Fidelidade Group rakes in €200 million profits in 2025

Portugal’s insurer Fidelidade Group, which is in 14 countries, posted €201 million in net profits globally, a growth of 16% compared to 2024, with a positive contribution from the Portuguese operation which multiplied its individual net profit by 12 to €144 million.

According to its Report and Accounts, insurance premiums were up 5.8% globally to €6.5 million, a growth of 7.1% while non-life represented 4.4% of the Life segment.

Fidelidade continues to be the market leader in production in Portugal with a total market share of premiums at 28.1%, 29.6% in the Non-Life segment, and 26.7% in the Life segment.

In the Life segment in Portugal, the Group recorded a 4.3% reduction in its market share compared to 2024, mainly reflecting the behaviour of the Financial Life branch, while the Unit-Link and Vida Risco products recorded an increase in premiums of 0.7% compared to the previous year.

In the Non-Life segment in Portugal, Fidelidade reinforced its market share by 0.1% compared to 2024, driven by the positive evolution in the Work Accidents, Personal Accidents and Fire and Other Damages businesses, a branch that includes Multi-Risks. In the automotive sector, the company improved its profitability.

The international Non-Life activity grew 1.6% compared to 2024, suffering negatively from the exchange rate effect, particularly in the business in Angola, but also from the negative performance of France and Spain. On the other hand, Chile, Bolivia and Cape Verde were the geographies that most contributed to the expansion of international Non-Life premiums.

Assets under Management grew to €21.2Bn, 10.8% more compared to 2024, with 23% of this amount relating to Unit-Linked contracts.

The group’s investment results more than doubled to €127.8 million due to lower guaranteed rates granted to clients on fixed-rate products and an improvement in investment returns.

The result of insurance contracts evolved unfavorably to €262.5 million, a decrease of 28.8% compared to 2024, evidencing a worsening in the levels of claims in the Non-Life branches. The combined ratio in 2025 worsened to 95.7%.

International business represented 30.2% of the total volume of premiums issued in 2025. Latin America accounted for 59% of Grupo Fidelidade’s international business (Peru, Bolivia, Paraguay, Chile), with 30% in Europe (Spain, France, Germany, Switzerland, Liechtenstein), 7% in Africa (Fidelidade Angola, Garantia Cabo Verde and Fidelidade Ímpar (Mozambique) and 4% in Macau.

Equity, excluding minority interests, stood at €2.7Bn, an increase of 7.4% compared to 2024, due to the positive evolution of the revaluation reserve and retained earnings. The average return on equity (ROE) was 7.7%, compared to 6.7% in 2024.

The group’s net profit globally reached €201 million, 16% more than a year earlier, and management proposes to distribute around €100 million to shareholders Fosun (85%) and Caixa Geral de Depósitos (15%).

Return on equity (ROE) was 7.1%, one point higher than that achieved in 2024.

Considering recurring performance – excluding extraordinary events – adjusted net income amounted to €338 million, reflecting a recurring ROE of 13.0%.

The Luz Saúde Group, wholly owned by the Fidelidade Group until January 2026, grew its revenue by 10.1% last year to €804 million, achieving a net profit of €62 million, representing a 65.7% increase compared to 2024.

As of December 31st, the Fidelidade Group had 14,343 employees, of which 7,048 were at Luz Saúde and 28% were located internationally. Of these, 48% had been with the group for less than 5 years.

Source: Fidelidade; Credits: Fidelidade.