Insurance in Brazil Strategic Priorities and Investments Analysis¶
Strategic Priorities¶
Major industry players in the Brazilian insurance market are focusing on several key strategic priorities for 2024 and 2025, aiming to enhance profitability, efficiency, and market position.
Bradesco Seguros: A primary strategic priority for Bradesco Seguros is organic growth across all its segments, including health, life, and property and casualty. They are also actively seeking strategic partnerships and joint ventures. Innovation and digitalization are key pillars for future growth, alongside investments in new products and platforms. Efficiency, sustainability, and a focus on people are also emphasized by the Bradesco group. The possibility of an IPO for subsidiaries is under permanent evaluation.
Porto Seguro: Porto Seguro is focusing on strengthening its diversified business units: Porto Seguro (insurance), Porto Saúde (health), Porto Bank (banking), and Porto Serviço (services). A significant strategic priority is enhancing customer experience and operational efficiency, heavily leveraging its digital presence and app usage.
MAPFRE: The main focus for MAPFRE Brazil in 2025 is growth to ensure market leadership in its operating lines. Continuing to improve operational and commercial efficiency is an ongoing challenge, particularly in strengthening the bank's distribution mechanisms (bancassurance), improving customer experience, and boosting operational excellence with new technologies and service development. Expanding life protection and retirement product offerings, enhancing the commercial lines segment, and boosting competitiveness in auto insurance are also strategic priorities for the global group's 2024-2026 plan.
Tokio Marine Seguradora: Tokio Marine's strategy for 2025 includes strengthening insurance culture, especially concerning climate change, and focusing on service excellence, sustainable growth, productivity, efficiency, innovation, technology, teamwork, and ESG principles. They aim for organic growth by expanding insurance awareness and valuing human capital, while being a multi-product insurer to balance results.
CAIXA Seguridade: The strategic focus for CAIXA Seguridade is heavily reliant on the bancassurance channel through Caixa Econômica Federal's extensive network and client base. They have streamlined their corporate structure to reinforce this focus. [Value Chain Analysis] Investing in shares that pay consistent dividends is also highlighted as a strategy for investors seeking returns. Their ESG agenda for 2024-2025 is included as a key result indicator in the corporate strategy.
Itaú Seguros: Itaú Seguros leverages the extensive network and client base of Itaú Unibanco. Their strategic priorities include growth in various insurance lines, acknowledging the impact of climate events and taking actions to support affected clients. They expect continued growth in services and insurance results in 2025.
Allianz Seguros: Allianz Seguros aims for sustained growth through margin expansion, capital efficiency, and organic growth. Diversification of its portfolio, with a focus on residential, SME, condominium, transport, and rural segments, is a central strategy. [Value Chain Analysis] They are also investing in diversifying within the auto segment and monitoring the electric and hybrid car market, while preparing to meet demand from public infrastructure investments.
BB Seguridade: BB Seguridade's strategy is centered on the customer, with a focus on offering modern, personalized, and sustainable solutions. Key priorities include customer experience, distribution diversification, and technological modernization. [Value Chain Analysis] They are also focused on their ESG agenda for the 2024-2025 biennium. Growing premiums, particularly in non-credit related insurance lines like life and residential, and increasing pension plan reserves are part of their 2025 guidance.
Zurich Santander Brasil Seguros e Previdência: Zurich's global strategic targets for 2023-2025 include growing Property & Casualty margins and profits in the Life business, with a business operating profit after tax return on equity exceeding 20% by 2025. Their strategic plan also includes embedding sustainability and focusing on risk management and ESG investments. Growth in Latin America through the joint venture with Santander is highlighted.
Recent and Planned Investments¶
Major players in the Brazilian insurance market are directing investments towards key areas to support their strategic priorities, particularly in technology, distribution channels, and specific business segments.
