Insurance company Porto (PSSA3) obtained a recurring net profit of R$688.9 million in the fourth quarter of 2023, according to results released by the company on Tuesday night (27). This figure is 24.0% higher than the figure recorded in the same period last year and higher than LSEG's forecast, which is estimated at R$ 630 million. In the year, the company's net profit reached a record result of R$ 2.26 billion.
Profit before income tax and social contributions amounted to R$1.23 billion, an increase of 46.4% year-on-year and 1.9% in the quarterly comparison. The company's total revenue reached R$8.46 billion in this period, a year-on-year increase of 9.5%.
The average return on equity was 23.9% in the fourth quarter of 2023, and the return on equity was 19.6% for the year.
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Total administrative expenses amounted to R$1.02 billion in 4Q23, an increase of 6.8% compared to the same period in 2022.
The net financial result was positive at R$355.8 million in the fourth quarter of 2023, an increase of 111.4% over the same stage in 2022.
In 4Q23, auto claims reached 53.3% during that period (-5.6 basis points vs. 4Q22). “The decrease compared to Q4 2022 is due to the improvement in subscription models and tariff adjustments made,” the company explains.
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Total auto insurance premiums written increased 2.7% in the quarter (vs. Q422) and 10.7% year over year (vs. 2022).
The report says: “The remarkable development in this period is mainly due to the strategy of accelerating sales in some markets, which contributed to an increase of 245,000 vehicles in the insured fleet.”
In the fourth quarter of 2023, life insurance premiums rose by 8.6% (vs. the fourth quarter of 2022), supported by the group life and travel insurance sectors.
Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.