Portuguese-Brazilian insurer plans to launch direct operations in Angola

24 October 2012

Brazilian-Portuguese group MDS plans to start operating directly in Angola at the beginning of 2013, and is already analysing other Africa markets such as Mozambique and Cape Verde, the group’s chief executive said in Lisbon.

Cited by Portuguese weekly newspaper Sol, José Dias da Fonseca also said that MDS’s move into Angola would be in partnership with ISEM, a private Angolan company, which is also a Standard Bank shareholder.

“We are now waiting for a license from the regulator to start operating officially because we are already present in that market,” noted the CEO of MDS.

The group’s Angolan operation specialised in insurance brokerage and risk consultancy (which is the result of a partnership of Portuguese company Sonae and Brazil’s Susano) will be responsible to the recently-created MDS África, which is focused on the African market and will own 50 percent of its Angolan subsidiary, with the remainder in the hands of ISEM.

“In the Angolan market we plan to operate in all business areas in order to become a benchmark in the sector,” the CEO said, whilst declining to give information about market share targets or other indicators, such as the amount of investment in the Angolan market.

The insurance group expects to end the current financial year with turnover of 46.9 million euros, 40 percent of which will be generated in Portugal and 60 percent in Brazil.

On a consolidated basis MDS (which also owns Mlearning, Herco and Highdome) expects consolidated results of 161 million euros, as well as revenues from its 25 percent stake in reinsurance and wholesale group CGSC (around 350 million euros). (macauhub)