Life Insurance increases earnings by R$3.2 billion in 2023

Publicado em: 30/11/2023

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The Life segment increased its revenue by R$3.2 billion in the first nine months of 2023 compared to the same period last year. This increase of 7.5% influenced the growth in the sum of premiums issued by insurance companies according to the IRB+Market Bulletin released today (11/30) by the IRB+Intelligence platform. From January to September this year, total insurance market revenue grew 10.1% and reached R$139.6 billion.

The analysis, based on data published by Susep on 11/16, shows that Life remains the largest segment of the market and was responsible for 32.9% of premiums issued in the first nine months of the year. The increase in revenue, which went from R$42.7 billion in 9M22 to R$45.9 billion in 9M23, is mainly due to the Life product, responsible for 72.4% of this increase. In the Individual modality, there was growth of 18.8%. In the Group modality, 5.8%.

If, on the one hand, revenue increased, on the other hand, loss ratio fell. Worsened by Covid-19 in previous years, the Life segment index shows stability after a sharp drop: it went from 32.1% in 9M22 to 30.1% in 9M23. The sector’s general index registered a greater decline: 10.2 p.p. compared to the same period in 2022, closing at 42.3%.

Other segments

Responsible for 29.9% of premiums issued by the market in 9M23, Automobile increased revenue by 12.3% compared to the same period in 2022. According to the National Federation of Motor Vehicle Distribution (Fenabrave), the new car registration rate peaked in July: 176,742 new vehicles. The loss ratio for the segment fell 13.7 p.p. and went from 72% in 9M22 to 58.3% in 9M23.

The Corporate Damages and Liabilities segment recorded growth of 11.2% in 9M23 compared to the same period of the previous year, due to the evolution of the Named and Operational Risks product, which varied 17.5%. The loss ratio, in the year to date, went from 39.8%, in 9M22, to 38.8%, in 9M23.

Individual Against Damage increased 12.8% from January to September 2023, compared to the same time period in 2022. The increase is justified by the increase in the Comprehensive Business and Residential segments. Residential insurance, which began a more pronounced growth trajectory amid the Covid-19 pandemic, reached R$3.7 billion in revenue from January to September 2023. The loss ratio for the segment in 9M23 fell 3.9 p.p. in relation to 9M22 and stood at 33.3%.

Rural, until September, increased 4.6% compared to 9M22. The loss ratio fell by 83.8 p.p. compared to 9M22, due to the atypical weather events that occurred last year, and totaled 35%. It is worth noting that September was the first month of the year to register an increase in this ratio between 2022 and 2023, going from 23.4% to 30.1%.

Credit and Guarantee stood out for the largest percentage change: +20.4% in 9M23 against the same period in 2022. Throughout the year, the Insured Guarantee – Public Sector product remained on the rise, reaching 30.9%. In the year to date, the loss ratio increased from 30.5%, in 9M22, to 56.2%, in 9M23.

The IRB+Market Bulletin summarizes insurance operations, considering damage, liability and personal insurance. The edition also lists the top five insurance groups by line of business and is available, in full, at the website Just like the IRB+Insurance Market Dashboard , which allows dynamic and free consultation of information from the entire sector.

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