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Bradesco sees premium growth recovering this year

Bnamericas Published: Thursday, January 31, 2019
Bradesco sees premium growth recovering this year

Bradesco Seguros, the insurance arm of Brazilian lender Banco Bradesco, expects higher written premiums this year after a disappointing performance in 2018.

Bradesco Seguros sees premiums expanding between 5% and 9% compared with a contraction of 4.9% last year.

The contraction was attributed to the weak economy, which grew an estimated 1.3% in 2018, and represented a miss to the forecast that the company had provided.

In July last year, Bradesco Seguros reduced its full-year guidance for premiums written to a range of 2-6% from 4-8% due to concern over the slow economic recovery.

Bradesco Seguros posted a net profit of 6.38bn reais (US$1.7bn) last year, up from 5.53bn reais in 2017. The profit growth was attributed to the increase of financial services revenue and the reduction of administrative expenses.

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