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Fidelidade buys 70% of Insurtech Prosperity Group AG

Release Time:2021-09-13 Author: Source: Pageviews:

Lisbon, August 19th, 2021 - Fidelidade has reached an agreement with majority shareholders and the management team of Insurtech Prosperity Group AG to buy 70% of the company's share capital.

The operation ensures management control by Fidelidade as well as the maintenance of the executive management team, which reinforces its shareholder position to 30%, in a clear sign of continuity of the project and confidence in the future of the company.

For Rogério Campos Henriques, CEO of Fidelidade: "Fidelidade defined as a strategy to strengthen its offer to customers and families looking to invest their savings in the long term. Prosperity Group AG is an innovative company 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. With this acquisition, Fidelidade seeks to strengthen its competencies and expand its business, improving its offer in savings insurance and providing more flexible solutions to its business partners in distribution".

Reto Näscher, CEO of Insurtech Prosperity Group AG, points out: "We are very pleased to have gained a leading, recognised and technologically strong strategic partner with Fidelidade. Together with Fidelidade, we can consistently develop and implement our digitalisation and growth strategy and offer even more innovative and comprehensive services.

Insurtech Prosperity Group AG, has as its main activity 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 customers, but also in Austria, Italy and Liechtenstein. With a total of 67,000 policies and gross premiums in 2020 of 145 million euros, it has an expected global committed premium volume of more than 4 billion euros in the coming years.

The completion of this transaction is subject to the necessary approval/non-opposition by the relevant supervisory authorities.

About Fidelidade

Fidelidade is the leading insurance company in Portugal, both in life and non-life, 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 "Customer Centric Approach" strategy, 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.