Insurance company GamaLife achieved a net profit of 27.9 million euros in the first half of 2026, representing a 28% growth compared to the 18.5 million euros recorded in the same period of 2025. Profit before taxes remained practically stable at 30.9 million euros. Total production decreased 4.6% to 223.2 million euros, due to the postponement to July of the launch of a new savings product in Portugal. In the Portuguese market, production reached 164.3 million euros, with a reduction of 11 million euros in savings premiums, partially offset by stability in life and risk insurance. In Italy, production totaled 58.9 million euros.
The insurance segment result in Portugal grew 2.6 million euros to 10.8 million euros, while in Italy it fell 5.6 million euros to 9.4 million euros, reflecting lower release from the contractual service margin and higher-than-expected commissions. The investment result remained stable at 12.6 million euros and total costs remained unchanged at 38.8 million euros. Equity stood at 219.1 million euros at the end of June, 40 million euros less than in December 2025, due to the payment of dividends of 70 million euros.
The company's solvency improved, with the solvency ratio rising to 273%, above the 270% recorded at the end of 2025. Eligible own funds amounted to 663.3 million euros and the solvency capital requirement was 242.8 million euros. Unrestricted Tier 1 capital increased 23 million euros to 562 million euros. At the end of the half-year, GamaLife had total assets of 7,401.1 million euros, of which 1,973.4 million euros corresponded to Unit Linked products.
In the market context, Apax Partners hired UBS and Nomura to find buyers for GamaLife, an insurer born from the transformation of GNB Vida, acquired from Novo Banco in 2019. Among the potential buyers were Groupe BPCE, which bought Novo Banco, insurer Generali and Italian bank BFF.
