Porto has been promoting the advantages of its diversification for some time now, a process that began in 2022 when it went beyond insurance and structured three other companies – Porto Bank, Porto Saúde, and Porto Serviço. And, in the second quarter of 2026, more than ever, this discourse materialized in numbers.
“This is yet another example of the robustness of this model,” said Paulo Kakinoff , CEO of Porto, in a conversation with journalists. “Even with a significant variation in one vertical, it is offset by the performance of the others. And this has given us a certain linearity of growth.”
Porto closed the second quarter of 2026 with a recurring net profit of R$ 889 million, an amount that represented a 1% growth over the figure reported in the bottom line of the balance sheet in the same period last year.
Between April and June, the group's return on recurring equity (ROAE) was 22%, a decrease of 2.3 percentage points. The company highlighted, however, that this was the eighth consecutive quarter with the index above 20%.
Porto's total revenue expanded by 11% in the quarter, to R$ 11 billion, while its financial result advanced 3% on the same basis of comparison, ending the period at R$ 387 million.
“This quarter clearly shows the insurance, health, and service verticals with an even faster level of traction than the first quarter,” said Kakinoff. “And with growth in our results, albeit marginal, due to the lower seasonality typical of the second quarter.”
As had been anticipated by the market – and by the company itself – Porto Bank recorded a 67% increase in provisions for credit losses, to R$ 868 million.
The rise in this indicator impacted the bottom line. Net income from Porto's financial arm fell 32% year-on-year to R$138 million. Conversely, operating revenue increased 17% to R$1.9 billion.
“We made a larger provision in the credit line in an even more conservative approach precisely because of the deterioration we are seeing in the market, both in credit and in defaults,” said Kakinoff.
The CEO of Porto added that the volume of Porto Bank's provisions had been "systematically" below market levels. "Now, we are provisioning so that it runs at the same level."
Another factor contributing to this increase in provisions is that delinquency rates exceeding 90 days in Porto Bank's portfolio stood at 9.4%, compared to 8.2% in the first three months of 2026, and 6.9% in the same period of 2025.
“This increase in defaults was notably driven by credit cards,” said Domingos Falavina, director of investor relations at Porto. “We were already expecting a deterioration due to clients who had been repeatedly renegotiating their credit card debt.”
Conversely, he emphasized that all other Porto Bank lines of credit, such as consortiums, grew during the quarter. He also highlighted the four percentage point improvement in the operational efficiency index, to 25.4%. "When this credit cycle improves, we will benefit from these improvements," he said.
Strong performance was the theme across Porto's other three verticals. The flagship business, Porto Seguro, reported a net profit of R$ 455.8 million, a 4.9% increase. Revenues and premiums jumped 8%, driven by growth of 12% in Property and Casualty insurance and 8% in the Auto insurance segment.
Porto Saúde reported a net profit of R$ 144 million, a 36% increase. Revenue in this segment grew by 14%, following a 20% expansion in health insurance beneficiaries, reaching 904,000 lives. In dental insurance, growth was 16%, reaching 1.3 million. The loss ratio improved by 0.4 percentage points, to 76.9%.
Porto Serviço, the last vertical to be launched in the group's diversification strategy, reported a net profit of R$ 50 million, up 11%, and revenue of R$ 659 million, a growth of 6% over the same period a year earlier.
Along with the financial report, Porto Seguro provided some updates to its 2026 guidance . The loss ratio projection for Porto Seguro has been revised from the 50.5% to 54.5% range to the 50% to 54% range.
At Porto Bank, provisions for credit losses increased from a range of R$2.7 billion to R$3.1 billion to R$3.1 billion to R$3.5 billion. However, revenue estimates now range from R$7.9 billion to R$8.1 billion, compared to the previous range of R$7.5 billion to R$7.9 billion. And the efficiency ratio improved from 27% to 31% to the new estimate of 24% to 28%.
Aside from these indicators, Kakinoff presented other figures to reinforce how Porto has progressed in its diversification strategy. And, in one particular area: the gains from cross-selling initiatives among the four verticals that currently make up the group's ecosystem.
“When this story began, the average acquisition per customer was 1.2 to 1.3 products. Today, we are hitting 1.9,” said the CEO. At the same time, he emphasized that the progress embedded in the current number is, in fact, much greater from another perspective.
“When we had this average in 2022, the company had 7 million customers. We are now hitting the 19 million mark,” he stated. “So, growing the customer base and simultaneously increasing the number of products per customer indicates that today we really have a much greater penetration of this portfolio.”
Porto Seguro's shares closed Thursday's trading session, August 6th, down 1.55%, quoted at R$ 52.65, valuing the company at R$ 33.7 billion. Year-to-date, the shares have risen 8.8%.
