[RATING] Fitch Ratings upgrades Fidelidade Macau’s Financial Strength (IFS) Rating to ‘A’ (Strong)

Macao, December 5, 2023 – The American financial rating agency Fitch Ratings (“Fitch”) announced that it has upgraded Fidelidade Macau – Insurance Company Limited's Insurer Financial Strength (IFS) Rating to 'A' (Strong) from 'A-' (Strong) with Stable Outlook, one of the highest ratings in the Macao Special Administrative Region.

To obtain this solid and upgraded Rating, Fitch highlighted several key drivers for this achievement. The company's strategic role to its parent, Portugal-based composite insurer Fidelidade – Companhia de Seguros; the 'Strong' Capitalisation, reaffirming that the importance of capital adequacy is expected to remain strong; and Favourable Profitability reflecting the company’s satisfactory return on equity and a combined ratio below the ratio guideline for 'A' rated insurers, based on Fitch's methodology.

Commenting on this milestone, Mr. Paulo Barbosa, Chief Executive Officer of Fidelidade Macau, said: “This upgraded credit rating assigned by Fitch demonstrates the trust and credibility we have built with our stakeholders. We are truly honoured! It is a testament to our strong financial performance, strategic management and disciplined approach to risk. Our improved credit rating enables us to pursue growth opportunities and create greater value to our customers, shareholders, business partners and employees, and acknowledges our commitment to sustainable behaviours and responsible business practices.

Mr. Ivan Cheung, Executive Director also took the opportunity to highlight this upgrade: “This achievement comes with an enormous sense of joy on the performance of our company, but specially on our staff’s unwavering commitment to excellence. Their expertise, dedication and passion have helped us navigate challenges, seize opportunities and achieve this significant milestone. Our responsibility is even heavier now, but our commitment and dedication remain unchanged”.