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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 *** billion euros in revenue, followed from afar by Generali Seguros, which recorded a revenue of *** 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 ** percent in 2024, significantly ahead of its nearest competitor, Ocidental Vida, which had a ** percent share. Similarly, in the non-life segment, Fidelidade led with a **** percent market share, followed by Generali Seguros at **** 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 *** 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 *** billion euros in revenue and non-life at *** 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.