S&P initiates coverage and assigns 'A' rating to Fidelidade

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Fidelidade (FOSUY), a core subsidiary of Fosun International, has received an 'A' rating with stable outlook from Standard & Poor's (S&P) for both its insurance and reinsurance operations. This follows Fitch's A+ rating upgrade in September 2024, marking Fidelidade as the highest-rated Portuguese company.

The company demonstrated strong performance in 2024 with 12.6% growth in insurance revenues and net income of EUR173.5 million. Fidelidade maintains a 30% market share in Portugal and has expanded internationally across Europe, Africa, Latin America, and Asia, with international operations now representing 30% of total premiums. The company's solid financial position is reflected in its Solvency II ratio of 194% at year-end 2024.

[ "Received 'A' rating from S&P and A+ rating from Fitch", "Strong 12.6% growth in insurance revenues for 2024", "Robust Solvency II ratio of 194%", "Significant international diversification with 30% of premiums from international operations", "Leading market position with 30% share in Portugal" ]

HONG KONG, July 21, 2025 /PRNewswire/ -- On 18 July 2025, – Standard & Poor's (S&P), one of the world's leading international credit rating agencies, initiated coverage and assigned Fidelidade – Companhia de Seguros, S.A. and its reinsurance company, Fidelidade RE – Companhia de Resseguros, S.A., long-term Issuer Credit Ratings (ICR) and Financial Strength Ratings (FSR) of 'A', with a stable outlook.

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.

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SOURCE Fosun

FAQ

What credit rating did S&P assign to Fidelidade (FOSUY) in July 2025?

S&P assigned Fidelidade an 'A' rating with stable outlook for both its insurance (ICR) and reinsurance (FSR) operations on July 18, 2025.

What was Fidelidade's financial performance in 2024?

Fidelidade achieved 12.6% growth in insurance revenues and reported a net income of EUR173.5 million in 2024, with a Solvency II ratio of 194%.

What is Fidelidade's market position in Portugal?

Fidelidade maintains a leading position with 30% market share in Portugal and has expanded internationally across Europe, Africa, Latin America, and Asia.

How much of Fidelidade's premium revenue comes from international operations?

International operations account for 30% of Fidelidade's total premiums, demonstrating significant progress in their globalization strategy.

What was Fidelidade's credit rating from Fitch in September 2024?

Fitch upgraded Fidelidade to A+ (Insurer Financial Strength) and A (Issuer Default Rating) with Stable Outlook in September 2024, the highest rating ever awarded to a Portuguese company.