Grupo Ageas Portugal

What Grupo Ageas Portugal does

Grupo Ageas Portugal is the largest insurance group in Portugal and a wholly-owned subsidiary of the Belgian-listed international insurer Ageas. Operating through a multi-brand portfolio (Ageas Seguros for non-life, M\u00e9dis for health, Ocidental for bancassurance-distributed life and non-life, Seguro Directo for direct auto/motorcycle, and Ageas Pens\u00f5es for pension fund management), the group serves individual consumers, families, senior citizens, and corporate clients across mainland Portugal and the islands. Its core business model is recurring premium-based insurance underwriting in life, non-life, and health, complemented by fee-based pension fund management and ancillary service revenue from Cl\u00ednica M\u00e9dis (29 dental and physiotherapy clinics expanding to 49) and Ageas Repara (non-destructive water leak detection and building inspection; available to non-policyholders when demanded by claims processors). Distribution combines the largest bancassurance partnership in Portugal (exclusive arrangement with Millennium bcp and ActivoBank via Ocidental), over 200 physical stores managed by the company or exclusive general agents, direct-to-consumer channels, traditional brokers, and digital channels. Recent strategic repositioning has extended the company beyond insurance underwriting into an open health ecosystem (M\u00e9dis services available regardless of insurance status) and into community-impact housing (Jardins do Oriente Build to Rent project in Porto). Technology assets are operational rather than differentiated: SAP Ariba for procurement, digital health apps (M\u00e9dis Active, Carteira Virtual, Marketplace), teleconsultations, and a CSIRT security function. The group employs 1,300+ people and reports leadership in Portuguese life, non-life, and health insurance lines.

Name

Grupo Ageas Portugal

Legal name

Ageas Portugal Holdings, SGPS, S.A.

Website

https://grupoageas.pt

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Grupo Ageas Portugal is the largest insurance group in Portugal, offering life, non-life, health, and pension products through brands like Ageas Seguros, Médis, Ocidental, and Seguro Directo, distributed via 200+ physical stores, the Millennium bcp bancassurance channel, and digital channels. It serves individual consumers, families, seniors, and corporate clients across Portugal.

Ownership category

akta.pro rank

Product category

Multi-line Insurance

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Direct Health and Medical Insurance Carriers (524114), Insurance Agencies and Brokerages (524210)

SIC

Life Insurance (6311), Accident & Health Insurance (6321), Fire, Marine & Casualty Insurance (6331), Services-Health Services (8000)

akta.pro primary industry

Annuity + LTC / Long-Term Care Riders (FSAIAJAC)

akta.pro secondary industries

Traditional Long-Term Care (LTC) Insurance (FSAIAJAA), Individual Health Insurance Administration (TPA/ASO) (FSAIAEAK)

Keywords

• Insurance services
• Life insurance
• Health insurance
• Pension funds
• Property and casualty insurance

Headquarters

HQ city

Lisboa

HQ country

Portugal

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Life Insurance (Seguros Vida): Life insurance products including life risk, life savings, and pension fund management through Ageas Pensões and Ocidental brands.
2. Non-Life Insurance (Seguros Não Vida): Property and casualty insurance through Ageas Seguros brand, covering home, auto, and business risks.
3. Health Insurance (Saúde): Health insurance and health services through Médis brand, including health clinics network and digital health services.
4. Pension Fund Management: Pension fund management through Ageas Pensões, with open pension funds including Horizonte Segurança, Horizonte Valorização, and Horizonte Ações.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

Grupo Ageas Portugal is the largest insurance group in Portugal, distributing life, non-life (property and casualty), health, and pension products through a multi-brand portfolio (Ageas Seguros, Ageas Seguros Vida, Ocidental, Médis, Seguro Directo, Ageas Pensões). Beyond traditional insurance, it operates Clínica Médis dental and physiotherapy clinics, the Ageas Repara home-services unit (water-leak detection and pipe repair), and a digital health ecosystem with the Médis Active app and 24/7 medical guidance line.

Product overview

Grupo Ageas Portugal is a diversified insurance and financial services group offering a multi-brand portfolio spanning life insurance, non-life insurance, health insurance, pensions, and beyond-insurance services. The core insurance brands are Ageas Seguros (property and casualty), Médis (health, repositioned in 2025 as an open health ecosystem with clinics and digital services), Seguro Directo (direct auto/moto insurance), Ageas Pensões (open pension fund management), and Ocidental (life and non-life distributed via Millennium bcp/ActivoBank bancassurance). Beyond insurance, the group operates Clínica Médis (dental clinic network), Ageas Repara (water leak detection and building inspection services), the corporate foundation Fundação Ageas (impact investment, capacity building, and corporate volunteering), and community initiatives such as the Histórias Seguras audiovisual project and the Jardins do Oriente affordable housing development. The portfolio operates across both the Portuguese mainland and islands through physical branches, direct channels, and bancassurance partners.

