We will speak and open the person's microphone when you start talking. Please say your name and company before you start to ask your question. Any forward-looking statements made in this conference about the business outlook at Porto Seguro are based on the beliefs and assumptions of the company's management and on currently available information. Forward-looking statements are not a guarantee of performance. They involve risks, uncertainties, and assumptions related to future events, and therefore depend on circumstances that may or may not occur. General economic conditions, industry conditions, and other operating factors could also affect the future results of Porto Seguro and cause results to differ materially from those expressed today in this call. Now, I would like to invite Roberto Santos to start the presentation about the main highlights of Porto Seguro in this quarter.
Good morning. We thank you all for attending the earnings conference call of the second quarter 2021 of Porto Seguro. Going to slide number four, we highlight the main points. Our revenues had a double-digit increase in the quarter and in the first six months in all verticals. The insurance vertical grew 17% in the quarter, mainly driven by the growth of 18.7% in auto premiums, which also increased the number of vehicles in the period by more than 380,000, exceeding 5.6 million cars insured. In addition to the double-digit growth in life insurance and property and casualty. The health vertical had an improvement of 9.7% in premiums and revenues, with a 42% growth in the number of companies insured in corporate health, and a 16.5% increase in the number of lives insured in the vertical.
The revenue from financial businesses vertical advanced 21% in the second quarter due to the strong growth in the operations of credit card, loans, consortium, and financial risks. The services vertical had an increase of 24.7% in revenue, and we point out the 50% growth in Carro Fácil sales, which has more than 8,000 active contracts, in addition to the 47% growth in Repara product. Our operating performance was also favorable in insurance operations.
The combined ratio reached 90.5% in the quarter, which is the second best result for this period of the year in more than 10 years, and is mainly explained by auto insurance with a loss ratio of 44% in the quarter, reflecting improvements in the underwriting and risk pricing, as well as the impact of social isolation due to the pandemic, and by the 0.9 percentage point reduction in the consolidated ratio of administrative and operating expenses due to our efforts to increase efficiency, mainly by investing in technology and process improvement. The delinquency rate in credit operations represented by the 90 days NPL was 3.9% in the quarter, which is our best result in the last five years, reflecting an effective management of our credit portfolio and the positive impact of actions taken to mitigate risk throughout 2020.
The financial result reached BRL 174 million in the second quarter of 2021 due to the good performance of our allocations in inflation-linked bonds, equities, and position in corporate bonds, attaining a return on investment of 2.2% in the quarter, equivalent to 283% of CDI in the period. The financial and operating results attained resulted in a high profitability. I think that we maintained a comfortable level of cash with BRL 2.4 billion. We continue to advance in the strategy to increase our autonomy and focus in each of our verticals with initiatives such as allocating IT professionals in the business units, driving the development of solutions that boost growth in each vertical.
In the corporate area, we are doing the spin-off of the assistance operation, which is part of one of the insurance companies of the group to another company in order to leverage the growth of services vertical by optimizing management and offering these services to third parties as well. We also announced the acquisition recently of 50% interest in ConectCar, one of the main companies of the market in the segment of automatic electronic payments in tolls, parking lots, drive-throughs, and other services. With the purpose of driving the connection between mobility and the various financial services of Porto Seguro, enabling us to broaden and modernize existing benefits, as well as to strengthen the strategy to attract and retain customers.
We also try to increase the visibility of our products and services beyond auto insurance with initiatives of marketing campaign, who has Porto has, that started to be broadcast in social media and traditional media last month. Two weeks ago, or a few weeks ago, Porto Seguro was elected the fifth strongest brand in Brazil by Brand Finance. The results we have attained strengthen our vision that the projects are on the right track to leverage the growth of our customer base and improve customer experience, and thus we remain focused on the purpose of always being a safe harbor for our customers. Now, I'll ask Celso Damadi to comment on detail the development of revenues and profitability in the second quarter of 2021.
