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Allianz dobra de tamanho e reconfigura setor de seguros no Brasil

Infomoney relata que em uma compra que reconfigura o setor de seguros do Brasil, a Allianz chegou a um acordo para adquirir a operação de automóveis e ramos elementares da SulAmérica por R$ 3 bilhões.

Investidores da SulAmérica receberam bem a notícia e as units da companhia (SULA11) subiam 8,2% na tarde desta sexta-feira (23). Como previsto, a venda permite que a SulAmérica foque no setor de saúde, mais rentável e com maior potencial de crescimento.

Para o grupo alemão Allianz, a compra torna a companhia a segunda maior seguradora de veículos do país, com cerca de 15% do mercado – atrás apenas de Porto Seguro (27,8%), e a terceira maior no geral no país. “Foi a maior aquisição que já fizemos no país e demonstra o potencial que vemos nesse mercado”, afirma Eduard Folch Rue, presidente da Allianz no Brasil.

Com a compra a Allianz passa a ter uma receita total de prêmios de R$ 6,87 bilhões, com cerca de R$ 5 bilhões relacionados ao negócio de automóveis. Para chegar a esse número, no entanto, a Allianz ainda precisa da aprovação dos órgãos reguladores em um processo que levará até 12 meses, segundo a empresa.

No segmento de seguros automotivos a Allianz já era vista como a competidora bastante agressiva, mas a baixa lucratividade sempre foi vista como um ponto de atenção. Com o segmento auto da SulAmérica, a Allianz adquire não apenas uma grande base de clientes como também uma operação em que se destacam tecnologia e inovação.

Seguros de saúde, foco da SulAmérica, tem maior potencial

A compra reconfigura o mercado de seguros no país em um momento econômico bastante propício. A retomada do emprego e, consequentemente, consumo, deve impulsionar o mercado de seguros como um todo.

De todos os segmentos, o com maior potencial é o de saúde, que deve ser o foco da SulAmérica daqui para frente. O seguro auto cresceu 6,5% em 2018 enquanto o de saúde expandiu 9,8%.

A Confederação Nacional das Seguradoras (CNSeg) prevê o seguro auto crescendo 6,2% e 8,4% em 2019 e 2020, respectivamente. Em relação à saúde, o crescimento projetado é de 7,3% em 2019 e 9,7% em 2020 (vs XPe de 8% e 11%).

Quando a SulAmérica anunciou que havia recebido uma proposta da Allianz, no início julho, analistas destacaram que a venda da operação de automóveis poderia ser um divisor de águas para a SulAmérica.

“Além de permitir que a empresa aumente seus investimentos e concentre-se em seus negócios de saúde de maior retorno, a venda também poderia permitir uma reclassificação nos múltiplos das ações”, afirmaram analistas do Bradesco em relatório.

Os analistas do banco estimam que, com a venda, as ações da SulAmérica poderiam sair do atual múltiplo de negociação de 14 vezes o seu lucro para uma negociação acima de 30 vezes o lucro. Seria um patamar similar ao de outras operadoras com o foco 100% em saúde, que tem despertado a atenção dos investidores.

A Hapvida atualmente é negociada em bolsa a 32,8 vezes o seu lucro e a Intermédica a 53 vezes, segundo dados da consultoria Economática.

“Intermédica e Hapvida são operadoras verticalizadas, que, por terem uma rede própria de hospitais e laboratórios, conseguem ser mais rentáveis. A SulAmérica precisa pagar toda a rede, mas, por estar focada no segmento mais alta renda, ela tem diferenciais importantes, que tornam o negócio único”, afirma Martins.

O momento econômico também é propício para a SulAmérica focar em saúde. A retomada do emprego deve ajudar no crescimento dos planos de saúde corporativos, que representam 70% do total de vidas seguradas pela empresa.

“Nos últimos anos a SulAmérica investiu em mais de 30 iniciativas de controle de sinistros, para reduzir custos e frequência e melhorar sua rentabilidade. Ela está extremamente bem posicionada para a melhora da economia”, afirma Martins.

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