Fidelidade Macau ends 2021 with MOP42.2 mln in profits

Insurance group Fidelidade Macau ended 2021 with MOP42.2 million (US$5.2 million) in aggregate profit, representing a growth of 24 per cent when compared with the previous year.

According to the company’s CEO, Paulo Barbosa, despite the Covid-19 pandemic context and its indirect impacts on the local economy, the financial robustness of both Life and Non-Life insurers was “strengthened”, evidenced by its solvency margins of 256 per cent in the life and 671 per cent in the general business.

Despite a very low volume of premiums in travel insurance and construction-related insurance reported in 2021, the Life and Non-Life segments issued an aggregate premium of MOP616.6 million, 61 per cent more year-on-year.

The company added that its goal for 2022 is to keep a robust growth in terms of gross written premiums, maintaining the approach to sustainable development.

Fidelidade Macau – which has been authorized to perform insurance businesses in the Macau SAR since 1999 – is an indirect subsidiary of Fosun International Limited – the group responsible for the distribution of BioNTech vaccines to Macau via Fosun Pharma.

In 2014 Fosun paid 1 billion euros for an 85 per cent share in state-owned Caixa Seguros Saúde, Portugal’s largest insurance group, known by the brand name Fidelidade.