Thank you. Good morning. Good morning, everyone. I would like to comment on the consolidated of revenues. We had a growth of 17% in the total half year due to a robust expansion of all verticals. In the chart of page five, I would like to highlight that we show here a larger growth in the second quarter. If we see the chart on the right, we compare the growth. The second quarter in all verticals was much higher than the growth in the first quarter. So at 11% against the growth in second quarter of 17% in the financial vertical, a growth in 14% and 21% in the second quarter, and in health vertical, 7% in the health, and normals in the second quarter.
In services, 17% in the six-month period and 24% in the second quarter, which shows that in the second quarter, we grew a lot in all verticals, both in the economic area as well as the amount of business, as Marcelo will comment later on. Porto Seguro, its strategy to diversify business is reflected on the verticals with positive effects. In addition to social isolation, we were favored by the growth of business and the low delinquency ratio, as Roberto mentioned. This page shows our growth since 2006. Of course, social isolation helped, but there were other components as well as default ratio that is in shape in these recent years, as followed by financial results, which were quite significant in this second quarter. The consolidated result in the second quarter of 2021 reaches BRL 659 million, compared to BRL 657 million in the second quarter of 2020.
That was the best second quarter in the history of Porto Seguro, 2Q 2020, as we commented before. This second quarter of 2021 also gave us significant results. On page number eight, we show that the profitability shows a consistent result. Despite the low interest rate, our profitability is quite significant. In the consolidated result, we reached BRL 955 million in the first half of 2021. We show this good performance compared to the CDIs since 2010, because we always say that our pricing has a component of CDI that is pretty strong, especially in the insurance line. Now I will hand it over to Marcelo. He can talk about the insurance vertical.
Thank you, Celso. Good morning, everyone. Thank you for your time and attention. We would like to highlight the significant and strong growth in the insurance vertical, especially in our main portfolio of business, which is automobile insurance. When compared to the second quarter of 2020, we were able to grow almost by 20%, and we had a market share gain of 1.3 percentage points in auto insurance with an increase of almost 390,000 vehicles. In comparison, that is almost equivalent to one of the top 10 insurance companies in the market, according to the Brazilian ranking. We believe there has been a very robust growth for a portfolio that is considered mature, as I will say later on, because the penetration of auto insurance in the Brazilian market is up only 30%.
In this period, we have grown P&C by 7.6% in terms of number of items, adding another 180,000 items. In life insurance, there was a reduction, mainly due to temporary events, but we kept stability where four million covered lives. In the pension, there was a decrease. This movement, according to our point of view, included the entrance of new consumers. Many people who had never had insurance entered Azul, which is our inclusion machine, as inclusion engine, because two-thirds of the vehicles in Brazil circulate without insurance. This is a market that is developed, and there are many challenges to mobility that we cannot. Since the auto insurance is not mandatory, there is room for growth, provided that there is innovation and the correct products.
I would also like to highlight, now moving on to the results stage, that also in the earnings, we had, of course, decreased mobility during this period, as it happened last year. Of course, Brazil almost stopped due to COVID, but it's important to compare the delta, the difference. The loss ratio difference when compared to the other companies in the market was 14 percentage points in terms of loss ratio, which shows that we have an important merit of pricing and underwriting, so that due to our intelligence, we're able to have a very healthy loss ratio. That leads us to a very good combined ratio, lower than 57%, reaching a return on equity of 34.6%, which is a very good performance for a net earnings of BRL 266 million in the quarter. I would like to comment on the development of the healthcare vertical.
It has gone through a major transformation, but even before the transformation has ended, we're having an accelerated growth in sales with greater focus, especially in small or medium-sized enterprises. Even in a period where companies were firing employees, of course, our focus is to sell insurance to companies that accounts for a large percent. We had 220,000 new lives added to our portfolio. In dental care, we had a growth of 92,000 lives or members, and in occupational health, which is the differentiation product we have, another 100,000 members were added. So growth is accelerating, as we had said to the market in previous calls. As for the result of the healthcare vertical, that was expected and was impacted because of the pandemic. The second quarter 2021 affected the number of hospitalizations, which were longer.
