Brazil's Banco Inter grows insurance business at record pace

Thursday, January 24, 2019

Brazilian digital bank Banco Inter saw record expansion of its insurance business last year.

Insurance arm Inter Seguros sold 22,300 digital insurance policies, representing a jump of 294% over 2017, Banco Inter said in a statement.

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Commission-based income from the insurance business reached 17.7mn reais (US$4.65mn) in 2018, up 59.9%.

Last year, the bank saw its net earnings increase to 69.8mn reais from 53.8mn in 2017.

"In a strategic move in 2018, Banco Inter acquired 16% of the shares held by the founding partners of Inter Seguros and now holds the company's total shares," the bank said.

In the fourth quarter, Banco Inter started to offer financial protection insurance for payroll lending products.