1. Angola’s insurance sector continues to show strong growth potential, especially as companies and consumers increasingly value financial protection, risk management and access to health and pension solutions. In this context, how do you assess the evolution of the role of insurers in Angola’s economic and social development, and how has NOSSA Seguros adapted its positioning to the market’s new needs?

Alexandre Carreira:
The insurance sector has a very important impact on the economy of any country. If we look at the composition of GDP, we can see that insurance has an impact on consumption, because when people access credit to consume, there are usually guarantees that only insurers can provide.

When we look at investment, we understand that entrepreneurs are more willing to invest when they know they have the security provided by insurance products. If insurance did not exist, they would have to keep cash reserves to face claims. But because they do not need to set aside those reserves, they have more resources available to invest.

International trade also operates with the support of insurance. Insurers support economic flows, even if we are not always very visible. We help those flows happen normally.

Therefore, we are very involved in the growth and development of the country. I can give a numerical example: the monetary volume of claims that we support. In 2025, the Angolan insurance sector supported around USD 250 million in claims. In other words, it supported its clients with approximately USD 250 million (or 3 times more than in 2020).

At NOSSA Seguros, we contributed around USD 40 million just in claims payments (or 6 times more than in 2020). For the size of our economy, these are significant figures that help make a difference.

We also have been supporting financial inclusion and the formalization of the economy. This is happening through the products that we have been launching for low-income segments as well as through the partnerships we have been developing with the various associations of professionals operating in the informal sectors. We think that through these initiatives we are giving a contribution to the development of the country.

2. Over the past few years, NOSSA Seguros has consolidated itself as one of the country’s most relevant private insurers. Considering the current moment of the sector, which indicators best reflect the company’s recent evolution in clients, health and life insurance, digital channels, operational efficiency and market position?

Alexandre Carreira:
NOSSA Seguros is one of the fastest growing insurers in our market, and it has grown sustainably. Last year, we grew close to 50%, which is tremendous.

These numbers must be placed in context, because we are also a high-inflation country. The inflation rate was 17% and we grew by 49%, specifically. Therefore, we grew significantly above inflation.

I have some figures to share. From 2020 to 2025, in terms of number of clients, for example, we quintupled. We multiplied our number of clients by five in five years.

In terms of health insurance sales, we also quintupled. We multiplied them by five. In life insurance sales, we multiplied by 20. That was remarkable, although we were starting from a very low base.

In terms of the company’s sales, we grew 4.6 times, almost five times, from 2020 to 2025. The productivity of our employees basically multiplied by three.

Our operating results in the past were not always positive. We have two components in our results: the operating result and the financial result. NOSSA Seguros has always been profitable, but most of its results came from the financial component, from the investments we made.

In recent years, we have also started to have positive operating results. We can conclude that the company has entered a different phase. It has reached a more comfortable scale and has started to generate sustainable positive operating results.

We have been the largest private insurance company in Angola since 2022, and we have a market share of 21%.

The numbers are very interesting. One final note: what separates NOSSA Seguros from the market leader is the petrochemical line of business, i.e., the insurance business of upstream oil operations. There is a law that regulates that business and defines ENSA, which is the largest insurer, as the leader of that business.

But if we remove the oil business from the numbers, in the first quarter of this year, we were the largest insurer in Angola. That was the case in March of this year.

3. Digital transformation is redefining the insurance sector, from process automation to new forms of interaction with clients. What have been NOSSA Seguros’ main priorities in innovation, automation and digitalization, and how are these initiatives improving the customer experience and operational efficiency?

Alexandre Carreira:
Innovation topics are very relevant for us, especially digitalization. In our strategic plan, we have a four-year cycle. The current plan began in 2024 and runs until the end of 2027.

In this plan, we have more than 700 deliverables or milestones. More than half of these milestones in our strategic plan are related to technology. They are very much related to digitalization, business process automation, including payments and claims. These are workflows, and we are automating all these business processes.

We also have a very important project related to data and analytics. It is about data, so that we can later place artificial intelligence models on top of it, and have more and better access to data in order to improve our offer and better understand our clients.

We also have a very interesting project related to CRM. We started with CRM some time ago and have already completed some stages, but we continue to develop our CRM system.

We have been investing heavily in remote channels. We have a very interesting app, and we believe it is one of the most advanced apps in our sector here in Angola.

