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Brazilian insurers report higher profits

Bnamericas Published: Wednesday, January 02, 2019
Brazilian insurers report higher profits

Brazilian insurers saw a rise in net earnings in January-November with the help of lower operating costs.

The sector reported a combined net profit of 13.2bn reais (US$3.28bn), up from 12bn in the same period 2017, according to figures compiled by local consultancy Siscorp and published by the Sonho Seguro insurance blog.

With Brazil's Selic base interest rate at a record low of 6.5%, insurers have in recent quarters embarked on a strategy to reduce operating costs to offset the impact of lower investment returns.

Several of the largest insurers in the country belong to big banks such as Bradesco, Banco do Brasil, Caixa Econômica Federal and Itaú Unibanco.

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