Fidelidade Chief Executive Jorge Correia has said working with its Chinese owner, Fosun International, has contributed to the rapid growth in business done by the Portuguese insurance company, the People’s Daily reports.

Fosun International bought Fidelidade in 2014 for US$1.14 billion.

The Chinese Communist Party newspaper says that the annual net profit of Fidelidade grew to €216 million (about US$245.53 million) last year from €108 million in 2014.

According to the newspaper, Fidelidade now had 35.6 percent of the Portuguese insurance market.

Mr Correia told the People’s Daily in an interview that Fosun International had given his company money and a strategy for its development in the long term.

He said the 17 Sino-Portuguese agreements signed when Chinese President Xi Jinping visited Portugal this month would strengthen Sino-Portuguese business ties.

Portuguese companies that Chinese have invested in, such as Fidelidade, will benefit directly from greater Sino-Portuguese economic engagement, the People’s Daily quotes Mr Correia as saying.