Insurer Fidelidade Macau is closely monitoring potential business opportunities in Hengqin and the Greater Bay Area as it celebrates its 25th anniversary, the company told MNA on Friday.
“Fidelidade Macau is now more than ever ready to seize future opportunities, not only in Macau but also in the Greater Bay Area,” said André Simões Cardoso, chairman of Fidelidade Macau’s Board of Directors.
To take steps in the neighbouring In-depth Cooperation Zone and other GBA cities, there needs to be a suitable regulatory environment and flexibility to develop products and services that meet the market’s needs, he added.
“Should we have that window of opportunity (to enter the GBA market), we have the willingness and the company is ready in terms of capital, team members, and platforms,” Mr. Cardoso noted, adding that he hopes to see the necessary regulatory framework take shape across the border.
Fidelidade Macau CEO Paulo Barbosa also emphasized the company’s financial strength and willingness to expand to Hengqin and beyond. “The company has sufficient capital to initiate an expansion project. We are now waiting for both Macau and mainland authorities to allow us to expand our business activities to other areas, hopefully in the short term to Hengqin and in the longer term to the wider GBA market.”
The local market itself has become more competitive with increasingly demanding customers. Fidelidade Macau Executive Director Ivan Cheung noted, “Macau citizens are more knowledgeable about insurance. We need to create more innovative products to make breakthroughs.”
Operating in Macau since 1999, Fidelidade Macau, which provides life and non-life insurance products, is owned by Portugal’s insurance group Fidelidade. Chinese private multinational conglomerate Fosun International is the group’s main shareholder with about an 85 percent stake, while the remaining 15 percent is held by Portuguese state-owned bank Caixa Geral de Depósitos.
In 2023, the group saw robust growth in its Gross Written Premiums (GWPs) in both the life and non-life segments, with 15.8 percent and 27.3 percent expansions compared to 2022.
The CEO of parent company Fidelidade, Rogério Campos Henriques, said the group “remains fully committed to Macau and the SAR’s development,” as he praised the “good results and success,” and highlighted the decision last year by US financial rating agency Fitch to upgrade Fidelidade Macau’s Insurer Financial Strength (IFS) rating to ‘A’ (Strong) from ‘A-’ (Strong) with a Stable Outlook.
These comments were made during a cocktail reception held on Friday in the SAR to celebrate the 25th anniversary of Fidelidade Macau.
