The Portuguese Insurance and Pension Funds Supervisory Authority published its 2024 report on the insurance and pension funds sector, describing a return to growth in insurer production, continued strong Solvency II capitalisation, and a recovery in pension fund assets. The assessment is set against geopolitical uncertainty and disinflation in the euro area, alongside European Central Bank rate cuts during 2024. For insurers under ASF’s prudential supervision, total production rose 20.8%, driven by Life growth of 32.6% and Non-Life growth of 10.9%. Net profit totalled EUR 492 million, down EUR 154 million year on year, with three of 39 domestic insurers reporting losses; motor insurance technical results fell into negative territory. Total assets backing insurers’ liabilities were EUR 48.7 billion, up 2.5%, while aggregate solvency ratios improved to 207% for Solvency Capital Requirement coverage and 547% for Minimum Capital Requirement coverage. Insurance mediation ended 2024 with 10,289 intermediaries (down 1.9%), while total intermediary remuneration increased 17.9% to EUR 1.337 billion. Pension fund assets recovered 2.1% to EUR 19.334 billion, contributions and transfers rose 32% to EUR 962 million, and average funding levels for defined benefit plans deteriorated by around three percentage points to 104.9% (funding scenario) and 109.2% (minimum value). Retirement Savings Plans reached EUR 17.9 billion invested (up 2.1%), supported by growth in PPR investment funds and PPR pension funds, while life insurance PPR balances continued to decline; PPR premiums and contributions rose 61.6% to EUR 2.8 billion. The report was prepared under ASF’s statutory reporting duties and was reviewed by its Consultative Council on 16 October 2025; ASF also notes that its 2026–2028 strategic plan was under development at the time of publication.

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