We also have a remote portal for companies, because we realized that, on the corporate client side, there is a lot of manual work involved in providing the information they need to send us. Through this portal, we want to facilitate all the interaction that our corporate clients have with us.

For instance, we have clients with more than 10,000 employees and dependents who are insured with NOSSA Seguros. Managing all of this with Excel can be cumbersome. It is very difficult, errors can happen, and it is very difficult to generate updated reports.

It is why we invested in this corporate portal, which is something very interesting that is happening in our market.

Finally, I would like to highlight artificial intelligence. We also have projects underway, but here we are running like everyone else, trying to adopt artificial intelligence models, which have very interesting applications in insurance.

Fraud detection is one area where we have already started to feel the benefits. Another is the creation of agents to execute very laborious and complex tasks. All of this is happening.

4. The insurance sector has been taking on an increasingly important role in promoting well-being, prevention and financial protection. How do you see the evolution of the social role of insurers in Angola, and how is NOSSA Seguros adapting its products and services to new demands in health, protection and quality of life?

Alexandre Carreira:
We are evolving toward the adoption of international trends that are very focused on well-being, and we have concrete examples to share.

We have a health and well-being program that we offer to clients who acquire our health insurance. It is an option they have, through which we offer on-site talks on several health topics, such as nutrition, as well as hypertension, neoplasms and mental health. These have been the most popular topics.

We have also carried out mental health sections as well as screenings for hypertension, diabetes, and vision. We have been promoting workplace well-being initiatives, such as workplace gymnastics and yoga classes. They haven’t been very popular, but we offer them. They are available.

We also have a component of our program called Cuidar, which has to do with telephone follow-up for pregnant women, childbirth preparation courses and a maternity kit that we offer to recent mothers.

We are also working on something that has not yet been implemented, but should be launched in the coming months: a follow-up program for chronic patients. It is a new initiative we are preparing.

From an inclusion perspective, we have three very interesting products. One is called Saúde Mulher, which is related to serious illnesses and oncological situations for women with cancer. Maria Ana Henriques is one of the mothers of this initiative. She can also explain briefly how it works.

Maria Ana Henriques:
In fact, it is a product that we launched approximately a year and a half ago, but which we are now promoting more strongly. It is a product that financially protects women in the event of oncological situations, such as breast, ovarian and uterine cancer, through financial support.

This product also has a social responsibility component: 3% of sales are donated to LACC, the Angolan League Against Cancer.

The opportunity we saw in this product was that, when women here in Angola currently face an oncological diagnosis, especially breast cancer, which is the most common at the moment, there are few options. Many people need financial support to travel abroad and undergo treatment. So the solution is a financial solution.

We provide support of up to 50 million kwanzas in the highest package. In addition to this financial support, there is also a very important component of professional and psychological support.

It was launched in October 2024. It was communicated, and we held an event, a brunch with women, to promote the product. In the meantime, we had to smooth out some details, and we carried out a major promotion and campaign this March, Women’s Month. We took advantage of that date to promote this product.

Alexandre Carreira:
Exactly. A portion of the revenue from the sales of this product is given to an association that fights cancer. It is a very interesting initiative.

We have another product called Seguro Cota. In our language here in Angola, “cota” means an older person. This product is aimed at elderly people.

We do not have many solutions for elderly people when it comes to health insurance. Insurers usually exclude people after a certain age. Hence, we developed a specific product to serve this age group.

We also have a health insurance product that we call Seguro Mongolê, which is directed to low-income people, through which people can acquires small amounts of insurance protection.

That was basically it.

5. NOSSA Seguros was highlighted among the companies driving Angola’s future and joined the United Nations Global Compact. In this context, how has the company strengthened its ESG strategy and governance model, especially in terms of social impact, ethics, financial inclusion, compliance and sustainable growth?

Alexandre Carreira:
ESG topics are very relevant for us. I will speak about the three components of ESG.

The social component may end up being dominant because of the context in which we live, in a country with a vast population living with very low income. We, therefore, try to have a meaningful and positive role on issues related to financial inclusion.

I have just given some examples related to elderly people, low-income people and women with cancer. In our social context, women also have a very important social role in our communities, very frequently being leaders in their families. We understand that we need to support the family nucleus, and we have done so.