The second wave of COVID-19 led to longer hospitalization periods, and the average cost per patient was higher as it was before because they stayed longer in the hospital, and therefore the loss ratio for this quarter was above 82%, reached the combined ratio, and it is below what we expect. We believe this is temporary. It's not going to affect our appetite for growth. Likewise, it has affected the life insurance portfolio, but that doesn't affect our growth because we have grown 18% in individual life insurance sold, and that did not decrease our appetite for growth because we know this is a temporary situation. In a nutshell, the insurance market has an immense potential still. We're talking about the main portfolios, the more developed ones, but there are very specialized insurance products that have a lot of room for growth.
For example, civil liability insurance, we've had this product for less than two years with a growth of 65% in a market that grows 16% on average. This is to talk about specialized insurance. Porto Seguro has partners, distribution network, and it's a strong brand, and due to its quality of services, it can grow even in the verticals in which it is already a traditional provider. Marcos Loução will talk about the financial business' vertical.
In the financial vertical, we have reached three million customers, and it's a significant growth in sales, as well as a value proposition, because we increase loyalty and the use of recurring products, such as credit card. Our financial results, we reached at BRL 127 million recurring earnings with growth of 22%. Talking about credit card, we remain with a strong growth in the portfolio and transactions.
The transactions growth of 32%. We had BRL 3 billion per month in credit card, which is a growth way above the market average. We made important investments in technology. We were the first credit card operation to implement Pix, the electronic payment, which provides a different dynamic in the use of credit card. With the Pix online authorization, credit cards were used more often as well. In this quarter, we will implement Pix in the new app, where is the Super App Porto Seguro and where there will be a larger integration of the auto and residential and home insurance. All we do is to expand the offer of products, the supply of products. We had 56% with a strong focus on what we do well. With the IT DNA in release or in the authorization of loans, we grew a lot in our loan portfolio group.
In CDC, we have a growth potential, and we can expand new credit options. Talking about financial risk and capitalization, we had growth of 12.3% in the second quarter. When compared to the six months period, it was 24% and reached 260,000. An important highlight for the product that protects rentals, rental insurance, is that we created an essential product, which is an online quote and totally digital quoting process online, and that accounts for 30% of our monthly sales. There is a growth sales when compared to the first period of July 2020, we sold 49,000. Today, we sell 87,000, and it maintains the same characteristics that we used to sell, but the essential is the new product and capitalization that completes the supply of financial products. In consortium, we had a strong restructuring process in sales, regional products, as well as in products.
There was a revenue growth of 41% in consortium revenue. We had BRL 83 million the second Q of 2021, and it did not increase much from 2019. Now, this growth, it now amounts to 117% in the second quarter, shows the consistency of a strong growth in consortium. We are the second portfolio of real estate consortium plans. We have 11% against 13% market share of the leading company. In automobile consortium, releases have increased by 88%, while the market rose by 25%. Now talking about asset management, we had a rearrangement of products in terms of performance rates, and this is why the revenues dropped from BRL 27 million to BRL 19 million. Net earnings amounts to BRL 103 million in the second quarter of last year. There were facts that were not one-off events due to the pandemic, low rate of transactions and credit cards, as well as provisions.
This is why net earnings amounted to BRL 7.8 million in 2Q 2020, and now we are back to our regular levels. Now, talking about credit operations, we have BRL 11.5 billion credit portfolio. Basically credit cards, most of it, outstanding credit card, BRL 7.5 million revolving credit, BRL 1.4 million financing and refinancing, BRL 2.5 million. Credit card, we reached 2,700,000 card owners and 110,000 customers in vehicle financing. We have 184% of coverage, with a 3.9% default rate, which is below market average. Now, talking about services vertical, we continue to highlight the total revenue that grew by 25%. An important role played Carro Fácil, which is the signature cars, which grew by 49%. We had a record number of subscriptions, and it continues to accelerate and meet the needs of our customers, and the trend is for us to continue to grow.
We also had a call center, which is customer service to our operations that grew. As the company grows, call center activities also grow. We are now more effective and efficient. We have a digital, 40% of service tickets opened for automobile are doing digitally, and most of them using WhatsApp. The comparison basis, the health for Porto.Pet, since we had an exchange of shares for Petlove in June, is not included here. If we had the base of June, we would have a growth of 30%, because we have six months in 2020 and five months in 2021. With a growth of 40% in revenue, Porto Faz Other, our sales promotions, we grew by 16%, mainly caused by increase in sales of automobile financing. Net earnings, we were very happy because there were many initiatives of internal startups that expanded their activities.
