Universal Seguros changes name to Fidelidade Angola

14 September 2017

Universal Seguros, the third largest insurance company in Angola, has been renamed Fidelidade Angola, said the company’s chief executive, Armando Mota, in Luanda on Wednesday.

André Cardoso, a member of the board of directors responsible for International Business, said that the change of name “is another step in Fidelidade’s strategy to grow abroad, with Angola as a strategic country and an insurance market with high growth potential.”

Universal Seguros, now Fidelidade Angola, was founded on 1 October, 2011 by Fidelidade. It has 15 branches and a network of 500 agents in Luanda, Benguela, Huambo and Lubango .

The company’s gross premiums in 2016 were over 11 billion kwanzas (US$66 million dollars) and by the end of August of this year gross premiums had already reached about 10 billion kwanzas (US$60 million), according to figures issued by the board.

In business since 1908, Fidelidade – owned by Chinese group Fosun – is the leading insurer in the Portuguese market, with a market share of around 27.7%. (macauhub)