Seguro holds the leading position in the market based on premium volume (excluding VGBL) with an 8.0% market share in Q1 2024, showing a growth of 11.41% compared to the same period in 2023. The company's revenues grew by 13% to R$ 37 billion in 2024 compared to 2023. Net income reached R$ 2.7 billion in 2024, an 18% increase. The insurance vertical, Porto Seguro, saw a 3% growth in revenue in 2024, with P&C growing 12% and Life 9%. In the Auto segment, premiums and the insured fleet increased by 1%. Porto Saúde recorded a 24% increase in health insurance lives covered and a 27% increase in dental plan members in 2024. Porto Bank's revenue rose 22% in 2024, with growth in Consortium (+37%), Capitalization (+20%), Financial Risks (+18%), and Cards, Financing, and Loans (+20%).
MAPFRE: A global insurance and financial services company with a significant presence in Brazil. It operates in life, non-life, and other segments. The Brazilian operation is a key growth driver for the global group and has a strong partnership with Banco do Brasil. MAPFRE emphasizes a multi-product offering and continuous investment in distribution channels, focusing on consistent growth. MAPFRE's market share (excluding VGBL) was 5.2% in Q1 2024, experiencing a decline of 3.33% compared to Q1 2023. In 2024, premiums issued in Brazil were €4.8 billion, a 6.5% decrease in euros compared to 2023, but a 1.7% growth in local currency. Net income in Brazil was 255 million euros in 2024, a 9.5% increase.
Tokio Marine Seguradora: Brazilian subsidiary of the global Tokio Marine Group, offering a wide range of insurance products. Its strategy involves organic growth by expanding insurance culture, valuing human capital, and offering diverse products. Tokio Marine is a multi-product insurer aiming to balance results. In 2024, Tokio Marine ended the year with 3 million insured vehicles, solidifying its position as the third largest insurer in the automotive segment in Brazil with about 14% market share. The company's faturamento reached R$ 13.4 billion in 2024, a 10.6% increase compared to 2023. Lucro líquido was R$ 1.4 billion in 2024. Tokio Marine's market share (excluding VGBL) was 6.5% in Q1 2024, a slight decrease from 6.7% in Q1 2023.
CAIXA Seguridade: The insurance arm of Caixa Econômica Federal, focusing on insurance, capitalization, private pension, and consortia. It operates heavily through the bank's extensive network and client base. CAIXA Seguridade consolidated all Caixa's related activities under one company and relies significantly on the bancassurance channel. The company has simplified its corporate structure and reinforced its focus on bancassurance. CAIXA Seguridade's revenue in 2024 was R$ 5.01 billion, a 7.49% increase compared to R$ 4.66 billion in the previous year. Net income in 2024 was R$ 3.77 billion, a 5.11% increase. Managerial net income in 2024 was R$ 3.76 billion, a 7.9% increase. In Q4 2024, managerial net income was R$ 1.06 billion, a 14.6% increase. Premiums issued in the insurance segment in 2024 reached R$ 9.8 billion.
Itaú Seguros: Part of Itaú Unibanco, offering insurance, pension, and capitalization products. It leverages the extensive network and client base of Itaú Unibanco, focusing on growth in various insurance lines, including life, personal accidents, credit life, and protected card, as well as capitalization and service revenue from commissions on third-party insurance sales. Itaú Seguros participates in the market with a 4.2% share based on earned premiums in the first half of 2024. The results from insurance, pension, and capitalization reached R$ 9.75 billion in 2024, a 13.8% increase compared to 2023. In Q1 2024, these results were R$ 2.23 billion, a 10.3% increase. Itaú expects growth between 4% and 7% in services and insurance results in 2025. Itaú offers a wide range of products including life, auto, health, residential, and business insurance.
Allianz Seguros: Brazilian operation of the global Allianz Group, providing various insurance solutions. Allianz aims for sustained growth through margin expansion, capital efficiency, and organic growth. Diversification of its portfolio is a central strategy, focusing on residential, small and medium-sized enterprise (SME) business, condominium, transport, and rural segments. They are also investing in diversifying within the auto segment and monitoring the electric and hybrid car market. Allianz's faturamento in the first nine months of 2024 saw an almost 9% increase compared to the same period in 2023, reaching R$ 7.1 billion. Global operating profit for Allianz was €16 billion in 2024, with a total business volume of €179.8 billion, an increase of 11.2% in total business volume compared to 2023. In the first nine months of 2024, Allianz achieved 20.6% growth in Residential, 27.8% in Life, and 5% in Auto in Brazil.