We continue to grow while doing the necessary investments in technology. This is what I had to say. I will now hand the floor to Izak to talk about financial results.
Good morning. Thank you for your time. Talking about financial investment results. There was a positive quarter. Our inflation-linked bonds were benefited by the IPCA rate, which was significant in the quarter. Also, there was a strong valuation, the stock exchange, which benefited us, as well as credit transactions with a positive impact. So the total was 2.2%. We opened our investment portfolio with a few changes when compared to the last quarter. This is what I had to say. Okay. I will now talk about the ESG initiatives. On slide 17, we detail some of our ESG initiatives of how Porto Seguro has contributed to society in coping with the pandemic through our products and services.
Highlighting, first, the facts that compensation was paid to over 3,000 families who suffered losses due to COVID-19, only through life insurance product, exceeding BRL 130 million in payout. We also highlight the coverage provided to 8,400 beneficiaries who were hospitalized through our health product, of which 6,500 in common beds and more than 1,900 in ICU. Nearly 100,000 COVID-19 tests were made since the beginning of the pandemic. We also launched the campaign, giving a special discount to vaccinated members who purchase individual life insurance, valid until the end of this year. We also highlight the results of some projects that are already part of Porto Seguro's history, such as program Ação Educa. There are actions related to the health of children, teenagers, and assisted families in the Campos Elíseos area, which is the area where our head offices are located.
This year, we provided psychological assistance to more than 120 children and teenagers, and distributed more than 170 kits along with hygiene kits. We also highlight the project of our company, Renova Ecopeças, which dismantled 341 vehicles in the second quarter, only 2.5 times more than done in the second quarter of last year. We doubled the number of parts recycled parts sold when compared to the same period of last year, reaching 8,500 items sold, contributing to reduce consumption of natural resources and environmental pollution. Finally, I highlight Porto Voluntário program, whose 343 volunteers' actions helped nearly 4,000 people and 17 social organizations only in the second quarter of 2021. These were the main operating, financial, and ESG highlights highlighted in our presentation.
We can now start the Q&A session. Thank you.
Thank you, Roberto. We will now start the Q&A session. Just repeating the basic instructions so that it all works well. Please use the Raise Hand feature in Zoom. Some people already raised their hands, and we will allow participants to ask questions in the order they were requested. We will announce who will speak and open the person's microphone. When you start talking, please say your name, the company you represent, and feel free then to ask your question. Our first question from Flavio Yoshida. Go ahead, Flavio.
Good morning, everyone. This is Flavio from Bank of America. My question is about auto insurance. I would like to try to understand a bit better how you see the outlook for auto insurance in the second half of this year, and even into 2022, because the dynamics is a bit troublesome. There was an increase in price of cars and the inventory of new cars is quite low.
The loss ratio is low due to COVID-19, but it will probably increase since restrictions are decreasing. On the other hand, we have higher interest rates in the market, which could encourage more competition. How do you envisage auto insurance performance in the second half of the year? Another question. You mentioned that the penetration of insurance in Brazil is low. There are some structural aspects to it, and with innovation, this percentage could be even higher. So what type of innovation are you working on, and how do you see the business? Thank you.
Hello, this is Marcelo speaking. Rather, for your questions. They are very good questions. First, there is a relative question about competition, and the other one is structural.
In terms of competition, these cyclic changes, such as interest rate and so on, we are used to dealing with them, and they do not change the way we operate. The fact that price is going up and down, that has been going on for a long time. But our scale, database, and intelligence, and depth in actions make the difference and allow us to have an important role. That has become even stronger because intelligence became more important. Making projections rather than piling results, looking backwards, looking in the rear-view mirror. Of course, we have to do that, but looking towards the future, understanding how this new normal will be, how will mobility differ from different income levels, locations, districts, and revenues, and industries. This is something we have, that other competitors do not. Porto is strong, and we have a very strong brand in all segments, including Azul.
