Porto Seguro (PSSA3) Q3 2025 earnings summary

Executive summary

• Achieved total revenue of R$10.5 billion in 3Q25, up 11% year-over-year, with net income of R$832 million (+13% YoY) and ROAE of 23.0%, marking the fifth consecutive quarter above 20%.

• Insurance operation delivered a 32.2% ROAE, while Health, Bank, and Services verticals increased their profit share to 44% of the group.

• Strategic focus on four business verticals (insurance, health, banking, services) led to diversified growth, with non-insurance verticals now representing 43% of total revenue.

• Recognized as a top employer and most remembered insurance brand in Brazil, with high NPS scores across all segments.

• Number of clients reached 18 million, and businesses 32 million.

Financial highlights

• Total revenue for the first nine months of 2025 reached R$30.5 billion (+12% YoY), the highest in company history.

• Net income for 3Q25 was R$831.9 million, up 12.6% YoY; 9M25 net income reached R$2.54 billion (+28.8% YoY).

• Insurance segment contributed 56% of results, with banking and healthcare increasing their shares.

• Porto Bank revenue grew 29% and net income rose 19% YoY; credit portfolio reached R$21.7 billion (+19.5% YoY).

• Porto Saúde revenue grew 26.9% to R$2.2 billion, net income R$126 million (+64.7% YoY), and 143,000 new lives insured.

Outlook and guidance

• 2025 projections maintained: Insurance earned premium growth +2% to +5%, Health written premium +25% to +40%, Bank revenue +20% to +28%.

• Loss ratio and G&A ratio targets held across all verticals; Porto Seguro G&A ratio revised to 10%-10.5%.

• Porto Serviço revenue guidance revised to R$2.4–2.6 billion, with G&A expected at 7.5%–8.5%.

• Financial result guidance of R$1.2–1.4 billion for the year.

• Confident in continued double-digit growth and maintaining ROA above 20% in the medium term.