Porto Seguro's Q4 fails to match full-year profit increase

Brazilian insurer Porto Seguro saw its 4Q15 financial results grow in the single digits while it enjoyed a double-digit profit increase in the full year.

Net income for the quarter was 294mn reais (US$75.6mn), up 6% year-on-year.

The annual 2015 net income saw an increase of 14% to 1.01bn reais.

ROAE in the quarter was 20.8%, down 0.6 percentage points. For the full year, it reached 18.6%, up 1.4pp.

Total revenues also saw growth in both the quarter and the year. For Q4, revenues went up 5% to 4.50bn reais. In 2015, there was an 8% increase to 16.6bn reais.

In terms of written premiums, fourth quarter results were up 3% and full-year results increased 7%, mostly driven by a boost in insured items in the auto and homeowner segments. Insured fleets increased by 200,000 items, exceeding 5.2mn cars (up 4%) and insured residences reached 2.4mn (up 8%).

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