Aegon Santander Portugal

What Aegon Santander Portugal does

Aegon Santander Portugal is a Portuguese bancassurance joint venture equally owned by Aegon (a global insurance group) and Banco Santander, operating through two ASF-regulated entities headquartered in Lisbon at Rua da Mesquita, n.º 6: Aegon Santander Portugal Vida – Companhia de Seguros de Vida, S.A. (life insurance) and Aegon Santander Portugal Não Vida – Companhia de Seguros S.A. (non-life insurance). The company distributes health, life, home, accident, liability, and corporate insurance products exclusively through Banco Santander Totta's bank branch network in Portugal and the Netbanco digital banking platform, and customers must be Santander banking clients to purchase coverage. Product lines span individual and family health insurance (OneCare, SafeCare Saúde, SafeCare Saúde Viva Mais, SafeCare Saúde Empresas), life insurance (Proteção Vida, credit-linked life for mortgage and personal loans), home insurance (Proteção Lar), accident and income protection products (Proteção Acidentes, Proteção Serviços Domésticos, Proteção Familiar Responsabilidade Civil, Plano Proteção Ordenado), and corporate products (Viva Mais Empresas, LifeCorporate), complemented by Plano Balance, a subscription discount card giving access to 4,000+ wellness providers.

The company operates a digital platform built around the My Aegon Santander web portal and mobile app (iOS and Android), which serves as the primary interface for policy management, claims submission, reimbursement requests, authorization management, appointment scheduling, and 24/7 video and telephone medical consultations. The platform is supported by the Rede Médica network of more than 37,000 contracted health and wellness providers across Portugal, including prestigious private hospital groups such as Grupo Luz Saúde, CUF, and Grupo Lusíadas Saúde, with claims administration for SafeCare Saúde outsourced to Future Healthcare as a third-party administrator. Digital engagement is substantial: 1.33 million active digital customers represent more than two-thirds of the total base, with over 1.1 million daily logins recorded in 2025.

Revenue is generated through recurring subscription premiums across the multi-line portfolio, with pricing determined by individual risk assessment and coverage level rather than publicly disclosed rate cards. The company has no public listing, no disclosed funding rounds, and no disclosed revenue figures, and is governed by the 50/50 joint venture structure with strategic alignment from two global financial services parents.

Name

Aegon Santander Portugal

Legal name

Aegon Santander Portugal Vida – Companhia de Seguros de Vida, S.A. and Aegon Santander Portugal Não Vida – Companhia de Seguros S.A.

Website

https://aegon-santander.pt

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

Aegon Santander Portugal is a 50/50 bancassurance joint venture between Aegon and Banco Santander, providing health, life, home, accident, and corporate insurance products to Portuguese consumers exclusively through Santander bank branches and digital channels.

Ownership category

akta.pro rank

Headquarters

HQ city

Lisboa

HQ country

Portugal

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Health Insurance Premiums: Annual or periodic premiums for health insurance products including OneCare, SafeCare Saúde, and SafeCare Saúde Viva Mais. Revenue generated from individual and family health coverage with access to provider networks and reimbursement options.
2. Property/Home Insurance Premiums: Premiums for home insurance products (Proteção Lar) covering property protection, assistance services, and related risks.
3. Life Insurance Premiums: Life insurance products including Proteção Vida, credit-linked life insurance (Crédito Habitação and Crédito Pessoal), and term life coverage.
4. Accident Insurance Premiums: Accident insurance products including Proteção Acidentes, Proteção Serviços Domésticos, and Plano Proteção Ordenado (income protection plan).
5. Corporate Health Insurance Premiums: Business insurance products including SafeCare Saúde Empresas, Viva Mais Empresas, and LifeCorporate for corporate clients.
6. Plano Balance Membership: Discount-based health and wellness membership providing access to 4,000+ providers at reduced rates for customers without SafeCare health insurance. Revenue model based on membership fees with no insurance risk exposure.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Aegon Santander Portugal is a Portuguese bancassurance company that distributes and underwrites health, life, home, accident, liability and corporate insurance products, plus a Plano Balance wellness discount card. Insurance is sold exclusively through Banco Santander bank branches and the Netbanco digital banking channel, with policy administration, claims, reimbursements, video consultations and provider network access delivered through the My Aegon Santander mobile app and customer portal backed by a 37,000+ provider Rede Médica network.

Product overview

Aegon Santander Portugal is a Portuguese insurance company jointly owned by Aegon and Banco Santander, offering a broad portfolio of insurance products across health, life, home, accidents, and corporate segments. The core product line includes health insurance products (OneCare, SafeCare Saúde, SafeCare Saúde Viva Mais), life insurance products (Proteção Vida, Seguro associado ao Crédito Habitação, Seguro associado ao Crédito Pessoal), home insurance (Proteção Lar), accident insurance (Proteção Acidentes, Proteção Serviços Domésticos, Proteção Familiar Responsabilidade Civil, Plano Proteção Ordenado), and corporate insurance (SafeCare Saúde Empresas, Viva Mais Empresas, LifeCorporate). The offering is complemented by Plano Balance, a health and wellness discount card, and supported by a digital platform comprising the My Aegon Santander web portal and mobile app, which together serve as the primary interface for policy management, claims, reimbursements, and provider access. A network of over 37,000 health and wellness providers underpins the health insurance products.

