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Porto Seguro's Q2 profit rises 41.0% as insurance results soar

Porto Seguro SA's profit for the second quarter of 2018 jumped 41.0% from a year earlier, primarily due to a more than 300% improvement in operational insurance results.

The company booked net income for the three months through June 30 of 335.0 million Brazilian reais, up from 237.6 million reais earned in the second quarter of 2017.

Operational insurance results grew 312.2%, rising to 335.5 million reais from 81.4 million reais a year ago. Operational results for other businesses also surged 88.9% year over year to 97.3 million reais.

Consolidated written premiums in the company's auto insurance segment ticked 4.5% higher annually to about 2.43 billion reais, while those in the property and casualty segment improved 12.3% to 371.6 million reais. Health insurance written premiums increased 20.5% to 336.4 million reais while life insurance written premiums jumped 8.8% to 213.0 million reais.

Total administrative and operational expenses for the quarter fell 1% yearly to 644.9 million reais.

Revenues from credit operations and financing, meanwhile, rose 25.9% annually to 336.4 million reais, with financial intermediation revenue jumping 29.1% and revenues from services increasing 20.0%.

Porto Seguro's combined ratio improved 6.2 percentage points year over year to hit 91.4%. The company added that its 92.4% combined ratio for the first semester of 2018 is the best it has tallied for the period.

The company's return on average equity reached 19.7%, up 4.7 percentage points from the second quarter of 2017.

As of July 27, US$1 was equivalent to 3.71 Brazilian reais.