US financial rating agency Fitch has announced the upgrade of local insurer Fidelidade Macau’s Insurer Financial Strength (“IFS”) rating to ‘A’ (Strong) from ‘A-‘Strong) with a Stable Outlook. The IFS rating assesses an insurance company’s financial strength and its ability to meet senior obligations to policyholders on time.

Fitch stated that the upgrade reflects Fidelidade Macau’s strategic importance to its owner, Fidelidade – Companhia de Seguros, S.A., and the agency’s view that the parent would support the subsidiary. It also reflects Fidelidade Macau’s strong capital adequacy, favourable profitability, ‘Moderate’ company profile, and low investment and liquidity risk, according to Fitch.

“This upgraded credit rating assigned by Fitch demonstrates the trust and credibility we have built with our stakeholders. It is a testament to our strong financial performance, strategic management, and disciplined approach to risk,” said Fidelidade Macau CEO, Paulo Barbosa. The insurer’s Executive Director, Ivan Cheung, noted that the staff’s expertise, dedication, and passion have helped them navigate challenges, seize opportunities, and achieve this significant milestone.

Operating in Macau since 1999, Fidelidade Macau, which provides life and non-life insurance products, is owned by Portugal’s insurance group Fidelidade. Chinese private multinational conglomerate Fosun International is the group’s main shareholder with about an 85 percent stake, the remaining 15 percent being held by Portuguese state-owned bank Caixa Geral de Depósitos.

Source: Macau Business