BB Seguridade: Holding of the Banco do Brasil group in the insurance, private pension, and capitalization segments, including companies like Brasilseg, Brasilprev, Brasildental, and Brasilcap. BB Seguridade benefits from the strong brand and distribution network of Banco do Brasil. It is a top 5 group in risk products in Brazil in 2024. BB Seguridade's adjusted net income was R$ 8.7 billion in 2024, a 9.5% increase. Operating result grew 11.9% in 2024. Premiums issued expanded 2.2% in 2024. Brasilcap (capitalization arm) faturamento was R$ 3.1 billion in H1 2024. BB Seguridade's market share (excluding VGBL) was 7.9% in Q1 2024, a significant increase of 16.43% compared to Q1 2023.
SulAmérica: One of the largest independent insurance groups in Brazil, operating in health, dental, life, pension, and investment products and services. Recognized as a major player, particularly strong in health and dental plans. SulAmérica is included in the top 5 groups for risk products in Brazil in 2024. SulAmérica Investimentos reached R$ 63 billion in assets under management. The number of beneficiaries in health and dental insurance increased by 8.7% from 2021 to 2023, reaching over 4.9 million.
Zurich Santander Brasil Seguros e Previdência: A joint venture between Zurich Insurance Group and Santander, operating in the Brazilian insurance and private pension markets. It leverages the global expertise of Zurich and the strong banking network of Santander in Brazil. Zurich Santander Brasil is included in the top 5 groups for risk products in Brazil in 2024. Zurich Santander Brasil led the growth in market share (excluding VGBL) in Q2 2024, expanding its share by 1.10%.
Comparative Table Showing Growth/Decline in Volume and Revenue by Main Products and Services¶
| Company | Main Products/Services | Volume/Revenue Growth (2024/2023) |
|---|---|---|
| Bradesco Seguros | Health, Life, Property and Casualty, Private Pension, Travel Insurance, Capitalization | Market Share (excl. VGBL): +20.01% (Q1 2024 vs Q1 2023). Faturamento: R$ 121.1 billion (+13.6%) in 2024. Faturamento Q1 2024: R$ 28 billion (+11.8%). Net Income: R$ 9.1 billion in 2024. |
| Porto Seguro | Auto, Residential, Commercial, Health, Personal, Life, Pension, Credit Cards, Consortia | Total Revenue: R$ 37 billion (+13%) in 2024. Net Income: R$ 2.7 billion (+18%) in 2024. Insurance Revenue: +3% in 2024 (P&C +12%, Life +9%, Auto Premiums/Fleet +1%). Health Insurance Lives: +24% in 2024. Dental Plan Members: +27% in 2024. Porto Bank Revenue: +22% in 2024. Market Share (excl. VGBL): 8.0% (+11.41%) in Q1 2024. |
| MAPFRE | Life, Non-Life (General P&C, Auto, Health, Homeowners, Condominium), Reinsurance, Global Risks | Premiums Issued (Brazil): €4.8 billion (-6.5% in euros, +1.7% in local currency) in 2024. Net Income (Brazil): €255 million (+9.5%) in 2024. Market Share (excl. VGBL): 5.2% (-3.33%) in Q1 2024. Premiums (Global): €28.1 billion (+4.5%) in 2024. |
| Tokio Marine Seguradora | Automotive, various insurance products | Faturamento: R$ 13.4 billion (+10.6%) in 2024. Lucro líquido: R$ 1.4 billion in 2024. Insured Vehicles: 3 million in 2024. Market Share (Auto): ~14% in 2024. Market Share (excl. VGBL): 6.5% (-0.2 p.p.) in Q1 2024. |
| CAIXA Seguridade | Insurance, Capitalization, Private Pension, Consortia, Health Plans, Dental Insurance, Brokerage | Revenue: R$ 5.01 billion (+7.49%) in 2024. Net Income: R$ 3.77 billion (+5.11%) in 2024. Managerial Net Income: R$ 3.76 billion (+7.9%) in 2024. Premiums Issued (Insurance): R$ 9.8 billion in 2024. Commercialized Credit Letters (Consortia): R$ 4.8 billion in Q3 2024. |
