The Portuguese Insurance Regulator (ASF) released its second-quarter 2025 Insurance Activity Evolution Report, showing higher direct insurance production in Portugal alongside a decline in overall direct amounts paid and slightly lower estimated solvency coverage. Total direct premiums increased 14.2% year on year to above EUR 7.9 billion, while direct payments fell 16.4% to around EUR 4.44 billion, driven by a 30.2% reduction in life payments despite a 5.8% rise in non-life payments. Life premiums grew 19.4%, supported by linked life business up 46.6% and non-linked life excluding retirement savings plans (PPR) up 18.4%, while non-linked PPR premiums declined 12.3%. Non-life premiums rose 9.7%, led by disease (+12.3%), fire and other damage (+10.0%), motor (+9.5%) and workers’ compensation (+9.2%). National companies accounted for 89.8% of premium volume, with European Union branches at 10.0% and a newly observed non-EU branch at 0.2%. Insurers’ investment portfolios totalled EUR 53.8 billion at end-June, up 2.4% from end-2024, and technical provisions stood at EUR 45.0 billion; estimated Solvency Capital Requirement (SCR) and Minimum Capital Requirement (MCR) coverage ratios were 210% and 558%, down 2 and 22 percentage points respectively versus end-2024, while net results for firms under ASF prudential supervision were around EUR 414 million.

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