[ANNOUNCEMENT] Fidelidade in Macao presents its 2021 Companies Results
The Life and Non-Life insurers of the Fidelidade group in Macao achieved an aggregate profit of 42.2 million patacas in 2021, representing a growth of 24% compared with the previous year, despite the context of the covid-19 pandemic and its indirect impacts experienced by the Macao economy, stated by Mr. Paulo Barbosa, Chief Executive Officer.
Given the excellent results achieved, the financial robustness of both insurers was strengthened, evidenced by its solvency margins of 256% in the life and 671% in the general business. "We are confident that the strength of both companies will continue to deserve the same trust that has been credited to us by all our customers and partners until now," said Mr. Paulo Barbosa.
Despite all the challenges encountered throughout the year, including the continuation of a very low volume of premiums in travel insurance and construction-related insurance, the companies issued an aggregate premium of 616.6 million patacas in 2021, 61% more than last year.
Fidelidade in Macao benefit from a strategic banking partnership with Banco Nacional Ultramarino, one of Macao's issuing banks (part of CGD group) with a vast distribution network that covers the entire territory.
In the non-life business, the main products that stand out are fire insurance, employees’ compensation insurance, home protection insurance, motor insurance, among others, highlighted by Mr. Ivan Cheung, Executive Director.In the life segment, he added, "we offer group and individual solutions with innovative features in the Macao market, as well as the management of pension funds both under the private scheme and associated with the non-mandatory central provident fund."
For 2022, the goal is to keep a robust growth in terms of gross written premiums, maintaining the approach in a sustainable development as the main management premise of Fidelidade in Macao.