Differentiator

Problem solved

Functional benefit

Brands

• OneCare: Health insurance product that won Product of the Year 2026 award
• SafeCare Saúde
• Proteção Lar
• Proteção Vida
• Proteção Acidentes
• Plano Balance
• LifeCorporate
• Plano Proteção Ordenado
• My Aegon Santander

Products and services

• OneCare Health Insurance A health insurance product for individuals and families offering comprehensive health coverage with no maximum enrolment age, periodic health check-ups included, and dedicated personal assistance to accompany the policyholder through all stages of life. Distributed through Banco Santander bank branches and Netbanco online banking.
• SafeCare Saúde A health insurance product providing access to a private network of 37,000+ health and wellness providers with agreed pricing, covering consultations, exams, hospitalizations, and other medical services; includes copayment options and reimbursement options for out-of-network care.
• SafeCare Saúde Viva Mais A health insurance variant with four contracting module options (Individual, Family, Single Parent, Spouse) offering flexibility for different household compositions, with no new waiting period for persons already covered under the initially contracted module.
• Proteção Lar Home Insurance A home insurance product protecting assets against unforeseen events, covering the dwelling, contents, and providing home assistance services including repairs, DIY, and maintenance. Annual capital update is required for buildings per insurance regulations.
• Proteção Vida Life Insurance

Quantifiable outcome

• Product of the Year 2026 award winner in Health Insurance category based on 15,600+ Portuguese consumer votes
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core.

• MovSaúdecoreStrategic or Co-development Partner · 11 February 2026Aegon Santander Portugal is a founding member (Associado Fundador) of MovSaúde, a non-profit association focused on health promotion and cancer disease prevention. This partnership demonstrates the company's commitment to preventive healthcare beyond traditional insurance coverage.
• Grupo Lusíadas SaúdecoreStrategic or Co-development PartnerGrupo Lusíadas Saúde has rejoined Aegon Santander's medical provider network (Rede Médica), providing policyholders access to prestigious private hospitals across Portugal. This partnership strengthens the health insurance value proposition.
• Future HealthcarecoreTechnology or IntegrationThird-party administrator managing health insurance claims processing, reimbursements, customer support, and provider network administration. Handles SafeCare Saúde inquiries, claims documentation, and policy management services.
• Banco Santander TottacoreChannel Partner/ Reseller/ DistributorExclusive distribution partner for Aegon Santander insurance products in Portugal. All insurance products are sold through Santander bank branches and Netbanco digital platform. Customers must be Banco Santander clients to purchase insurance.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Fidelidade: Portugal's largest insurance company offering life, health, home, accident, and corporate products through multi-channel distribution including bancassurance, brokers, and direct. Directly comparable as a multi-line Portuguese insurer competing for the same end customers, though with a broader channel mix.
• Zurich Portugal: Portuguese subsidiary of Zurich Insurance Group offering life, non-life, and health products via brokers and bank partners (notably Novo Banco). Comparable as a multi-line insurer using bancassurance and broker channels.
• Generali Tranquilidade: One of Portugal's leading multi-line insurers (life, non-life, health) with bancassurance partnerships including a long-standing tie-up with Millennium BCP. Closely comparable in product mix and bancassurance-led distribution model.
• Multicare: Portuguese health insurance specialist owned by José de Mello Saúde (which operates Hospital CUF), with a large provider network across Portugal. Closely comparable as a health-led insurer with strong provider relationships and similar target customer base.
• Ageas Portugal: Portuguese insurance subsidiary of Ageas (Belgian insurer) offering life and non-life products through multi-channel distribution including bancassurance, brokers, and agents. Comparable multi-line insurer with overlapping target segments.
• Allianz Portugal: Local arm of Allianz SE offering life, health, and property & casualty insurance in Portugal, distributed through brokers, agents, and bank partners. Direct competitor across the same product portfolio.
• Medis (CUF Saúde): Health insurance specialist in Portugal affiliated with the CUF hospital group, offering individual, family, and corporate health plans. Comparable as a health-focused competitor with strong provider network integration.
• Seguradoras Unidas: Portuguese multi-line insurer (formed via merger of Açoreana and various legacy brands) offering life and non-life products. Competes directly across home, accident, health, and life categories with similar target customers.
• BNP Paribas Cardif Portugal: Bancassurance arm of BNP Paribas Cardif operating in Portugal through BNP Paribas bank distribution. Closely comparable business model (bancassurance JV) and product mix (life, creditor, accident).
• MAPFRE Portugal: Subsidiary of MAPFRE S.A. offering life, health, home, auto, and accident insurance in Portugal with extensive agent and bancassurance networks. Comparable as a multi-line insurer competing in the same product categories.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInpt.linkedin.com/company/aegon-santander-portugal-vida---companhia-de-seguros-de-vida-s.a.

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Aegon Santander Portugal