Leading insurance groups in Portugal 2020-2024, by revenue

Portugal's insurance market is dominated by Fidelidade, which maintained its position as the largest insurer by revenue from 2020 to 2024. In 2024, Fidelidade generated approximately 4.4 billion euros in revenue, followed from afar by Generali Seguros, which recorded a revenue of 1.6 billion euros during the same year.

Market leadership across segments

Fidelidade's dominance extends across both life and non-life insurance sectors. In the life insurance segment, the company held a market share of about 31 percent in 2024, significantly ahead of its nearest competitor, Ocidental Vida, which had a 16 percent share. Similarly, in the non-life segment, Fidelidade led with a 29.4 percent market share, followed by Generali Seguros at 18.3 percent. This comprehensive leadership underscores Fidelidade's strong position in the Portuguese insurance landscape, but also highlights the more competitive nature of the non-life insurance segment in Portugal.

Revenue distribution and market trends 

While Fidelidade's total revenue in 2024 was remarkable, its distribution between life and non-life segments is noteworthy. The company's non-life insurance business proved more lucrative, generating approximately 2.2 billion euros in 2024, surpassing its life insurance revenue. This aligns with broader market trends noticeable since 2021. In this year, life insurance premiums stood at 7.7 billion euros in revenue and non-life at 5.6 billion euros. However, from 2022 onwards, the non-life segment presented a superior revenue than the life sector, which occurred again in 2024, a year marked by the increase in both life and non-life insurance premiums in Portugal.