Zhi Tong Cai Jing·2025-07-21 03:16Core Viewpoint - S&P has initiated coverage of Fidelidade, granting it an "A" long-term issuer credit rating and financial strength rating, with a stable outlook, reflecting confidence in its market position and financial stability [1][2]. Group 1: Market Position and Performance - Fidelidade holds a leading market share of 30% in the Portuguese market and has expanded its international business in Peru, Chile, Africa, and Asia, contributing to diversified profitability [2]. - In 2024, Fidelidade achieved a 12.6% growth in insurance revenue, with a net profit of €173.5 million [2]. - The Solvency II ratio reached 194% at the end of 2024, indicating strong capital strength and profitability [2]. Group 2: Ratings and Recognition - This is the second time Fidelidade has received an "A" credit rating, with Fitch upgrading its financial strength rating to "A+" and long-term issuer default rating to "A" in September 2024 [3]. - The recognition from two leading global rating agencies enhances confidence in Fidelidade's strategic direction and reflects its commitment to financial discipline and value creation for stakeholders [3]. Group 3: Strategic Development - Fidelidade is one of the four core subsidiaries of Fosun International and maintains its leading position in the Portuguese market while expanding its international presence, particularly in Peru and Bolivia [3].