Originally known as EuresaP, Sagres S.A. is a Portuguese non-life insurance company established on 29 April 1996 by Euresa Holding, the insurance companies P&V (Belgium), Macif (France) and Unipol (Italy) along with several partners of the Social Economy among which the two large Portuguese trade unions UGT and CGTP. In 2001, the Oriente Foundation became majority shareholder by way of a Holding (Partisagres).

In March 2009, Macif bought the total shareholding of the Oriente Foundation and Unipol. This majority change implied a change of name to Macif Portugal. In addition to the traditional distribution channels in Portugal, Macif develops the company on the basis of partnerships linked to the Portuguese social economy sector. Macif invests all the necessary human and financial resources to enable Macif Portugal to transform into an insurance company meeting demands for high quality services.

In parallel, the synergies between Macif France and Macif Portugal are applied in favour of the Portuguese community in France.