Bllu is a new insurance we launched. We already had Master in the past to include old cars, and we want to be the company that is present in insurance life of every Brazilian person. So in many segments, different products. Bllu is an example. We launched products that are simpler, more affordable, and that is not only the tip of the iceberg, but the entire chain is prepared for that. It is a specific chain for repairing, supply of parts. Services are digital so that people can afford it. We are doing that to get these two-thirds of the fleet that is not protected or underprotected and include them. A part of it is portfolio or product, but we also work with a sales approach, digital models, hybrid models. So we are looking towards the future in that. We believe these differentiation points will enable us to continue to grow.
Because when you look at Porto brand, you have to look at the initial segments, the entrance level Bllu, Azul, and other segments we operate in to provide insurance to this country that is so big and underprotected.
You mentioned Bllu and Azul. I would like to understand if there is any cannibalization of Porto customers migrating to other brands that have a lower cost. Could that affect the profitability of the operation?
Excellent question. This was one of our main concerns, our first concerns, and in the media campaign we launched, we say it's an insurance for those who do not have insurance. That's not only a slogan. The sales tracks are different. The sales channels are different in a way, and the proposition is different. We try to have a product. Customers who can afford traditional insurance will prefer that.
It's an entry product for people who do not have insurance. Of course, it has some limitations. It doesn't cover 100% of the FIPE table in terms of paying the indemnification. There is in the claim, and there is a third-party coverage that is limited. For customers who are used to a more flexible product and a broader coverage, and will not migrate. Actually, we monitor that, and until now, we haven't seen any migration. Zero migrations. What concerns us is to convince customers. This is the main challenge. These customers have to be convinced and educated in a way that insurance is important. They are covered by associations that they find is an insurance company, and in times of need, people will find out that unfortunately, they don't have the coverage they think they do.
Okay. Thank you, Flavio. The next question comes from Leandro, please. Leandro? Hello, Leandro.
This is Caio from UBS. Can I ask? Okay, thank you. Good morning, everyone. Thank you for the question. I would like to make a follow-up on the last question asked by Flavio, talking more about Bllu. Could you give us some more color on the operation in these first months, and what do you expect in terms of premium, and how was the loss ratio in these first months of operation of Bllu? Do you expect to go to other regions of Brazil? Looking at the services vertical, some of your products have shown an important growth, such as Carro Fácil and Porto Repara. What could we expect for the future? Are you doing more partnerships with others in terms of services? If you could explain the rationale for the ConectCar deal. Thank you.
This is Marcelo speaking, Caio. Well, Bllu is a product that we're focusing in Minas Gerais, Rio de Janeiro, Espírito Santo, and Goiás. We are learning how to sell and convince. The contracts are digital. It's a simple, easy process to purchase the insurance, and the satisfaction rate has been very high from customers, and we're always trying to simplify the process to end with this idea that buying insurance is complex and difficult. We had to review word by word, because we did some studies with these consumers. They don't understand words such as franchise, or rather the amount you have to pay to use the services. This is a consumer that was in the market, but not included in the market. We have to mature this process in these regions so that we can escalate. Of course, it will be done.
This is a market that could not be ignored. We should not be focused on an elite market and a small portion of the market, and then be caught by surprise by someone who brings a more universal procedure. We want to be present in people's lives. We're not an upper middle class company only. Although these people don't know what deductible is, they can learn, and we need to be there for them. Thank you for the question. Yes, we have tried several products with subscriptions, and Porto Repara was the first signature product services. The same logic applies to auto insurance, and we'll try in coming months, the launch in that area. Carro Fácil was the same. It was the first annual signature product for a car with insurance and the assistance services of Porto Seguro.
Starting this platform, what we call Fácil, easy, and now we have Tech Fácil, which is an umbrella. First, we have a mobile insurance, which we provide to the market now. We're finishing these tests and the reception has been very good, as it was for auto insurance. Within the umbrella of Fácil and Tech, we have a pilot product for notebooks. We'll continue to explore the Fácil platform for product and Porto Repara platform for services. Speaking more about ConectCar comes to complement on the mobility side, because we want to grow and make the everyday life of our clients easier. We have 300 automotive centers that provide assistance to customers, and ConectCar is a complementary services to this ecosystem. First, we'll provide the tags for our people who have our auto insurance.
