Regarding what the Brazilian economy can be, we opened 2023 with economists talking about a GDP growth of 0.8%. And now we’re talking about maybe 2.2% of GDP increase for 2023. And this will certainly carry a tail into 2024. ’24 already indicates to have a better scenario interest rate, it’s low, yes, of course, it’s from 325 [ph] is small, but it’s the beginning of a reduction. And the reduction of interest rate seems to be already a given the drop on the liquid [ph] rate is already agreed in a percentage that is higher than we expected from 25 bps to 50 bps, even higher maybe, so that also gives us very good expectations for the future. For what’s going to unfold the expectations we have for the year 2024 seems much better. So I think all of these variables combined give us the expectation that we will have a better second half of ’23 and the year 2024 also better with lower delinquency better growth of loan portfolios with quality, with IPOs and follow-ons already coming in and being able to increase revenues, the insurance company has been going through a good phase.
In the second quarter, it made R$ 25 billion in the half year, it’s already been R$ 50 billion. So we’re working hard to close the year with a higher income above R$ 100 billion, of course, had benefited from the indices and IPCA, but what we see is the operating growth of Bradesco Seguros in all segments, in the private pension plans that already has a positive uptake, the auto sector and property and casualty, also improving in reduction of claims, even half with all the challenges, despite the challenges of service costs. We’re able to bring new customers, new companies to our portfolio. So the insurance company also has very good expectations. We see a brand with relevant growth in their portfolio with relevant growth in the funds under management, and they are ranked as one of the best asset managers from the end of last year, the beginning of this year.
So looking at the whole macroeconomic scenario and the work we’ve been developing here at the bank, we do see the possibility of us going back to the results we had in the past. It will be gradual, yes, but we’re working to make it happen, and it certainly will. So I think that’s a little bit of what we expect for the second half of ’23 and for the year ’24. As for the competitive scenario, especially on lower income, Tito you know inflation is huge play for the Brazilian population. And it’s the majority of our clients, the people who are 70% of Bradesco clients. And at this point, these people are more affected in the purchasing capacity and the payment capacity, and that translates into delinquency, as we see here clearly, but as the country starts to get a better condition for GDP growth, we’re seeing unemployment at lower levels.
So I believe that our competitive advantage and our comparative basis to continue to grow in this segment as well, despite all the competition, especially from digital banks that are competing with us, and some of them did well. They’re doing good work. And that’s also important the competitive scenario in Brazil. So I think we’re well positioned to also grow in that market with product placement, credit placement at the right rate and the right size of credit. So it is a competitive scenario. It’s big were quite large, but that we understand we are well positioned to compete. As for higher income, at our last earnings conference call, I talked to you, and we said that our high-income vertical, as we also showed in today’s presentation, we have total focus and a priority in the high income vertical when we put everything under [Guilerme], taking care of high income, and we combined private top tier prime as well as our Agora brokerage, high — digital high income that’s also evolving quite well.
