Top 10 Life Insurance Companies in Brazil

Brazil is the 17th largest insurance market in the world and the largest in Latin America. As of July 2013, the market had about 130 insurance companies and the top 10 largest insurance groups accounted for approximately 83% of insurance premiums. Bancassurance is the dominant distribution channel for individual life insurance and retirement savings products in Brazil. The dominant players for Bank Insurance Model include Banco Bradesco, Itau Unibanco, Caixa Economica Federal, Banco do Brasil, ING, HSBC and Santander. The size of Brazil's life insurance market is expected to increase from US$35 billion in 2011 to US$60 billion in 2015.

1. Allianz Brasil (Allianz Seguros S.A.) 
A subsidiary of a German multinational insurance group Allianz SE. It provides a wide range of insurance products including life, health and auto insurance. The company was formerly known as AGF Brasil Seguros S.A. and changed its name in 2008.

2. Bradesco Vida e Previdencia 
A subsidiary of Banco Bradesco. It is one of the top providers of life and pension products in the country. As of March 2012, the company had over 22.3 million life insurance policies.

3. Brasilprev Seguros e Previdencia 
One of the largest private pension companies in Brazil. It operates as a subsidiary of Banco do Brasil. As of March 2012, Brasilprev had over US$30 billion in total assets.

4. Caixa Vida e Previdencia
A subsidiary of Caixa Seguros S.A. The company was established on March 14, 2000 and offers life insurance and pension services. As of March, 2012, it had US$10.2 billion in total assets.

5. Companhia de Seguros Aliança do Brasil (Alianca do Brasil) 
A subsidiary of Banco do Brasil. The company provides life insurance, property insurance, credit insurance and rural insurance. As of March 2012, Alianca do Brasil had US$2.2 billion in total assets.

6. COSESP 
Companhia de Seguros do Estado de São Paulo

7. HSBC Vida e Previdência (Brasil) 
A subsidiary of HSBC Seguros (Brasil) SA. HSBC Seguros operates as a subsidiary of HSBC Bank (Brasil) S.A. – Banco Múltiplo.

8. Icatu Hartford Seguros 
A subsidiary of Grupo Icatu. The company was established in 1991 and is headquartered in Rio de Janeiro, Brazil.

9. Itau Vida e Previdencia 
A subsidiary of Itaú Unibanco. The company offers life, health, auto insurance and pension products.

10. Mapfre Vera Cruz Vida e Previdência 
A subsidiary of Mapfre America Vida SA. The company offers a wide range of insurance and pension products.

11. MetLife Brasil (Metropolitan Life Seguros e Previdencia) 
A subsidiary of MetLife International Holdings. The company was founded in 1999 and is based in São Paulo.

12. Porto Seguro 
The largest auto insurer in the country with over 10,000 employees. The company also provides life, health, home, accident, travel and cargo insurance. Porto Seguro operates in Brazil and in Uruguay.