We'll try to use it as a way to attract new customers, as well as linked to digital account and credit card, the financial products. That's the advantage of having ConectCar in the ecosystem of Porto Seguro. There's also the ConectCar asset. We want to increase the number of tags, ConectCar. I don't know if any part of your question has not been answered.
No. It's very clear. Thank you.
Thank you, Caio. Before continuing with the next question, I would like to remind you that to ask a question, please use the raise hand feature in Zoom, and we are answering in the order they are asked. Now is Eduardo. Please state the company you work for. Let's move on to the next person in the line, Marcelo Telles, because I think Eduardo had a technical issue. Marcelo, go ahead. Thank you for your time.
Congratulations on the results. I have two questions. First, I would like to go back to the initial question asked by Flavio, about the auto insurance segment. Probably, you have taken out the initiatives to increase at the origin. We see loss ratio much better than the system. Looking towards next year in a more regular scenario of loss ratio for auto insurance, what could be a reasonable figure? Do you think 2019 would be a proxy, or given the initiatives you implemented we could think about a lower loss ratio once we go back to normal. The other question is about credit. In terms of strategy, what is missing, if any, to that strategy in the financial part? You have credit products. Are you thinking of having a digital bank account? Do you plan on increasing the supply of products, towards liabilities also, in addition to assets? Thank you.
Okay. In terms of auto insurance, we are not facing a temporary change. Things will never go back to what they were before the pandemic. I don't think 2019 is a good proxy. I'm not saying that this applies to the entire market. We are able to evolve a lot in that area, and we intend to use this intelligence. We won't maintain the current value. Of course, competitiveness is increasing. But a good analysis is to look at the delta of loss ratio in the companies, that's given by Society in recent months as well. You can see that when mobility came back, it affected companies in different ways. Companies were not equally affected by that resumption of mobility. So I don't think we'll keep it at the current level. This market is competitive, so it's transferred to prices slowly.
I don't think pandemic is not going to last forever. On the other hand, 2019 was a very tight year for us. So figures would be better than 2019, but it's not as good as today. Something in between. As for the financial part of the business, I would turn the floor over.
Okay, just adding to that, we have a DNA of credit solutions with products focused on a synergy with auto insurance, which is the main product of the company until some months ago. But we have a chain of products. The credit card probably are the most well-known, but we have nine million customers with BRL 3 billion in revenues, when you add up all the credit card users of our customers. We are the seventh in ranking in the market in terms of revenues.
We, in terms of vehicles, we decided to provide a package of products, of credit facility products, having a supply, not only limited to current clients of Porto Seguro, but to entire credit market. For example, we have car financing, assigned personal credit, personal loans. In the beginning of this year, 37,000 clients that bought our products compared to 25,000 in the first quarter of last year, or half of last year. A portfolio that amounts to BRL 2.5 billion. So the idea is to use our expertise to increase it even further. In the last 6 months, we have implemented a credit analysis platform by using modeling, getting ready for that. In the products of digital banking, we have investments and consortium, because consortium is the customer that has a profile of building, or saving money. It's not only anticipating the purchase of a car or a home.
We want to have these customers in our platform. For all this to work in an integrated way, we are developing a digital account product that is being tested in a beta version to make the link between credit and financing products. We expect to have a value proposition that complements the market instead of having a traditional account in banks, but the technological part of a fintech. We want to be in between those two worlds, humanizing the proposition, providing insurance and services as additional benefits, and be a player that could operate in this market in the good conditions. Okay, that's the strategy.
Thank you.
Thank you, Marcelo. I would like to pass the floor to Roberto for his final remarks.
Thank you very much, everyone who attended our earnings release conference call. Thank you for your questions, comments, and especially for your interest in Porto Seguro.
I would like to reinforce that if you have additional questions, please feel free to visit our investor relations webpage at ri.portoseguro.com.br or contact our investor relations team directly. Thank you very much.