Differentiator

Problem solved

Functional benefit

Products and services

• Ageas Seguros Non-life insurance products under the Ageas Seguros brand covering motor, home, and other property and casualty risks for individual consumers and families in Portugal.
• Ageas Seguros Vida Life insurance products under the Ageas Seguros Vida brand providing protection, savings, and retirement solutions for individual consumers and families in Portugal.
• Ocidental Ocidental distributes life and non-life insurance products to bank customers through the branch network of Millennium bcp under the largest bancassurance partnership in Portugal.
• Médis Health insurance products under the Médis brand, complemented by the Médis Active app, a 24/7 medical guidance line, and teleconsultations, targeted at individual consumers, families, and corporate clients in Portugal.
• Seguro Directo Seguro Directo sells auto and motorcycle insurance directly to consumers in Portugal through online and direct channels, bypassing traditional intermediation.
• Ageas Pensões Ageas Pensões manages individual and corporate pension funds in Portugal, including open pension funds and closed corporate pension plans, generating investment income alongside service fees.
• Clínica Médis Clínica Médis operates a network of dental and physiotherapy clinics in Portugal, providing outpatient services to Médis health-insurance customers and other patients.
• Ageas Repara Ageas Repara provides non-destructive water-leak detection and home-services (including pipe repair) to residential customers in Portugal, combining proprietary leak-detection technology with managed repair services.

Quantifiable outcome

• 1 million+ customers reached by Ocidental brand
• +3 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Associação Portuguesa de Seguradores (APS)coreStrategic or Co-development Partner · 29 May 2026Organizational membership and participation in XX Encontro Internacional de Resseguros conference bringing together major reinsurers, insurers and brokers in the national and international market.
• UN PRI (Principles for Responsible Investment)coreStrategic or Co-development Partner · 1 January 2018Ageas Pensões became the first Portuguese subscriber to UN PRI in 2018 through its Horizon pension funds, implementing responsible investment policies with ESG criteria.
• Millennium bcpcoreChannel Partner/ Reseller/ DistributorStrategic bancassurance partnership where Ocidental brand distributes life and non-life insurance products exclusively through Millennium bcp bank branches and ActivoBank. This is the leading bancassurance partnership in the Portuguese market.
• CRESCER - Associação de Intervenção ComunitáriacoreStrategic or Co-development PartnerSocial inclusion partnership where CRESCER manages the restaurant in Ageas Tejo headquarters, employing people in vulnerable situations including those experiencing homelessness. CRESCER provides 4 phases of certified training for social inclusion.
• Café Joyeux PortugalcoreStrategic or Co-development PartnerSocial inclusion partnership where Café Joyeux operates cafeteria services in Ageas buildings, employing young adults with Intellectual and Developmental Disabilities (IDD). About 50% of team members have IDD.
• SEMEAR - Terra de Oportunidades (BIPP)coreStrategic or Co-development PartnerSocial partnership operating a vegetable garden in Ageas Tejo building, promoting interaction and proximity among employees while providing training for people with IDD through sustainable agriculture.
• SAOM - Serviços de Assistência Organizações de MariacoreStrategic or Co-development PartnerSocial institution founded in 1976 managing the restaurant/cafeteria area in ICON Douro Porto office, including cafeteria, restaurant, self-service and accessible terrace. SAOM is a reference in social inclusion in the food sector.
• Câmara Municipal do PortocoreStrategic or Co-development PartnerPartnership for Jardins do Oriente project - first Build to Rent development in Portugal with 124 affordable rental homes and 27 homes for market sale, addressing housing shortage for middle-class families.
• Centro Português de FundaçõesminorStrategic or Co-development PartnerPartnership with Centro Português de Fundações to support foundations in integrating impact investment practices.
• Maze XminorStrategic or Co-development PartnerImpact investment partner supporting Fundação Ageas initiatives.
• CUFminorStrategic or Co-development PartnerHealthcare partnership including ÍMPARES program providing non-financial support to impact organizations through CUF healthcare network.
• ChapitôminorGTM or Marketing PartnerCultural partner - circus arts school that welcomed employees during office openings with inclusive entertainment and onboarding activities.

Scale indicators13 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Fidelidade: Fidelidade is the largest insurance group in Portugal (multi-line, including health) and Grupo Ageas Portugal's closest domestic competitor across life, non-life, and health segments.
• MAPFRE Portugal: MAPFRE's Portuguese subsidiary is a leading multi-line insurer with strong P&C and health presence, competing head-to-head with Ageas Seguros, Médis, and Ocidental.
• Generali Tranquilidade: One of Portugal's largest insurers (combining Tranquilidade and Victoria Seguros brands), directly competing with Ageas across life, P&C and increasingly health.
• Lusitania Seguros: Portuguese multi-line insurer with comparable life and non-life offerings, competing in similar retail and bancassurance distribution channels.
• CUF: Portugal's largest private healthcare provider operating hospitals and clinics; directly comparable to Clínica Médis and Médis Services as a healthcare-services peer competing in the same open-health ecosystem.
• UNA Seguros: Portuguese insurer offering life and non-life products, with bancassurance and broker distribution that overlaps Grupo Ageas's multi-channel strategy.
• Victoria Seguros: Portuguese life insurer (part of Generali group) with strong bancassurance presence; competes with Ageas Vida and Ocidental in life and savings products.

Broad incumbents

• AXA Portugal: AXA's Portuguese operation offers overlapping life, health, and P&C products as part of the global AXA portfolio, competing with Ageas across segments.
• Allianz Portugal: Allianz's Portuguese subsidiary offers life, health, and P&C coverage as part of a broader European portfolio, with overlapping capabilities to Ageas Portugal's brands.
• Zurich Portugal: Zurich's Portuguese entity provides multi-line insurance and is a relevant competitor particularly in commercial and bancassurance-aligned lines where Ageas operates.

Market position

Strengths2 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCoIPxGsbc7PaJNUVcXpU53g
• Facebookfacebook.com/GrupoAgeasPortugal
• LinkedInlinkedin.com/company/grupo-ageas-portugal
• Instagraminstagram.com/ageasgrupo

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Grupo Ageas Portugal