Porto Seguro (PSSA3), a Brazilian insurance company, released today its 3Q11 results. The company showed good results and posted a net profit of BRL$159M, 16% higher than expected by Agora Brokerage, and 54% higher than the second quarter. However, analyst Aloisio Lemos considered operating incomeweak”, mentioning the fierce competition in the insurance sector, mainly autos. The total revenue earned on premiums presented a positive picture, growing 9.7% yoy, with special emphasis on autos which grew 13.1%, while the sectors of health and assets grew 18,8% and 21.2% respectively.

Full earnings report (in English) can be downloaded here

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