| Company | Recent and Planned Investments (2024-2025) | Alignment with Strategic Priorities |
|---|---|---|
| Bradesco Seguros | Investments in technology, digitalization, new products, and partnerships. Increased activation of market brokers. [Value Chain Analysis] Partnership with C6 Bank for residential insurance. Joint venture Atlântica D'Or for hospitals. Permanent evaluation of subsidiary IPOs. Purchase of 20% of Grupo Santa. | Supports organic growth, innovation, expansion of distribution channels, strategic partnerships, and potential capital optimization. |
| Porto Seguro | Investment in digital channels and customer experience enhancements. Investments in its diversified ecosystem, including health, banking, and services. Focus on utilizing app/WhatsApp for service calls. Investment in private credit funds (FIDCs) through Porto Asset. Share buyback program (Feb 2024 - Feb 2025). | Aligns with strengthening business units, enhancing customer experience through digital transformation, and prudent investment management. |
| MAPFRE | Continuous investment in distribution channels, especially strengthening bancassurance mechanisms with Banco do Brasil. Investments in technology for operational excellence and new service development. Establishment of the MAPFRE Artificial Intelligence Center. Investment portfolio alignment with ESG criteria. | Supports growth strategy, improved efficiency, digital transformation, leveraging bancassurance partnership, and integrating sustainability. |
| Tokio Marine Seguradora | Investments in technology and innovation. Investment in human capital. Focus on service excellence. [Value Chain Analysis] | Supports organic growth, expanding insurance culture, enhancing efficiency, and delivering service excellence. |
| CAIXA Seguridade | Investment in shares for dividend returns. Investment in ESG agenda initiatives (32 actions, 60 indicators for 2024-2025). Secondary public offering of shares by controlling shareholder (CAIXA). | Aligns with generating returns for investors and integrating sustainability into the corporate strategy. The share offering by CAIXA is related to capital management. |
| Itaú Seguros | Investments in technology and digital channels. Investments in various insurance lines for growth. [Value Chain Analysis] Support for clients affected by climate events. | Supports growth in key segments, leverages bancassurance channel, and demonstrates responsiveness to external events. |
| Allianz Seguros | Investments in diversifying portfolio, including residential, SME, condominium, transport, rural, and auto segments (monitoring electric/hybrid cars). Investments to meet demand from public infrastructure. | Supports sustained growth, margin expansion, and capturing opportunities in specific market segments. |
| BB Seguridade | Investments in technological modernization. [Value Chain Analysis] Investments in the ESG agenda for 2024-2025. Investments in inflation-linked securities and post-fixed assets. Share Buyback Program (approved Aug 2023, 18-month execution). Development of new products like livestock lien insurance and simplified personal protection policies. | Supports customer-centric strategy, distribution diversification, operational efficiency, integrating sustainability, and prudent investment management. |
| SulAmérica | Acquisition by Allianz of automobile and other P&C business (completed in 2020, referenced in 2025 source). Investment in legaltech via ONEVC. | Reflects strategic shifts and potential investments in technology or M&A activities (though the Allianz acquisition is older). |
| Zurich Santander Brasil Seguros e Previdência | Investments in digital channels and customer experience enhancements (Banco Santander Brasil). Targeted expansion in higher-margin segments (Banco Santander Brasil). Investments in risk management and ESG. Global investments in P&C margins and Life business profits. | Aligns with increasing customer preference, sustainable and profitable results, prudent risk management, and integration of sustainability. |
References¶
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/ Allianz - Lucro operacional da Allianz sube 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 BNN Bloomberg - Largest private-credit fund in Brazil bets on securitization: https://www.bnnbloomberg.ca/largest-private-credit-fund-in-brazil-bets-on-securitization-1.2049478 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/ dcfmodeling.com - Banco Bradesco S.A. (BBD): history, ownership, mission, how it works & makes money: https://dcfmodeling.com/companies/bbd/profile/ dcfmodeling.com - Banco Santander (Brasil) S.A. (BSBR): history, ownership, mission, how it works & makes money: https://dcfmodeling.com/companies/bsbr/profile/ 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): empresa de capitalização fatura R$ 3,1 bilhões no primeiro semestre: https://einvestidor.estadao.com.br/financas/bb-seguridade-bbse3-brasilcap-faturamento-primeiro-semestre/ 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/ 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/ 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 - 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/ 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/ E-Investidor - Tokio Marine tem lucro de R$ 1,4 bilhão em 2024: https://einvestidor.estadao.com.br/financas/tokio-marine-lucro-2024/ Evrim Ağacı - BB Seguridade Reports Disappointing Q1 Earnings Amid Market Concerns: https://evrimagaci.org/post/bb-seguridade-reports-disappointing-q1-earnings-amid-market-concerns-85274 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/ Fenacor - Sincor-SP divulga o Ranking das Seguradoras 2024: https://www.fenacor.org.br/Noticia/visualizar/sincor-sp-divulga-o-ranking-das-seguradoras-2024- FT.com - Markets data - Porto Seguro SA, PSSA3:SAO profile: https://markets.ft.com/data/equities/tearsheet/profile?s=PSSA3:SAO Investing.com - Earnings call transcript: Zurich Insurance's Q1 2025 Shows Strong Growth: