The Supervisory Authority for Insurance and Pension Funds (ASF) said in a statement on its website there had been growth of 120% in net results of the 43 insurance companies under its supervision, adding that of these, 34 "presented positive results."

In terms of the volume of insurance production, the Life segment (including life insurance, financial insurance, for example) increased by 3.2% and Non-Life (motor insurance, health insurance, accident insurance, among others) by 5.6%.

"The Life segment reversed the downward trend of the last two years, notably the weight of Retirement Savings Plans (PPR), which in 2017 accounted for about 33% of Life production (26% in 2016), with production increasing by 30%," the ASF noted.

In the non-life segment, the branches that contributed most to the increase in production were Accidents at Work (11.5%), Health (8.8%) and Automotive (3.9%), which account for about 70% of the total portfolio.