GamaLife insurer closed the first half of 2026 with a net profit of 27.9 million euros, a 50.8% increase from the 18.5 million in the same period of 2025, according to the unaudited IFRS figures disclosed by the company. Profit before taxes remained practically stable at 30.9 million euros, and the favorable evolution of net profit reflects a reduction in tax expense, after the comparative period was penalized by extraordinary effects associated with deferred taxes.
Total production of the insurer reached 223 million euros in the semester, down 4.6% from a year earlier. The decline is essentially related to Portugal, where production stood at 164 million euros and the launch of a new savings product was postponed to July. Savings premiums fell by 11 million euros, although fund-linked products partially offset this reduction. In Italy, on the contrary, production grew by approximately 3 million euros to 59 million, driven by new business inflows.
The new product launched in July, called PPR Garantia GamaLife, was placed on the market through partnerships with novobanco, novobanco dos Açores, and Banco Best. It is a product with a guaranteed rate of 3% in 2026 and 2% in 2027 and 2028, with no subscription or management fees, which has not yet contributed to first-half production.
On the profitability side, the result from the insurance business in Portugal grew by 2.6 million to 10.8 million euros, while in Italy it fell by 5.6 million to 9.4 million euros due mainly to lower release of CSM and higher-than-expected commissions. Total costs remained stable at 38.8 million euros, with Portugal increasing by 2.6 million due to interest on the subordinated debt issued in July 2025, and Italy decreasing thanks to the reduction in project expenses.
