PSSA3 after 2Q26: insurance ROAE above 30% while Porto Bank credit losses reshape group profit

On 6 August 2026, Porto Seguro S.A. (B3: PSSA3; the listed entity for the Porto group) released 2Q26 results for the period ended 30 June 2026. The group spans insurance, health, banking, services, and a large treasury book — so the consolidated headline is always a blend. Recurring net income was R$ 889 million (+1.2% year on year). Recurring ROAE was 22% (down 2.3 percentage points but still the eighth consecutive quarter above 20%, per company materials). Recurring total revenue reached about R$ 11 billion (+11%). Statutory net income was R$ 879.4 million (+0.2%), with press coverage noting operating income near R$ 1.09 billion (−5.3% YoY) as credit losses rose to about R$ 867 million (+66.7%).

The educational frame is vertical attribution: Porto Seguro (insurance) printed ROAE near 33% on stronger loss ratios; Porto Saúde grew lives and profit; Porto Bank grew revenue but profit fell 32% on provisioning — and management raised its 2026 credit-loss guidance for the Bank vertical. Readers who compared HAPV3’s MLR-heavy 2Q26 or BBSE3’s pension-and-insurance mix will recognize the same lesson: in Brazilian financial conglomerates, one vertical’s credit or medical-loss cycle can flatten group ROAE even when another vertical looks pristine.

Consolidated snapshot

1H26 on the recurring view: net income about R$ 1.8 billion (+8% YoY) and ROAE 23% (−0.7 pp vs 1H25), so the first half still grew despite the Bank drag in 2Q26.

Company materials adjust recurring profit for items including a R$ 185 million deferred-tax reversal tied to the ISAR merger in 1Q26 and ongoing cash tax benefits from CDF goodwill amortization — worth separating when you compare quarters to statutory IFRS lines in the CVM file.

Porto Seguro: premiums accelerate, combined ratio improves

The insurance vertical remained the profitability anchor:

Premium growth was broad: auto about +7.9%, property & casualty about +12.4%, life about +5.8% (presentation figures). Management linked the combined-ratio improvement mainly to lower sinistrality, with auto loss ratio down 1.8 pp and P&C down 2.9 pp year on year in the quarterly product bridge.

For underwriting literacy, the amplified combined ratio at 85% is the line that tells you pricing and claims are working; it is not the same metric as Bank stage-3 exposure or health medical-loss ratio — Porto reports all three, and they should not be averaged mentally into “one loss ratio for the group.”

Porto Saúde: lives up 20%, loss ratio still near 77%

Health was the growth vertical on membership and revenue:

Dental lives also rose (company disclosure: +176 k in the quarter, part of +329 k total health-and-dental beneficiaries). Issued health premium was about R$ 2.24 billion (+14.8% YoY). Profit grew faster than revenue, but 76.9% medical loss still leaves little room for administrative slippage — the same structural tension visible at other listed health names, without implying relative quality between issuers.

Porto Bank: revenue growth vs credit-loss shock

Porto Bank illustrated why conglomerate investors must read provision lines before celebrating top-line momentum:

Press accounts attributed much of the group’s operating-income decline to credit losses near R$ 867 million — up sharply year on year — even as retained premium and earned premium in insurance and health grew high single digits to low double digits. Presentation slides showed Bank quarterly profit stepping down from R$ 204 million in 2Q25 to R$ 138 million in 2Q26, with ROAE sliding from the high twenties to 16.3%.

Management revised 2026 guidance for the Bank vertical in August:

The credit-loss range move is the binding message for 2H26 modeling: revenue guidance inched up, but expected losses moved up more — consistent with a bank that is still growing fee-based and card revenue while absorbing a heavier provision cycle.

Treasury, services, and what still props up ROAE

Outside the three main P&L verticals:

• Treasury revenue from the financial investment portfolio (excluding pension and ALM sleeves) was R$ 475.2 million in 2Q26 — a material consolidated line when Selic and spread products favor fixed-income books.
• Porto Serviço contributed about R$ 50 million of net income (+11% YoY per company blog), tied to assistance and partnership products.
• Digital service penetration continued to climb: 73% of client interactions and 54% of broker interactions through digital channels in 2Q26 (presentation series).

These lines help explain how group ROAE can remain above 20% while Bank profit halves sequentially: insurance ROAE near 33% and investment income still matter at the holding level.

How to read the next filing

1. Split recurring vs statutory net income before comparing to sell-side models — 1Q26 tax and merger adjustments still echo in year-to-date bridges.
2. Track Bank credit losses against the new R$ 3.1–3.5 billion full-year band, not just over-90 arrears (which actually improved slightly YoY on company data).
3. Watch health loss ratio near 77% against membership growth — volume gains can mask margin pressure for several quarters.
4. In insurance, monitor whether combined ratio near 85% holds if auto competition intensifies; P&C growth at +12% is the mix lever that helped 2Q26.

Where to see this on the explorer

• PSSA3 company page — filings, documents, and context
• Blog index
• Company list

Sources

• Porto Seguro S.A. — Quarterly information for the period ended 30 June 2026, disclosed 6 August 2026 (CVM)
• Porto — 2Q26 earnings release and investor presentation, August 2026
• Porto corporate blog — 2Q26 highlights (August 2026)
• Contemporaneous press on statutory income, operating income, and credit losses (August 2026)
• PSSA3 on the explorer

Disclaimer

This article is for informational and educational purposes only. It is not investment advice. Recurring figures, vertical ROAE, and loss-ratio definitions follow Porto’s earnings materials and may differ from statutory IFRS lines in CVM filings. Refer to official documents and, if needed, a licensed professional.