Porto Seguro closed the third quarter of this year with recurring net income of R$ 206.5 million, a decrease of 47.5% compared to the same period last year, and 45.6% compared to the second quarter of this year. As of this quarter, the company will report its results and profitability considering the business combination of the transaction with Itaú Unibanco.
In the period, Porto’s return on average equity (ROAE) dropped 9.1 percentage points over the same period in 2020, to 9%. The company’s average equity rose 5.2% in the period, to R$9.135 billion.
Porto Seguro’s total loss ratio, of 55.3%, rose 8.4 percentage points over the same period last year. In the indicator, according to the company, the greater mobility of the population in the quarter led to an increase in the accident rate in the auto segment. “On the other hand, the loss ratio for Vida decreased from 75.4% in 2Q21 to 47.0% in the third quarter (-28.4 pp), a significant improvement, due to the reduction in the number of deaths per covid-19”, claims the company.
Porto Seguro’s combined index in the insurance vertical was 95.2% in the quarter, an increase of 7.3 percentage points in the space of one year. The increase in auto insurance claims was responsible for the increase, as well as the return of elective procedures in the health operation in view of the cooling of the pandemic.
Between July and September, Porto Seguro’s total revenue was R$ 5.613 billion, an increase of 15.4% compared to the same period last year, and 13.3% in a quarter. The company highlights, in material sent to the press, that it grew double digits in all verticals, especially in car insurance. In the quarter, the insured vehicle base was 5.8 million, a historic record and an increase of 419,000 in one year.
In all, the insurance company issued R$3.917 billion in premiums in the quarter, an increase of 11.9% in 12 months and 14.3% in three. The auto operation, Porto Seguro’s main operation, had a 12.5% increase in premiums, in consolidated terms. In Porto Seguro Auto, the increase was 14.6%, and in Azul, 8.6%.
In the health vertical, Porto saw a 20% increase in written premiums and revenues on an annual basis, to R$593.4 million. In financial businesses, revenues rose 28.8% in annual terms, to BRL 948.7 million.
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