Latest news with #financialstrength
Yahoo
2 hours ago
- Business
- Yahoo
AM Best Affirms Credit Ratings of Egyptian Takaful Properties and Liabilities Insurance Company (Egyptian Joint Stock Company)
LONDON, July 23, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of B- (Fair), the Long-Term Issuer Credit Rating of "bb-" (Fair) and the Egypt National Scale Rating (NSR) of aa+.EG (Superior) of Egyptian Takaful Properties and Liabilities Insurance Company (Egyptian Joint Stock Company) (EGTAK) (Egypt). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect EGTAK's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management (ERM). EGTAK's balance sheet strength is underpinned by its risk-adjusted capitalisation at the very strong level, as measured by Best's Capital Adequacy Ratio (BCAR), for the fiscal year-end 30 June 2024 (fiscal-year 2024). AM Best assesses the company's risk-adjusted capitalisation on a combined basis, including its policyholders' and shareholders' funds, due to the stated mandate within its articles of association that require the shareholders' fund to support the policyholders' fund. AM Best expects the company's BCAR to strengthen through continued capital contributions from its shareholders and solid internal capital generation. EGTAK's capital consumption is driven primarily by its investment portfolio, which is composed predominantly of Egyptian sovereign bonds. Despite the company's relatively conservative investment allocation by asset class, the quality of assets is considered weak given the concentration in Egypt, where there is a high level of economic and political risk and a very high level of financial system risk. AM Best assesses EGTAK's operating performance as adequate, with the company reporting a five-year (2020-2024) weighted average return-on-equity ratio and combined operating ratio of 24.7% and 98.5%, respectively. Whilst the company has been profitable on an overall basis, challenging macroeconomic conditions in Egypt, primarily high inflation, persist. The business profile assessment reflects EGTAK's position as a mid-tier takaful insurer in Egypt, with a non-life market share of approximately 5% in fiscal-year 2024. However, the company's profile is limited to operating within Egypt, and is moderately concentrated in the oil and gas, and credit insurance lines, which accounted for 31.81% and 21.82% of gross written premium in fiscal-year 2024, respectively. In recent years, EGTAK has undertaken steps to formalise its ERM function and promote a risk-aware culture across the organisation. AM Best expects that further improvements in EGTAK's ERM framework and practices will support the company as it executes its strategic business plan. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Stanislav Stoev, ACCA, CFA Senior Financial Analyst +44 20 7397 0306 Jessica Botelho-Young, CA Director, Analytics +44 20 7397 0310 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
2 days ago
- Business
- Associated Press
S&P initiates coverage and assigns 'A' rating to Fidelidade
HONG KONG, July 21, 2025 /PRNewswire/ -- On 18 July 2025, – Standard & Poor's (S&P), one of the world's leading international credit rating agencies, initiated coverage and assigned Fidelidade – Companhia de Seguros, S.A. and its reinsurance company, Fidelidade RE – Companhia de Resseguros, S.A., long-term Issuer Credit Ratings (ICR) and Financial Strength Ratings (FSR) of 'A', with a stable outlook. S&P anticipates that, over the next two years, Fidelidade will maintain its leadership position in both the domestic and international markets, continue to display robust capital strength and profitability, with solid annual growth and prudent risk management. In its assessment, S&P highlighted that Fidelidade has achieved an earnings diversification and a globalized insurance portfolio, leveraging its leading market positions with a 30% market share in Portugal and international operations in Peru, Chile, Africa, and Asia. In 2024, Fidelidade recorded a consistent financial performance with a 12.6% growth in insurance revenues and net income of EUR173.5 million. It is worth noting that Fidelidade's Solvency II ratio reached 194% at year-end 2024, demonstrating its consistent profitability and strong capitalization. Additionally, its international operations accounted for 30% of its total premiums, marking a substantial progress in Fidelidade's globalization strategy. The assignment of 'A' rating to Fidelidade by S&P highlights S&P's firm recognition of Fidelidade's quality and balance business portfolio, growing international diversification, consistent financial performance and solid capital position. This marks the second 'A' credit rating achieved by Fidelidade. In September 2024, Fitch Ratings, another world's leading international credit rating agency, upgraded Fidelidade's ratings to A+ from A (Insurer Financial Strength – IFS) and A from A- (Issuer Default Rating – IDR), with a Stable Outlook – the highest rating ever awarded by Fitch to a Portuguese company at the time. Rogério Campos Henriques, CEO of Fidelidade, stated, 'The recognition by two of the world's leading rating agencies reinforces confidence in the strategy we have been pursuing. It is the result of rigorous financial discipline, prudent management, and a clear focus on creating value for our customers, shareholders, and partners.' Fidelidade is one of the four core subsidiaries of Fosun International ( It has consistently maintained the top market share in Portugal for many years, with operations spanning across Europe, Africa, Latin America, Macau SAR, and other countries and regions. In recent years, leveraging Fosun's global ecosystem, Fidelidade has not only continued to solidify its leading position in the Portuguese market but has also achieved remarkable results in international business expansion and innovative development, particularly gaining a leading position in markets such as Peru and Bolivia. View original content: SOURCE Fosun
Yahoo
5 days ago
- Business
- Yahoo
AM Best Assigns Credit Ratings to Military Insurance Corporation
