Costing more than €93million, this is one of the largest Portuguese insurance sector investments in Latin America anda turning point for Fidelidade
Fidelidade is Portugal’s leadinginsurer – in every channeland line of business – holding amarket share of more than 30%.With Portugal being sucha small and competitive market,globalisation was the onlysolution that would help thisPortuguese giant achievefurther growth. Investmentfrom the Chinese Fosun Groupin 2014 and the privatisationof Fidelidade, made it possibleto follow this strategy.The insurance market in LatinAmerica has long been seen as highlyattractive because of its growth potential,increasing economic stability and thefreedom of movement of capital. Peruwas a natural choice, due to a number offactors: it’s a free market with a recently--sustained economic growth rate of4.5%-5%, it’s open to foreign investmentand has a stable exchange rate.La Positiva has a considerable affinityand similarity to Fidelidade, makingit the ideal acquisition choice. Variouscomplementary areas that could bringvalue to each of the operations were alsoquickly identified. With a market shareof 11%, La Positiva is ranked fourthin the Peruvian insurance market andis Bolivia’s market leader. The firm alsooperates in Paraguay and Nicaragua.
Wang Qunbin, ceo of Fosun International,says this investment is of greatsignificance, increasing Fidelidade’s globalbusiness operations from 8% to 28%.Peru is the start of Fidelidade'sexpansion into Latin America and thereare plans to move into the Chileanmarket through a partnership witha local team of insurance professionals.La Positiva's presence in other LatinAmerican countries gives Fidelidademore opportunities to expand elsewhere.Costing more than €93million, this isone of the largest Portuguese insurancesector investments in Latin Americaand a turning point for Fidelidade– becoming a multinational company.
Worldwide Presence
On an international level, Fidelidadeoperates wherever Portuguesecompanies, the language and cultureis present, and directly or indirectly,is in Spain, France, Macau, Angola, CapeVerde and Mozambique. The businessrecently extended its global reach byacquiring La Positiva in Peru, openingup the Latin American market.
Wang Qunbin, ceo of Fosun International,says this investment is of greatsignificance, increasing Fidelidade’s globalbusiness operations from 8% to 28%.Peru is the start of Fidelidade'sexpansion into Latin America and thereare plans to move into the Chileanmarket through a partnership witha local team of insurance professionals.La Positiva's presence in other LatinAmerican countries gives Fidelidademore opportunities to expand elsewhere.Costing more than €93million, this isone of the largest Portuguese insurancesector investments in Latin Americaand a turning point for Fidelidade– becoming a multinational company.
Worldwide Presence
On an international level, Fidelidadeoperates wherever Portuguesecompanies, the language and cultureis present, and directly or indirectly,is in Spain, France, Macau, Angola, CapeVerde and Mozambique. The businessrecently extended its global reach byacquiring La Positiva in Peru, openingup the Latin American market.
