Insurer Fidelidade Macau has experienced a 27 percent increase in non-life premiums in 2023 compared to the previous year, the company’s chairman, André Simões Cardoso, announced.
During a cocktail reception held on Friday to commemorate the upgrade by rating agency Fitch of Fidelidade Macau’s Insurer Financial Strength (IFS) rating, Mr. Cardoso highlighted that in 2023, Fidelidade Macau “achieved a remarkable 27 percent growth while maintaining high levels of profitability.”
In December, financial rating agency Fitch announced the upgrade of local insurer Fidelidade Macau’s IFS rating to ‘A’ (Strong) from ‘A-‘ (Strong), with a Stable Outlook. The IFS rating assesses an insurance company’s financial strength and its ability to meet senior obligations to policyholders on time.
During their welcoming speech, CEO Paulo Barbosa and Executive Director Ivan Cheung noted that the upgrade acknowledges Fidelidade Macau’s “strengthened financial position” while reflecting the insurer’s “ability to manage risks effectively and generate sustainable growth.”
Paulo Barbosa, CEO of Fidelidade Macau 
Ivan Cheung, executive director of Fidelidade Macau
Fitch stated that the upgrade reflects Fidelidade Macau’s strategic importance to its owner, Fidelidade – Companhia de Seguros, S.A., and the agency’s view that the parent would support the subsidiary. It also reflects Fidelidade Macau’s strong capital adequacy, favourable profitability, ‘Moderate’ company profile, and low investment and liquidity risk, according to Fitch.
Wilson Vong, executive director at the Monetary Authority of Macau, also delivered a speech focusing on the main trends of the SAR’s both life and non-life insurance sectors. Mr Vong stressed the importance of the Northbound Travel for Macau Vehicles scheme launched in late 2022. “The policy has brought unprecedented connectivity to cross-border insurance businesses, and residents have responded enthusiastically,” he noted, adding that “as of the end of 2023, Macau insurance companies have issued more than 26,000 compulsory traffic insurance and 22,000 commercial insurance riders.”
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, the remaining 15 percent being held by the Portuguese state-owned bank Caixa Geral de Depósitos.
