This report does not constitute a rating action. Overview Key strengths Key risks Leading Insurance company in Portugal both in life and non-life business. Greater exposure to high-risk investments than peers. Diversified business profile and solid profitability both domestically and internationally. Premiums and earnings sensitivity to currency fluctuations stemming from international operations can impact performance. Solid capital adequacy above our 99.95% confidence level, based on our capital model. The group continues to be the market leader in the local insurance market. Fidelidade boasts a robust operational history in insurance, both in Portugal and on the international stage. It holds a 30% market share in non-life insurance and 27% in life insurance, with premiums evenly distributed across these segments. The group
