Fosun Portugal Insurance, a subsidiary of Fosun International (00656), was first covered by S&P and awarded an “A” rating

The Zhitong Finance App learned that on July 18, 2025, the international rating agency S&P (S&P) covered Fidelidade Portugal Insurance (Fidelidade) for the first time and awarded Fidelidade - Companhia de Seguros, S.A. and its reinsurance company Fidelidade RE - Companhia de Resseguros, S.A. Long-term Issuer Credit Rating (ICR) and Financial Strength Rating (FSR) rating (FSR) The outlook is “stable”.

S&P expects that over the next two years, Fidelidade will maintain its leading position in the Portuguese and international markets, and be able to continue to demonstrate strong capital strength and profitability, achieve steady annual growth, and maintain a prudent risk management strategy.

S&P specifically emphasized in the rating report that Fidelidade achieved diversified profits and a global layout through its 30% leading market share in the Portuguese local market and its international business in Peru, Chile, Africa and Asia. In 2024, Fidelidade continued to achieve steady performance, with insurance revenue recording double-digit growth of 12.6% and annual net profit of 173.5 million euros. It is worth noting that its solvency second generation ratio (Solvency II ratio) reached 194% at the end of 2024, showing that Fidelidade can continue to maintain steady profitability and capital strength. Furthermore, the share of total premiums for Fidelidade's international business has increased to 30%, marking substantial progress in Fidelidade's globalization strategy.

This time, Fidelidade was covered and given an “A” rating for the first time by S&P, fully demonstrating S&P's recognition of the high quality and balance of Fidelidade's business portfolio, continuous expansion of the international layout, steady financial performance, and sufficient capital.

This is the second time Fidelidade has received an “A” credit rating. On September 27, 2024, Fitch (Fitch), another of the top three international rating agencies, upgraded Fosun Portugal's financial strength rating (IFS) from “A” to “A+”, raised the long-term issuer default rating (IDR) from “A-” to “A”, and maintained a stable outlook, which is the highest rating given by Fitch to a Portuguese financial institution.

Rogério Campos Henriques, CEO of Fidelidade, said: “The recognition from two leading global rating agencies further strengthens confidence in our current strategy. This is the result of strict financial discipline, prudent management, and our ongoing commitment to creating value for our customers, shareholders, and partners.”

Fidelidade is one of the four core subsidiaries of Fosun International (00656). It maintains the first market share in Portugal all year round, and operates in countries and regions such as Europe, Africa, Latin America, and Macau, China. In recent years, relying on Fosun's global ecosystem, Fidelidade has not only continued to consolidate its leading position in the Portuguese market, but has also achieved remarkable results in international business expansion and innovative development, particularly in markets such as Peru and Bolivia.