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Armando Mota

ANGOLA - Finance

Armando Mota

CEO, Fidelidade Seguros


Armando Mota holds 25 years of management experience in insurance and the banking sector. From 1996-2010, he worked in Companhia de Seguros Fidelidade in Portugal. In 2011, he established Universal Seguros, S.A. in Angola and has served as CEO since then. Mota holds a BS in business administration and a postgraduate in management from Lisbon UAL.

In 2011, Grupo Fidelidade entered the Angolan market by acquiring a majority position in Universal Seguros. How has Fidelidade Seguros evolved in the last decade? We started from scratch, hiring […]

In 2011, Grupo Fidelidade entered the Angolan market by acquiring a majority position in Universal Seguros. How has Fidelidade Seguros evolved in the last decade?

We started from scratch, hiring people and providing them with knowledge and their first working experience. We started growing, making investments both in people and infrastructure, as well as IT. We started Fidelidade Seguros with a core team formed by national employees and two or three expats. At the end of the first year, we were up to 22 employees and kept growing to the current 650. We achieved the third position in the market, having profits by the third year. We have helped the Angolan market grow and develop. Similar to the other countries where we are present, our first concern is our clients, our employees, and their well-being. We grow around that, as we do in Portugal and other places where Fidelidade Seguros is present—the individual is the center of all our attention. 

Could you give an overview of your portfolio?

We have a full portfolio for individuals and the corporate side. When we started, it was easier to focus our attention on the corporate side because we have a history of over 200 years old. We had the experience, knowledge, people, and a good brand to back us up. Four years ago, we decided to replicate the strategies that made Fidelidade Seguros one of the most renowned companies in the Lusophone countries. Excluding public companies, we have more than 50% of the market share in Angola. However, overall, with the figures from the regulators, we control about 15% of total market share. On the individual side, we are not yet the leaders, but our team is achieving its goals. In July 2021, we sold about 10,000 policies to individuals all over the country. Our breakdown of the sector is that families’ first concern is not insurance but food or electricity. Still, in such a difficult environment we are able to achieve these kinds of goals as a result of the effort of our employees, partners, brokers, and banks. After 10 years, our brand brings value to people. People in Angola recognize the Fidelidade Seguros brand as a reputable company that will work for them and with them and will be fair. The value of our brand is as important as our earnings, and we are satisfied to date. Our idea is to do better every day. That is the spirit of Fidelidade Seguros.

How can Fideldade Seguros increase the penetration rate of insurance?

Our penetration rate is linked to the country. People need to achieve a certain level of comfort in their lives before they can start thinking about insurance policies. The main concern of Angolans is to put food on the table. Once society has achieved its primary objectives, we can focus on bringing insurance policies for everyone. We first need to create jobs, invest in agriculture, and industrialize the country, while opening up our borders to attract tourism. Angola has all the conditions to be one of the leading countries on the continent. We need the government to create the right environment for business and development.

What are your main goals for 2022?

The main challenge we face is regulation of insurance. There is a lot of mandatory insurance in Angola that is not being controlled by the authorities. Only 20% of automobiles are insured, making it expensive to insure people. We need a bill to increase enforcement and make sure mandatory insurance is paid for by the population. That will spur insurance companies, improve health standards, and create jobs as well as investment. Many people do not understand that the money we collect from clients is, in the end, our clients’ money, since we will give it back to them in the future.



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