Fidelidade aims for €10Bn turnover by 2030

The Portuguese insurer Fidelidade has set out an ambitious plan to achieve a turnover of €10Bn by 2030.

It made the bold announcement in front of 4,000 staff, agents and brokers at its event Pensar Maior (Think Big) held on Saturday at the MEO Arena in Lisbon.

The insurer also wants to achieve managing 6% of Portuguese savings – double the current amount.

The goals were highlighted by Fidelidade CEO, Rogério Campos Henriques, who said the company was angling for 15 million clients worldwide (Today it has 9.8 million), achieve €10Bn in bonuses (In 2024, €6.1Bn), manage €25Bn in assets (Today, €19Bn), maintain its A rating at the main ratings agencies (Currently the case with Fitch and S&P), and become one of the top 5 most valuable brands in Portugal.

The company also plans to expand internationally by investing in three new countries and achieve a ROI (Return on Investment) from 13% now to 15% for investors.

Guo Guangchang, founder of the Fosun group (The Chinese company holds 85% of the insurer) described as “one of the 50 most influential business leaders in China”, was present and recalled his group’s entry into Fidelidade’s capital in 2014. “11 years ago the streets of Lisbon were empty”, today he considers Portugal “one of the best economic pillars in Europe” and “the most important country for Fosun after China”, signalling that in the first half of this year 53% of the group’s business was carried out abroad.

The chairman of Fosun stressed that Fidelidade “has to think bigger to reach the top”, “has a lot of work ahead” and should explore synergies with the Fosun group.

Paulo Macedo, president of Caixa Geral de Depósitos, which holds 15% of the capital, also left a statement. “We are leaders and we want to extend this leadership,” he said, suggesting “greater speed and better adjustment of insurance products to their needs to reduce the growing uncertainty that surrounds them,” concluding to those present: “you can always count on Caixa”.

The proposed IPO stock market flotation was mentioned, not by the shareholders but by Rogério Campos Henriques, who stated that it was “a decision for the shareholders. “We have been working towards this and when the shareholders decide, we will be ready.”