Fidelidade finalises purchase of 70% of Insurtech Prosperity Group
Feb 01, 2022
Lisbon, 1st of February, 2022 - Fidelidade has completed the acquisition of a 70% stake in the insurtech group headed by the prosperity company AG, after reaching agreement with majority shareholders and the management team in the second half of 2021 and having obtained the relevant regulatory authorizations.
The transaction ensures Fidelidade management control, as well as the maintenance of the executive management team, which reinforces its shareholder position to 30%.
For Rogério Campos Henriques, CEO of Fidelidade: "With the completion of this transaction, Fidelidade strengthens its know-how in long-term savings and retirement solutions. The prosperity group is an innovative group with over 98% of its customers coming from Switzerland and Germany, two of the European markets with the highest level of sophistication and maturity in this line of business, whose acquisition will allow Fidelidade to improve its offer in savings insurance and provide more flexible solutions to its business partners in distribution".
The prosperity group's main activity is the development of long-term savings products, based on innovative technological solutions, operating not only in Switzerland and Germany, where it has most of its clients, but also in Austria, Italy, and Liechtenstein. With a total of 75,000 policies and gross premiums in 2021 of 200 million euros, it has an expected global committed premium volume of more than 5.5 billion euros in the coming years.
Fidelidade is the leading insurance company in Portugal, both in life and non-life business, with a current market share of around 30.7%. The company is present in the various business segments of insurance activity and benefits from the largest network in Portugal, with a presence in several countries, namely Angola, Cape Verde, Mozambique, Spain, France, Macau, Peru, Bolivia, Paraguay, and Chile.
Fidelidade operates based on a defined and continued strategy of "Customer Centric Approach", where customers effectively come first. The fact that it gives crucial importance to the quality of the service it provides and to the comprehensive and innovative offer it provides make Fidelidade one of the most awarded insurers in Portugal, as well as internationally. In 2014, Fidelidade was distinguished by the "Efma Accenture Innovation Awards", in the "sustainable business" category, with its 'WeCare' project, which aims to support the correct reintegration of people who were victims of serious accidents that jeopardised their physical, economic, and social reintegration.