Caixa appoints two former managers to the administration of the insurance company Fidelidade

José João Guilherme and Nuno Martins have recently left the executive committee of Caixa Geral de Depósitos (CGD). Now, both have been appointed by the public bank as non-executive directors of Fidelidade to complete their terms, which expire at the end of the year.

The two former Caixa managers will fill the positions vacated by António Valente and Eduardo Stock da Cunha, who resigned from the insurer following their appointments to the board of the state-owned bank. Since July 19, António Valente has been a financial director and Stock da Cunha a non-executive director and member of Caixa's audit committee.

The co-opted appointments of José João Guilherme and Nuno Martins to Fidelidade were approved earlier this month by the board of directors of the insurer controlled by Fosun . The Chinese conglomerate owns 85% of the Portuguese insurer, while Caixa owns 15%.

To begin their duties at the insurer, even though the current administration's term ends at the end of this year, the two former managers of the state bank obtained the necessary authorizations from the Insurance and Pension Funds Supervisory Authority (ASF), an official source at Caixa said in response to questions posed by ECO.

The same source left the door open for José João Guilherme and Nuno Martins to be reappointed for the three-year term at the insurer that begins next year.

“The election of Fidelidade's board of directors for the next term should take place at the annual general meeting to be held in the first half of 2026, subject to the deliberation of the competent shareholder bodies and prior authorization by the ASF, based on the process of evaluating the suitability of candidates for the exercise of functions,” responded the bank led by Paulo Macedo, when asked about this possibility.

Fidelidade—which declined to comment on the appointments—is the largest insurer in Portugal, with a market share of over 30%. It also operates in more than a dozen countries, particularly in South America.

With more than 14 thousand employees , the insurance group led by Jorge Magalhães Correia ( chairman ) and Rogério Campos Fernandes (CEO) recorded profits of 173 million euros in 2024, up 4% compared to the previous year, with gross premiums written of 6.17 billion euros - of which 70% in Portugal and 30% in international operations.

Last week, Fidelidade announced the sale of 40% of the Luz Saúde hospital group to Australian firm Macquarie for €310 million . And recently, it announced a real estate project to build the new Banco de Portugal headquarters on the site of the former Feira Popular in Lisbon, a deal expected to raise €190 million.