https://www.investing.com/news/stock-market-news/earnings-call-transcript-zurich-insurances-q1-2025-shows-strong-growth-3392483 Investing.com - MAPFRE Raises ROE Targets to 11-12% Amid Strategic Growth and Operational Gains: https://www.investing.com/news/stock-market-news/mapfre-raises-roe-targets-to-1112-amid-strategic-growth-and-operational-gains-3389474 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/ MAPFRE - Activity Update: https://www.mapfre.com/en/investor-relations/highlighted-reports/activity-update/ MarketScreener - Mapfre S A : (02.2025) Activity report 12M 2024: https://www.marketscreener.com/quote/stock/MAPFRE-S-A-6492775/news/Mapfre-S-A-02-2025-Activity-report-12M-2024-48131533/ Monitor Mercantil - Mapfre lucra de 255 milhões de euros no Brasil: https://monitormercantil.com.br/mapfre-lucra-de-255-milhoes-de-euros-no-brasil/ Mziq - CAIXA ECONÔMICA FEDERAL (State-owned Company) MATERIAL FACT: https://mziq.com/v2/api/material-facts/e1ac349c-9b6d-49fd-92a7-417979b19334 Mziq - Financial Statements - MAPFRE: https://mziq.com/v2/api/financial-statements/700f2b5d-206e-424d-990c-c45537eb1751 Mziq - Financial Statements: https://mziq.com/v2/api/financial-statements/81947f8f-576a-4a02-8907-746606a627b9 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 PitchBook - Caixa Seguridade Participacoes 2025 Company Profile: https://pitchbook.com/profiles/company/caixa-seguridade-participacoes/valuation/38819-87 PitchBook - SulAmerica 2025 Company Profile: Valuation, Investors, Acquisition: https://pitchbook.com/profiles/company/sulamerica/valuation/114988-60 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 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 qorusglobal.com - SME Bank of the Year 2025 nominee: Bradesco: https://www.qorusglobal.com/awards/banking/sme-bank-of-the-year/2025/nominees/bradesco 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/ Revista Apólice - Lucro da Bradesco Seguros cresce 25,3% no primeiro trimestre de 2025: https://revistaapolice.com.br/2025/05/lucro-da-bradesco-seguros-cresce-253-no-primeiro-trimestre-de-2025/ 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/ 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/ Revista Segurador Brasil - Grupo Bradesco Seguros: principais iniciativas de 2024 e perspectivas para 2025: https://revistaseguradorbrasil.com.br/2024/12/grupo-bradesco-seguros-principais-iniciativas-de-2024-e-perspectivas-para-2025/ 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/ 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/ 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/ S&P Global Ratings - Research Update: Rede D'Or Sao Luiz SA Upgraded To 'BB+' On Expected Stronger Liquidity And Credit Metrics; Outlook Stable; https://www.capitaliq.spglobal.com/web/client?auth=inherit&overridecid=9000001&iid=100639328&xtcr=f66ff6ac3b2e11efbf00a54bf240f1b0 Seeking Alpha - Should You Buy BB Seguridade For Its 9% Yield?: https://seekingalpha.com/article/4683920-should-you-buy-bb-seguridade-for-its-9-yield Segs - Sincor-SP divulga o Ranking das Seguradoras 2024: https://www.segs.com.br/demais/376066-sincor-sp-divulga-o-ranking-das-seguradoras-2024 Simply Wall St News - BB Seguridade Participações First Quarter 2025 Earnings: Misses Expectations: https://simplywall.st/stocks/br/financials/bvmf-bbse3/bb-seguridade-participaes/news/bb-seguridade-participaes-first-quarter-2025-earnings-miss Simply Wall St News - Caixa Seguridade Participações First Quarter 2025 Earnings: Beats Expectations: https://simplywall.st/stocks/br/financials/bvmf-cxse3/caixa-seguridade-participaes/news/caixa-seguridade-participaes-first-quarter-2025-earnings-beats 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/ 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/ 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/ 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/ Sincor-SP - Ranking das Seguradoras 2024: https://www.sincor.org.br/wp-content/uploads/2025/04/ranking_das_seguradoras_2024.pdf 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/ Sonho Seguro - Bradesco Seguros aposta em crescimento orgânico e está de olho em aquisições, parcerias e até IPO para 2025: https://sonhoseguro.com.br/2024/12/bradesco-seguros-aposta-em-crescimento-organico-e-esta-de-olho-em-aquisicoes-parcerias-e-ate-ipo-para-2025/ 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 - 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 - Porto registra lucro líquido de R$ 2,7 bilhões e cresce 18% 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/ 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/ SUSEP - Painel de Inteligência do Mercado de Seguros: https://www.susep.gov.br/menu/panorama-do-mercado/painel-de-inteligencia-do-mercado-de-seguros The Most Innovative Trading Platform - BB Seguridade Stock Dividends: How to Secure 8.7% Returns with Brazil's Leading Insurance Company: https://theinnovativetrading.com/bb-seguridade-stock-dividends-how-to-secure-8-7-returns-with-brazils-leading-insurance-company/ The Next Brazil - Porto Seguro (B3: PSSA3): a clear-cut investment opportunity: https://thenextbrazil.com/p/porto-seguro-b3-pssa3-a-clear-cut-investment Tracxn - Bradesco Seguros - 2025 Company Profile, Funding & Competitors: https://tracxn.com/d/companies/bradesco-seguros/rFz-y90xL_Vn39YfX1g_p5hX89/investments-and-acquisitions Tracxn - Porto Seguro - 2025 Company Profile & Competitors: https://tracxn.com/d/companies/porto-seguro/6uWkS1lK14R21R3Y351j76/investments-and-acquisitions Tracxn - SulAmerica Investimentos - Company Profile: https://tracxn.com/d/companies/sulamerica-investimentos/1W8_29X339rY28V2L545/investments-and-acquisitions 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/ 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 Zurich Santander - Reporte de Sostenibilidad: https://www.zurichsantander.com/content/dam/dotcom/lac/z-s/chile/Documents/Reporte%20de%20Sostenibilidad%202023_compress.pdf Zurich - Zurich accelerates its successful, customer-focused strategy; sets ambitious new targets: https://www.zurich.com/en/media/news-releases/2022/2022-1115-01