S&P initiates coverage and assigns 'A' rating to Fidelidade
S&P anticipates that, over the next two years, Fidelidade will maintain its leadership position in both the domestic and international markets, continue to display robust capital strength and profitability, with solid annual growth and prudent risk management.
In its assessment, S&P highlighted that Fidelidade has achieved an earnings diversification and a globalized insurance portfolio, leveraging its leading market positions with a 30% market share in Portugal and international operations in Peru, Chile, Africa, and Asia. In 2024, Fidelidade recorded a consistent financial performance with a 12.6% growth in insurance revenues and net income of EUR173.5 million. It is worth noting that Fidelidade's Solvency II ratio reached 194% at year-end 2024, demonstrating its consistent profitability and strong capitalization. Additionally, its international operations accounted for 30% of its total premiums, marking a substantial progress in Fidelidade's globalization strategy.
The assignment of 'A' rating to Fidelidade by S&P highlights S&P's firm recognition of Fidelidade's quality and balance business portfolio, growing international diversification, consistent financial performance and solid capital position.
This marks the second 'A' credit rating achieved by Fidelidade. In September 2024, Fitch Ratings, another world's leading international credit rating agency, upgraded Fidelidade's ratings to A+ from A (Insurer Financial Strength – IFS) and A from A- (Issuer Default Rating – IDR), with a Stable Outlook – the highest rating ever awarded by Fitch to a Portuguese company at the time.
Rogério Campos Henriques, CEO of Fidelidade, stated, 'The recognition by two of the world's leading rating agencies reinforces confidence in the strategy we have been pursuing. It is the result of rigorous financial discipline, prudent management, and a clear focus on creating value for our customers, shareholders, and partners.'
Fidelidade is one of the four core subsidiaries of Fosun International (00656.HK). It has consistently maintained the top market share in Portugal for many years, with operations spanning across Europe, Africa, Latin America, Macau SAR, and other countries and regions. In recent years, leveraging Fosun's global ecosystem, Fidelidade has not only continued to solidify its leading position in the Portuguese market but has also achieved remarkable results in international business expansion and innovative development, particularly gaining a leading position in markets such as Peru and Bolivia.
View original content: https://www.prnewswire.com/news-releases/sp-initiates-coverage-and-assigns-a-rating-to-fidelidade-302509315.html
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