Unemployment reached 12.6% in the three months from November to January.
Icatu saw a small profit increase while SulAmérica enjoyed double-digit earnings growth.
BNamericas spoke with World Bank expert Emmanuel Skoufias about how the Bolsa Família program can help reduce poverty and what the country can do to close its inequality gap.
The outlook remains negative, reflecting the one-in-three chances that S&P could lower the ratings over the next 12 months, said the ratings agency in a press release.
For the first time in the company's history, revenues and total premiums exceeded US$1bn, said Pan-American Life Insurance Group (PALIG) in a press release.
The company's assets under management rose by 33% last year.
Jorge Luz and his son, Bruno Luz, are being investigated for corruption, money laundering and foreign exchange-related crimes in connection with the so-called Lava Jato corruption scheme.