With the purchase of the Alfa insurance company, Safra rises eight positions in the general insurance ranking
Together, with R$ 1.081 billion, the group is in 29th place, according to a ranking prepared by Francisco Galiza
Banco Safra reached an agreement with Administradora Fortaleza, from the heirs of banker Aloysio Faria, to take control of the Alfa Financial Conglomerate, which owns Banco Alfa and other financial and insurance services, in an operation worth R$ 1.03 billion. The transfer was jointly announced by the two institutions in a statement last night. The financial segment was created by Aloysio Faria, who died in 2020, after the sale of Banco Real to ABN Amro, in 1998.
In 2021, Alfa Seguradora recorded sales of BRL 544 million, ranking 35th in the insurance sector, without VGBL. Safra Seguros, on the other hand, totaled premiums of R$ 537 million, in 37th position. Together, with R$ 1.081 billion, the group is in 29th place, according to a ranking prepared by Francisco Galiza, for Sincor-SP. In auto insurance, Alfa is 12th. larger.
In a note, David Safra, director of Banco Safra, stated that “the transaction is a milestone in the history of the bank in Brazil. Customers, employees and shareholders of Conglomerate Financial Alfa and Banco Safra will benefit. We share values, long-term vision and passion for working, which gives us enormous confidence in the harmony and success of this operation”.
“It is a historic transaction in the Brazilian financial market. We are convinced that the operation between the two secular banks will enhance the quality, continuity and excellence that we always offer to our customers and employees”, said Fábio Amorosino, CEO of Conglomerate Financial Alfa, in a note.
Conglomerate Alfa has, in addition to the financial arm, other companies, such as C&C Casa e Construção, Rede Transamérica de Hotéis, Águas Prata and Sorvetes La Basque.