Portugal's Insurance and Pension Funds Supervisory Authority (ASF) published its Q4 2025 report on the evolution of insurance activity in Portugal, showing direct insurance premiums written rose 13.4% year on year to more than EUR 16.2bn, driven by Life business, while total amounts paid fell 10.8% due to a sharp decline in Life outflows. Over the same period, insurers’ investment portfolios increased to EUR 56.4bn and estimated solvency coverage ratios rose to 213% for the Solvency Capital Requirement (SCR) and 557% for the Minimum Capital Requirement (MCR). Life premiums increased 17.8% to EUR 8.2bn, reflecting a 71.4% rise in linked Life products and a 3.1% fall in non-linked business, while retirement savings plans (PPR) premiums grew 12.6%. Life amounts paid dropped 22.0% to EUR 4.9bn and surrenders decreased 19.4% to EUR 2.37bn, representing 48.3% of Life payments. Non-Life premiums grew 9.2% to EUR 8.0bn, led by Health (12.3%), Motor (9.9%), Workers’ Compensation (8.4%) and Fire and Other Damage (7.9%), while Non-Life amounts paid increased 6.4% to EUR 4.37bn and aviation payments fell 59.8% following a large claim paid in 2024. Technical provisions totalled EUR 47.1bn at end-2025 and PPR provisions reached EUR 13.4bn, with assets remaining dominated by public and private debt instruments.

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