Fidelidade, Portuguese-based insurer whose main shareholder is Fosun, is buying 70% of Seguradora Internacional Moçambique (SIM), which operates under the brand Ímpar, for EUR 46.8 million.
In a statement sent to the Portuguese Securities Market Commission (CMVM), Banco Comercial Português (BCP) said that Banco Internacional de Moçambique (BIM), in which it indirectly holds a 66.69% stake, has agreed with Fidelidade the BIM of 70% of the share capital and voting rights of SIM.
Fidelidade added that the remaining share capital of SIM will be held 22% by Millennium BIM and 8% by other minority shareholders and that “it has an option that allows it to subsequently acquire an additional 12% stake”.
The Portuguese insurance company also announced that SIM’s Board of Directors “will continue to be chaired by Manuel Alfredo Gamito and the vice-chairmanship will be ensured by Rui Oliveira and Carlos Leitão, who will also be the executive chairman”.
BCP’s information to CMVM also states that “under the long-term exclusive distribution agreement, BIM will promote the distribution of SIM insurance through the banking channel, continuing to provide its customers with a wide range of competitive insurance products, which is reinforced by the partnership with a leading insurance group, such as Fidelidade”.
The executive chairman of Fidelidade, Rogério Campos Henriques, quoted in the statement, added that, with this operation, the Fidelidade Group “will start operating in the Mozambican market with the Fidelidade and Ímpar brands”, allowing “to develop different channels and partnerships in the distribution of insurance , and, in this way, meet the needs of a greater number of Mozambican customers”.
BCP also referred that compared to the value of 46.8 million euros, “the operation has a (positive) impact on BCP’s consolidated results for the current year […] of approximately 5.2 million euros and a positive impact in the consolidated ratio of CET1 and total capital of seven basis points”.
Founded in 1808, Fidelidade claims to be the leading insurance company in Portugal, in the life and non-life segments, with a market share of 28% in 2020, operating in Angola, Cape Verde, Mozambique, Spain, France, Macau, Peru, Bolivia, Paraguay and Chile.