| Itaú Seguros | Life, Personal Accidents, Credit Life, Protected Card, Capitalization, Pension, Auto, Health, Residential, Business | Results from Insurance, Pension, Capitalization: R$ 9.75 billion (+13.8%) in 2024. Results from Insurance, Pension, Capitalization: R$ 2.23 billion (+10.3%) in Q1 2024. Market Share (earned premiums): 4.2% (H1 2024). |
| Allianz Seguros | Various insurance solutions, Residential, SME, Condominium, Transport, Rural, Auto, Life, Property-Casualty | Faturamento (9M 2024): R$ 7.1 billion (almost +9%). Global Total Business Volume: €179.8 billion (+11.2%) in 2024. Growth in Brazil (9M 2024): Residential +20.6%, Life +27.8%, Auto +5%. |
| BB Seguridade | Insurance, Private Pension, Capitalization, Dental (Brasilseg, Brasilprev, Brasildental, Brasilcap) | Adjusted Net Income: R$ 8.7 billion (+9.5%) in 2024. Operating Result: +11.9% in 2024. Premiums Issued: +2.2% in 2024. Brasilcap Faturamento: R$ 3.1 billion in H1 2024. Market Share (excl. VGBL): 7.9% (+16.43%) in Q1 2024. |
| SulAmérica | Health, Dental, Life, Pension, Investment products and services | Number of beneficiaries (Health and Dental): +8.7% (2021-2023). Assets Under Management (SulAmérica Investimentos): R$ 63 billion. |
| Zurich Santander Brasil Seguros e Previdência | Insurance, Private Pension | Market Share Growth (excl. VGBL): +1.10% (Q2 2024). |
References¶
Fenacor - Sincor-SP divulga o Ranking das Seguradoras 2024: https://www.fenacor.org.br/Noticia/visualizar/sincor-sp-divulga-o-ranking-das-seguradoras-2024- Revista Apólice - Lucro do Grupo Bradesco Seguros atinge R$ 9,1 bilhões em 2024: https://revistaapolice.com.br/2025/02/lucro-do-grupo-bradesco-seguros-atinge-r-91-bilhoes-em-2024/ Estadão RI - Tokio Marine tem lucro de R$ 1,4 bilhão em 2024: https://einvestidor.estadao.com.br/financas/tokio-marine-lucro-2024/ Revista Apólice - Mapfre registra lucro de 255 milhões de euros no Brasil em 2024: https://revistaapolice.com.br/2025/02/mapfre-registra-lucro-de-255-milhoes-de-euros-no-brasil-em-2024/ Sonho Seguro - Grupo Bradesco Seguros participa com 46% do lucro do banco: https://sonhoseguro.com.br/2024/10/grupo-bradesco-seguros-participa-com-46-do-lucro-do-banco/ Sonho Seguro - Crescimento da Bradesco Seguros em 2024 continua na casa de dois dígitos: https://sonhoseguro.com.br/2024/12/crescimento-da-bradesco-seguros-em-2024-continua-na-casa-de-dois-digitos/ Sonho Seguro - Allianz: crescimento de dois dígitos em vendas de seguros e melhor rentabilidade: https://sonhoseguro.com.br/2024/12/allianz-crescimento-de-dois-digitos-em-vendas-de-seguros-e-melhor-rentabilidade/ Revista Segurador Brasil - Tokio Marine cresce 12,8% no Centro-Oeste e ultrapassa R$ 800 milhões em faturamento: https://revistaseguradorbrasil.com.br/2025/04/02/tokio-marine-cresce-128-no-centro-oeste-e-ultrapassa-r-800-milhoes-em-faturamento/ Fator Brasil - Grupo Bradesco Seguros atinge lucro R$ 9,1 bilhões em 2024: https://fatorbrasil.com.br/2025/02/08/grupo-bradesco-seguros-atinge-lucro-r-91-bilhoes-em-2024/ SindsegSP - Faturamento do grupo Bradesco Seguros cresce 11,8%, para R$ 28 bi, no 1o. tri de 2024: https://sindsegsp.org.br/comunicacao/noticias/faturamento-do-grupo-bradesco-seguros-cresce-11-8-para-r-28-bi-no-1o-tri-de-2024/ E-Investidor - BB Seguridade (BBSE3): empresa de capitalização fatura R$ 3,1 bilhões no primeiro semestre: https://einvestidor.estadao.com.br/financas/bb-seguridade-bbse3-brasilcap-faturamento-primeiro-semestre/ Revista Apólice - Tokio Marine cresce 10,6% em 2024 e repete lucro superior a R$ 1 bilhão: https://revistaapolice.com.br/2025/02/tokio-marine-cresce-106-em-2024-e-repete-lucro-superior-a-r-1-bilhao/ Monitor Mercantil - Mapfre lucra de 255 milhões de euros no Brasil: https://monitormercantil.com.br/mapfre-lucra-de-255-milhoes-de-euros-no-brasil/ CQCS - MAPFRE registra crescimento do lucro em 9,5% em 2024: https://cqcs.com.br/noticia/mapfre-registra-crescimento-do-lucro-em-95-em-2024/ Portal do Agronegócio - MAPFRE Registra Lucro de 255 Milhões de Euros no Brasil em 2024: https://www.portaldogronegocio.com.br/noticias/mapfre-registra-lucro-de-255-milhoes-de-euros-no-brasil-em-2024-26017 Revista Seguro Total - Tokio Marine Seguradora lucra R$ 1,4 bilhão em 2024: https://www.revistasegurototal.com.br/tokio-marine-seguradora-lucra-r-14-bilhao-em-2024/ Sonho Seguro - Tokio Marine celebra resultado de 2024 e mantém otimismo para 2025: https://sonhoseguro.com.br/2024/09/tokio-marine-celebra-resultado-de-2024-e-mantem-otimismo-para-2025/ Sonho Seguro - Porto registra lucro líquido de R$ 2,7 bilhões em 2024, alta de 18% no ano: https://sonhoseguro.com.br/2025/02/porto-registra-lucro-liquido-de-r-27-bilhoes-em-2024-alta-de-18-no-ano/ Segs - Sincor-SP divulga o Ranking das Seguradoras 2024: https://www.segs.com.br/demais/376066-sincor-sp-divulga-o-ranking-das-seguradoras-2024 SINDSEGRS - Allianz Seguros mira crescimento e diversificação para 2024 e 2025: https://www.sindsegrs.com.br/pt/allianz-seguros-mira-crescimento-e-diversificacao-para-2024-e-2025/ Sincor-SP - Sincor-SP divulga Ranking das Seguradoras 2024 para a imprensa especializada: https://www.sincor.org.br/noticias/sincor-sp-divulga-ranking-das-seguradoras-2024-para-a-imprensa-especializada/ E-Investidor - BB Seguridade (BBSE3) tem lucro líquido ajustado de R$ 2,17 bi no 4T24, alta anual de 5,8%: https://einvestidor.estadao.com.br/financas/bb-seguridade-bbse3-lucro-4t24/ Agência de Notícias Caixa - CAIXA Seguridade tem lucro de R$ 3,76 bilhões em 2024: https://agenciadenoticias.caixa.gov.br/caixa-seguridade-tem-lucro-de-r-3-76-bilhoes-em-2024/ SindsegSP - Resultado do Itaú com seguros avança 13,8% em 2024, para R$ 9,75 bi: https://sindsegsp.org.br/comunicacao/noticias/resultado-do-itau-com-seguros-avanca-13-8-para-r-9-75-bi-em-2024/ Porto Seguro - Porto registra lucro líquido de R$ 739,1 milhões e cresce 32,3% no terceiro trimestre de 2024: https://www.portoseguro.com.br/porto-historico/sobre-a-porto/imprensa/release?groupId=112401&articleId=25430907&redirect=true Agência de Notícias Caixa - CAIXA Seguridade tem lucro líquido de R$ 1 bilhão no 3ºT24: https://agenciadenoticias.caixa.gov.br/caixa-seguridade-tem-lucro-liquido-de-r-1-bilhao-no-3t24/ E-Investidor - Caixa Seguridade (CXSE3) tem lucro recorrente de R$ 770 milhões, queda anual de 6,4%: https://einvestidor.estadao.com.br/financas/caixa-seguridade-cxse3-lucro-2t24/ E-Investidor - Lucro da Caixa Seguridade pode chegar a R$ 1 bi no 4T. O que isso significa para o preço-alvo e dividendos?: https://einvestidor.estadao.com.br/financas/caixa-seguridade-cxse3-lucro-4t24-balanco/ CQCS - Grupo Porto cresce 18% em 2024 e amplia atuação em todas as unidades de negócios: