Porto Seguro (PSSA3) reported net income of R$ 839 mn in the third quarter of 2026 (3Q26), up 0.9% from R$ 831.9 mn in 3Q25. Recurring profit, adjusted for extraordinary items, was R$ 712.7 mn, down 14.3%. ROAE (return on average equity) was 20.7% in the quarter, versus 23.0% in 3Q25, and 17.6% on a recurring basis.
Total revenue (retained premium plus other revenues) totaled R$ 11.4 bn, up 9.9% from 3Q25. Excluding the effects of the new model for deferring Consórcio revenues and costs, the increase would have been 10.4%. Operating profit was R$ 889 mn, down 20.6%, and financial result was R$ 309.5 mn, down 19.2%. The company attributes the drop in financial result to the low IPCA carry in the quarter, which affected securities held to maturity (marked at cost), and to equity performance below the Ibovespa.
Credit losses totaled R$ 841.4 mn, up 47.2%, in a more adverse credit cycle and with a more conservative stance on risk management. Profit for the year through September (9M26) was R$ 2.9 bn, up 12.2%, and recurring profit totaled R$ 2.6 bn, up 0.7%. The effective tax rate in the quarter was 6.7%, versus 30.7% in 3Q25.
By vertical, Porto Seguro posted profit of R$ 443.1 mn (down 1.7%) and ROAE of 31.7%, with revenue of R$ 6.2 bn (up 9.4%). Porto Saúde had profit of R$ 84 mn (down 33.5%), with a loss ratio of 82.0%, up 4.7 p.p. The company explains that about two-thirds of the increase came from disruptions in the oncology care chain and atypical seasonality, and one-third from organic growth in claims. Porto Bank had profit of R$ 170.7 mn (down 12.9%) and Porto Serviço, R$ 51.6 mn (up 34.5%).
The company revised its 2026 guidance: Porto Bank credit losses of R$ 3.4 bn to R$ 3.8 bn (previously R$ 3.1 bn to R$ 3.5 bn), financial result of R$ 1.1 bn to R$ 1.5 bn (previously R$ 1.4 bn to R$ 1.8 bn) and an effective tax rate of 17% to 21% (previously 23% to 27%), due to the reversal of deferred taxes on the goodwill from the acquisition of a subsidiary after its merger. At Porto Saúde, the change in earned premium is now 12% to 16%, versus 14% to 22%. Porto Bank total revenue is now projected at R$ 7.5 bn to R$ 7.9 bn, versus R$ 7.7 bn to R$ 8.1 bn.
