2022 Update: Fidelidade Insurance Market Leadership
Solvency II ratio buffers defined by Fidelidade as part of its
risk appetite framework, validated by Fitch
Fidelidade Group Solvency Ratio¹
Upper bound of Minimum Range:
Aligned with ORSA target
180%
Lower bound of Minimum Range:
10 p.p. of "mgmt. buffer"
Risk Appetite Limit:
160%
150%
No dividend distributions if SCR is
below this limit²
162% 168% estimated SCR
(Dec. 2022)
Source: Company information
1.
2.
Thresholds defined considering TMTP (Transitional Measure on Technical Provisions)
Unless measures to increase Solvency ratio above 150% in a period of no more than 3 months are put in place
-
Solid and sustainable capital position, validated by Fitch
reaffirmation of Fidelidade's A- rating in November 2022
162% to 168% YE 2022 SCR guidance, even after 2 one-off events:
The outstanding supplementary capital of €165 M was fully repaid
in June. It had a -9 p.p. impact.
The acquisition of 49% of Luz Saúde in September. It reduced the
SCR in approximately 10 p.p.
High organic capital generation short-term:
Maturities of the Life guaranteed portfolio
Net Income generation
Optimization of subsidiaries capital efficiency
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