MAG Seguros celebrates 190 years

That soul is what Helder calls “the human essence” of MAG and is palpable everywhere. In the way he talks about his colleagues. In the stories he tells about cruise ships and kitchen workers. In the values that guide every decision the company makes.

Founded in 1835, MAG was originally a mutual society created to protect the Brazilian citizens. Back then, men were the primary earners and because they were the ones who had to leave the house, they were especially vulnerable to disease and street accidents. When they passed away, their families often had no means to survive. MAG’s mission was to offer protection and dignity in moments of loss.

“We were founded to help people live with more stability and less fear,” Helder says. “And that’s still our job.”

A celebration like no other
To mark MAG’s 190-year anniversary, Helder didn’t want a corporate gala. He wanted something bigger, and more inclusive.

So, he chartered a cruise ship. For 3,000 people. 

“I didn’t want a celebration just for the leaders. I also wanted the receptionist to be there. The cleaning team. The people who build MAG every day.”

It was Helder’s dream to make this celebration an unforgettable one, and both him and his wife were personally invested in the organization for more than a year. The event needed to radiate care and equality. They ensured everyone had matching clothes, flip-flops, and what they needed to feel comfortable, regardless of salary or role. Because Helder did not want to make the attendees feel like they were expected to buy new clothes with their hard-earned money, just to make an impression. 

But just six hours into the cruise, tragedy struck: A MAG employee passed away.

“I had a choice,” Helder recalls. “Put the body in the onboard morgue and keep partying or go back.”

He turned the ship around.

It was the first time in this cruise line’s history a ship returned to port under those circumstances. Helder explained the decision to every guest with a letter and a ship-wide announcement. And while all festivities were cancelled, almost everyone stayed — not to celebrate, but to stand together.

On the final day, dressed in white, guests gathered on the deck. Helder hugged them almost all 2,500 people. Three hours, one by one.

“I know it might be weird to say, considering what had just happened, but it felt like a eulogy,” he says. “But for me. While I was still here.”

It’s a story that says more about the essence of MAG than any award or growth chart could and it’s that same care and commitment that drives the business today.

From local roots to national presence
Today, MAG Seguros is a leading provider of life insurance and pension solutions across Brazil. 

The company:

• Serves over 6.8 million customers
• Works with more than 6,800 partner brokers
• Operates across 39 business units nationwide
• Employs over 1,500 people
• Paid out R$860 million in benefits last year
• Manages over R$950 billion in total insured capital

The company has grown into a diverse group of businesses spanning digital insurance, asset management, fintech, and pension operations shaping the country’s financial future. It has built a reputation for innovation, integrity, and — most of all — for taking care of its people.

“A company is nothing without its people,” Helder says. “Nothing. Not processes, not systems. People.”

That philosophy is more than talk. The average tenure of MAG’s top leaders is 26 years. In the last 20 years, not a single senior executive decided to leave for a new opportunity elsewhere. When long-time leaders retire, in a way, they still don’t leave. Instead, they’re invited to join a “consultants board” to mentor and support the next generation.

A partnership built on trust

MAG has been a joint venture partner of Aegon since 2009. Over the years, that relationship has deepened and evolved.

“It’s like a good marriage,” Helder says. “Freedom and trust. Aegon opened doors. They let us lead. They shared their lessons and gave us space to be ourselves.”

From regular strategy calls with Aegon International leadership to co-developed solutions for local markets, the partnership reflects a shared belief: purpose and profit can, and must, go together.

Bringing innovation where it matters most
Even with nearly two centuries of history, MAG continues to reinvent itself. One of its latest ventures is Simple2u, a 100%-digital insurance platform that allows customers to activate coverage for specific hours or days, like turning on a streaming service.

Another initiative, internally called Angel, aims to support families who receive a life insurance payout. Instead of leaving them overwhelmed with a lump sum, MAG sends a financial advisor to help them make smart, sustainable choices.

“That’s the final step in our promise,” Helder says. “Not just paying, but caring.”

Enter: Favela Seguros
One of MAG’s most ambitious and personal projects is Favela Seguros, the first insurance business designed specifically for Brazil’s 18 million favela residents.

For many in these communities, insurance has never been an option. MAG, together with Aegon, is changing that.

With local partnerships, especially with the well-respected NGO CUFA, Favela Seguros is now piloting services in several of Brazil’s largest favelas. The goals are bold:

• Access: Bring life insurance to families who’ve never had coverage.
• Jobs: Create thousands of sales roles for favela residents themselves.
• Reinvestment: Use a portion of profits to fund education, sports, and arts programs in those neighborhoods to nurture the communities.

It’s not a charity. It’s a business, but one designed with purpose.

“My parents were born poor. My mother started working at ten, sewing shirts to support the family. My father began working at twelve, cleaning floors. They had nothing, but they had spirit,” Helder says.

That work ethic stayed with the family. Helder started selling insurance at 14. And his father? Still works at 90.

“He’s no longer a shareholder. Not a director. Not an executive. But in his mind? He’s still all of them,” Helder smiles. “He pushes me. He challenges me. He always told me: ‘Don’t be afraid to fail… just make sure you always learn from it.’”

It’s that same blend of grit, high standards, and heart that now drives Favela Seguros.

And for anyone concerned about safety or governance, Helder is quick to explain: “We work with people who already have the trust of the community. CUFA is in 5,000 favelas. They’ve built credibility for 20 years.”

Looking ahead with ambition and intent

For Helder, the next chapter of 190 years of MAG aren’t about being the biggest; it’s about being the most trusted.

“I want MAG to be the first company that comes to mind when people think about protecting what matters most,” he says. “Not just because of what we offer, but because of who we are.”

He envisions a company that continues to:

• Grow sustainably, with deep roots in Brazilian society
• Expand its reach to all layers of the population, especially those historically excluded
• Lead with humanity, even as the business scales and evolves
• Inspire pride, not only in customers, but in every person who works at or partners with MAG

“You can’t build 190 more years with numbers alone,” Helder adds. “You need values. You need people. And you need the courage to do things differently.”

A story that inspires far beyond Brazil
MAG Seguros’ 190-year journey is more than just a business milestone: It’s a living example of what can happen when purpose and perseverance go hand in hand. From its roots as a mutual society supporting immigrant families, to its pioneering work in underserved communities today, MAG shows us that legacy isn’t about looking back, it’s about moving forward with intent.

Whether it’s creating access to financial protection in Brazil’s favelas, launching digital insurance platforms, or building a culture where people stay for decades, MAG reminds us that trust, care, and innovation are not mutually exclusive; they’re mutually essential.

“You don’t build a company for 190 years by accident,” Helder says. “You build it by never forgetting why you started.”

And that’s a message worth carrying, wherever in the world we work and whatever it is that we do.