https://cqcs.com.br/noticia/grupo-porto-cresce-18-em-2024-e-amplia-atuacao-em-todas-as-unidades-de-negocios/ Editora Roncarati - Lucro líquido da MAPFRE no Brasil atinge 61 milhões de euros no primeiro trimestre de 2024: https://editoraroncarati.com.br/noticias/lucro-liquido-da-mapfre-no-brasil-atinge-61-milhoes-de-euros-no-primeiro-trimestre-de-2024/ E-Investidor - BB Seguridade (BBSE3) tem lucro ajustado de R$ 1,87 bi no 2º trimestre, alta de 1,6%: https://einvestidor.estadao.com.br/financas/bb-seguridade-bbse3-lucro-2t24/ JRS PORTAL - Porto registra lucro líquido de R$ 2,7 bilhões e cresce 18% em 2024: https://www.jrs.com.br/2025/02/14/porto-registra-lucro-liquido-de-r-27-bilhoes-e-cresce-18-em-2024/ Universo do Seguro - Porto amplia receitas em 13,6% e registra lucro líquido de R$ 584,0 milhões no segundo trimestre de 2024: https://universodoseguro.com/pt/porto-amplia-receitas-em-136-e-registra-lucro-liquido-de-r-5840-milhoes-no-segundo-trimestre-de-2024/ SindsegSP - Allianz registra lucro líquido de €9,9 bilhões em 2024, alta de 16,3%: https://sindsegsp.org.br/comunicacao/noticias/allianz-registra-lucro-liquido-de-%e2%82%ac9-9-bilhoes-em-2024-alta-de-16-3/ Saiba Já News - BB Seguridade alcança lucro líquido de R$ 8,7 BI em 2024: https://saibajanews.com.br/bb-seguridade-alcanca-lucro-liquido-de-r-87-bi-em-2024/ Imprensa BB - BB tem lucro líquido ajustado de R$ 37,9 bilhões em 2024: https://imprensa.bb.com.br/pressrelease/bb-tem-lucro-liquido-ajustado-de-r-379-bilhoes-em-2024/ Sonho Seguro - Resultado com seguros no Itaú avança para R$ 2,2 bilhões no trimestre: https://sonhoseguro.com.br/2024/05/resultado-com-seguros-no-itau-avanca-para-r-2-2-bilhoes-no-trimestre/ Panrotas - Ranking: as maiores seguradoras do Brasil no segmento de Turismo: https://www.panrotas.com.br/seguro/seguros/2024/08/ranking-as-maiores-seguradoras-do-brasil-no-segmento-de-turismo_203790.html Susep - Painel de Inteligência do Mercado de Seguros: https://www.susep.gov.br/menu/panorama-do-mercado/painel-de-inteligencia-do-mercado-de-seguros Itaú - Demonstrações contábeis Itaú Seguros S.A.: https://www.itau.com.br/content/dam/itau/itausa/pdf/relatorios-combinados/Itausa-ItauSeguros-DF-30062024.pdf Allianz - Lucro operacional da Allianz sobe 6,8% para 4 bilhões de euros: https://www.allianz.com.br/pt/news/release_2024/2024-05-15-allianz-atinge-lucro-operacional-de-4-bilhoes-de-euros-no-1-trimestre.html Money Times - Caixa Seguridade (CXSE3) tem lucro 14,6% maior no 4º trimestre de 2024: https://www.moneytimes.com.br/caixa-seguridade-cxse3-tem-lucro-146-maior-no-4o-trimestre-de-2024/ VEJA - Seguradoras faturaram quase R$ 208 bilhões em 2024, mas lucro líquido caiu: https://veja.abril.com.br/coluna/veja-gente/seguradoras-faturaram-quase-r-208-bilhoes-em-2024-mas-lucro-liquido-caiu Contraf-CUT - Itaú lucra R$ 30,5 bi nos primeiros nove meses de 2024: https://www.contrafcut.org.br/noticias/itau-lucra-r-305-bi-nos-primeiros-nove-meses-de-2024-aa17 E-Investidor - Itaú (ITUB4) lucra R$ 10,88 bi no 4T, alta de 15,8%; vê alta na carteira de crédito: https://einvestidor.estadao.com.br/mercados/itau-itub4-lucro-4t24-balanco/ Revista Apólice - Allianz atinge lucro operacional recorde de 16 bi de euros: https://revistaapolice.com.br/2025/03/allianz-atinge-lucro-operacional-recorde-de-16-bi-de-euros/ SindsegSP - Seguradoras arrecadam R$ 435 bilhões em 2024, avanço de 12,2: https://sindsegsp.org.br/comunicacao/noticias/seguradoras-arrecadam-r-435-bilhoes-em-2024-avanco-de-12-2/