The governance topic is also critical in our activity. Governance, although it is a legal requirement, is something our regulator imposes through very strict rules. Because we are part of a banking group, we believe this is in our DNA.

The banking sector in Angola is a little ahead of the insurance sector in terms of requirements. It is larger and has more impact on the economy. We have done our best to follow the rules required of the bank for some time. It is part of us.

The control areas within our organization, for example, have been greatly reinforced: compliance, risk management and audit. We have been adding many people because the requirements are increasingly demanding, not only regulatory requirements, but also requirements placed on us by our main shareholder, the bank.

We believe this is very positive. It is a differentiating factor. It helps us to be more transparent and to act more ethically.

It also has a positive impact because we are institutional investors as well. We manage large volumes of resources, and we are part of an international context.

Insurers like us are small insurers when it comes to protecting the assets of this economy, so we depend on international reinsurers. This characteristic of ours, of being strongly supported by governance aspects, helps us develop a very positive image with clients and with our partners, the reinsurers. It reinforces a very relevant virtuous cycle in our activity.

Regarding environmental issues, we have been promoting an agricultural insurance solution, which is called, in our industry, parametric insurance. It detects when there is rain or drought, and we make automatic payments without raising many questions. The satellite gives us a parameter, and we trigger the payments.

It is a solution that helps society adapt to environmental risks, and we believe it is relevant. We have not had much uptake, but we are not going to give up. We believe this is the path. We must continue working, trying to understand why there is not enough uptake and improving the characteristics of the product.

Because this product has a very important technological base, and because we depend on partners with access to satellites, it became very expensive. So we decided to subsidize 50% of the premium. It is available and we have been promoting it, but the uptake is not good and we are not satisfied. But that is what we are doing.

Interviewer:
There is still a lot of room to grow.

Alexandre Carreira:
Yes, there is a lot.

6. As NOSSA Seguros approaches two decades of activity, the company continues to consolidate its presence in the market. What is your vision for the next five to ten years, especially in innovation, digital expansion, sustainability and leadership in the Angolan insurance sector?

Alexandre Carreira:
The vision of NOSSA Seguros has been stable for many years. We have not changed our vision. It says the following: we want to lead the transformation of the insurance sector in Angola through innovation, inclusion and the quality of our services.

Innovation is a critical topic for our vision. We understand that it is through innovation that we will be able to create and adapt solutions to our context.

Technological innovation will allow us to reach our clients across this very vast territory, wherever people are, in an economical way. We will be able to include important segments of our population. We will be able to reduce costs, improve our operational efficiency and improve the customers’ experience.

Innovation is, therefore, always linked to our activity.

Regarding sustainability, at NOSSA Seguros we understand that, in insurance, sustainability is not only a question of social responsibility. It is very closely linked to our operation and must be linked to our strategy, because we are, in fact, risk managers.

Many of today’s greatest risks are linked to environmental, social and governance factors. Therefore, as risk managers, we must always be very attentive to these phenomena, because they have an impact on claims, and therefore on our costs.

As institutional investors, we also have to be attentive in order to channel our investments toward sustainable projects.

The trust placed in our company depends greatly on our position regarding sustainability. That is why it is perfectly justified in our strategy, and that is what we intend to pursue.

7. Throughout your career, you have followed important transformations in Angola’s financial and insurance sectors. Looking to the future, what legacy would you like to leave at NOSSA Seguros, and what values do you consider essential for the next generation of Angolan business leaders?

Alexandre Carreira:
What I would like to leave as a legacy has a lot to do with our context, with the context of our country. We are still a country that is very dependent on a single sector, the oil sector.

I would like us, as a company, to contribute to the diversification of our economy. I would like us to be an important vector in promoting the various sectors of the economy.

I would very much like us to contribute so that the insurance sector becomes a modern sector, open to the world, integrated into the global economy and relevant to all people, across all income levels.

We understand that digital aspects are very important, and therefore we believe we should also move toward having an increasingly digital company.

As for values, as a financial company, integrity and ethics are very relevant. They are key values for our activity.

We also have to be customer-focused, and we need to have an adaptable company, a company that is ready for the various changes the world will bring us.

For the future, we understand that we must have a company based on several balances: a company that has to do with technology, with people and that always respects society.