Scope and Executive Overview
At the close of December 2025, Brazil’s insurance industry presented a mixed performance. Total premiums for the combined market—including Life, Non-Life, and VGBL products—reached BRL 362.614 billion, compared with BRL 385.357 billion in December 2024, representing a nominal year-on-year contraction of 5.9%.
However, it is important to clarify that the analysis in this report refers exclusively to the Life and Non-Life segments, excluding VGBL products, which are reviewed in a separate report. When isolating these traditional insurance lines, the market shows a clearly positive growth dynamic.
Premium Dynamics in Life and Non-Life
The combined Life (excluding VGBL) and Non-Life insurance market totaled BRL 223.297 billion in premiums in December 2025, up from BRL 207.102 billion a year earlier. This represents a nominal year-on-year expansion of 7.8%, confirming the resilience of Brazil’s core insurance business.
Within this total, the Non-Life segment generated BRL 148.498 billion in premiums, rising from BRL 137.392 billion in December 2024. This corresponds to a solid nominal increase of 8.1%, indicating sustained demand across property and casualty lines.
The Life segment (excluding VGBL) recorded premiums of BRL 74.800 billion, compared with BRL 69.709 billion in the previous year. The resulting nominal growth of 7.3% reflects continued expansion in protection-oriented life products, albeit at a slightly slower pace than Non-Life.
Overall, the data confirms that the underlying insurance business in Brazil maintained healthy momentum during 2025 once savings-type VGBL products are excluded from the analysis.
Claims Evolution
Claims incurred (without adjustments) amounted to BRL 80.152 billion in December 2025, up from BRL 76.313 billion in December 2024. This represents a nominal year-on-year increase of 5.0%.
The claims trend grew at a slower pace than premiums in the Life and Non-Life aggregate, suggesting a broadly stable technical environment for insurers during the period under review.
Competitive Landscape and Market Concentration
The following ranking reflects market shares based on total premiums across all Life and Non-Life coverages, explicitly excluding VGBL products, which are analyzed separately.
PORTO SEGURO COMPANHIA DE SEGUROS GERAIS led the market with a 10.0% share, consolidating its position as the largest insurer in Brazil under the defined scope. It was followed by TOKIO MARINE SEGURADORA S.A. with 6.7%, and BRASILSEG COMPANHIA DE SEGUROS with 6.5%.
BRADESCO VIDA E PREVIDÊNCIA S.A. ranked fourth with 6.1%, while ALLIANZ SEGUROS S.A. completed the top five with 5.3%.
Market concentration remains moderate. The top five insurers jointly accounted for 34.5% of total premiums, while the top ten reached a cumulative 53.77%. Expanding the view further, the top twenty insurers represented 73.44% of the market, indicating a competitive but still fragmented structure by regional standards.
The companies completing the top ten were MAPFRE SEGUROS GERAIS S.A., BRADESCO AUTO/RE COMPANHIA DE SEGUROS, ZURICH MINAS BRASIL SEGUROS S.A., PRUDENTIAL DO BRASIL VIDA EM GRUPO S.A., and ITAU SEGUROS S.A.
Fastest Gainers in Market Share
In terms of year-on-year gains in market share within the Life and Non-Life universe (excluding VGBL), PRUDENTIAL DO BRASIL VIDA EM GRUPO S.A. posted the strongest advance with an increase of 2.55 percentage points.
PORTO SEGURO COMPANHIA DE SEGUROS GERAIS followed with a gain of 1.76 points, reinforcing its leadership position. ALLIANZ SEGUROS S.A. recorded an improvement of 0.65 points, while CAIXA VIDA E PREVIDÊNCIA S.A. expanded by 0.53 points.
Finally, ICATU SEGUROS S.A. achieved a market share increase of 0.26 points, rounding out the group of most dynamic competitors during the period.
Outlook
The Brazilian insurance market closed 2025 with a clear divergence between the broader industry figures and the core risk-protection business. While total premiums were affected by the contraction in VGBL volumes, the Life and Non-Life segments maintained robust growth, supported by steady premium expansion and controlled claims dynamics. Competitive intensity remains significant but not excessive, leaving room for both large incumbents and specialized players to continue gaining ground in 2026.