SINGAPORE, July 18, 2025--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of B++ (Good), a Long-Term Issuer Credit Rating of "bbb" (Good) and a Vietnam National Scale Rating (NSR) of (Exceptional) to Military Insurance Corporation (MIC) (Vietnam). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect MIC's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in a neutral impact from the company's ultimate parent, Military Commercial Joint Stock Bank (MB). MIC's balance sheet strength assessment is underpinned by the strongest level of risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR). MIC benefits from good financial flexibility, with a demonstrated track record of capital injections over the last 10 years. Its track record of robust internal capital generation is also viewed to be supportive of capital requirements arising from planned business growth. In addition, the company has a conservative investment strategy, with the majority of investments held in cash, term deposits and fixed-income securities. Exposure to large risks and natural catastrophes is mitigated through MIC's reinsurance programme, whereby reinsurance counterparties are generally of good credit quality. AM Best assesses MIC's operating performance as adequate, with a five-year average return-on-equity ratio of 11.2% and a combined ratio of 98.5% (2020-2024). The company's stable stream of interest income from term deposits and bonds remains an important contributor to its overall earnings. However, the company posted an underwriting loss in 2024, mainly driven by Typhoon Yagi and other one-off factors. It also reported a return to underwriting profitability in first-quarter 2025. Prospective business expansion in wholesale lines is expected to support an improvement in overall results. AM Best assesses MIC's business profile as neutral. MIC ranked fourth by gross premiums written in Vietnam's non-life insurance market, with approximately 6.3% market share in 2024. The company's premium mix is moderately diversified with key business lines being motor, health, personal accident, property and engineering insurance. MIC has a vast distribution network, including bancassurance, internal salesforce and external agents. Furthermore, MIC benefits from both common branding and preferential access to customers of MB. Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Ken Lau Senior Financial Analyst +65 6303 5025 Chris Lim, CFA Associate Director +65 6303 5018 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Yahoo
6 days ago
- Business
- Yahoo
AM Best Upgrades Issuer Credit Rating of AVLA Perú Compañía de Seguros S.A.
MEXICO CITY, July 17, 2025--(BUSINESS WIRE)--AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to "bbb+" (Good) from "bbb" (Good) and affirmed the Financial Strength Rating of B++ (Good) of AVLA Perú Compañía de Seguros S.A. (AVLA Perú) (Lima, Peru). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect AVLA Perú balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The upgrade of AVLA Perú's Long-Term ICR recognizes its affiliation and strategic importance to its ultimate parent, AVLA Bermuda Holding Corp Ltd. (ABHC), a financial holding company domiciled in Bermuda that is engaged in insurance operations in Chile, Peru, Mexico, Brazil and the United States. As of May 2025, ABHC had equity of USD 89 million. The stable outlooks reflect AM Best's expectation that the company will be able to continue growing and return to profitable technical results, while maintaining its risk-adjusted capitalization. AVLA Perú is a surety, credit and property/casualty insurer that began operations in 2015. The company specializes in surety and complimentary lines of credit insurance, as well as a property line, engineering. AVLA Perú remains in the top 10 among Peru's non-life carriers and top three in the country's surety segment, based on market share. AM Best views AVLA Perú business profile as neutral. Since its creation in 2015, AVLA Perú has capitalized successfully on Peru's guarantee market, which has limited capacity, and become one of the country's main participants for credit insurance and surety. AM Best's neutral assessment of the company's business profile reflects the size of its operation within a small segment in Peru. AM Best considers the company's operating performance to be adequate. AVLA Perú has been able to promote its products in a profitable manner and maintain adequate underwriting performance since 2017, taking proactive steps to manage claims due to market events and developing alternatives for revenue. AVLA Perú's technical results have been complemented by an active investment strategy that generated good investment results in 2024. AVLA Perú's balance sheet strength assessment is very strong given its solid capital base for the risks it undertakes, as reflected in its strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). The very strong balance sheet strength assessment also recognizes the company's capital management capabilities and shareholders' willingness and proven history of making capital contributions to support AVLA Perú's growth. A panel of reinsurers supports AVLA Perú's balance sheet strength level with excellent security. Positive rating actions could take place if AVLA Perú is able to achieve a consistent upward trend in risk-adjusted capitalization, underpinned by positive bottom-line results. Negative rating actions could occur if the operating performance of AVLA Perú deteriorates due to further losses to a point no longer supportive of the adequate assessment. Negative rating actions could occur if in AM Best's opinion, the strategic importance of AVLA Perú to its group decreased significantly or if the consolidated financial strength of the AVLA Group deteriorated to a point no longer supportive of the current ratings. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Inger Rodriguez Financial Analyst +52 55 1102 2720, ext. 108 Alfonso Novelo Senior Director, Analytics +52 55 1102 2720, ext. 107 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Business
- Yahoo
AM Best Downgrades Issuer Credit Rating of Puritan Life Insurance Company of America
OLDWICK, N.J., July 17, 2025--(BUSINESS WIRE)--AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to "bbb" (Good) from "bbb+" (Good) and affirmed the Financial Strength Rating of B++ (Good) of Puritan Life Insurance Company of America (Puritan) (Scottsdale, AZ). The outlooks of these Credit Ratings (ratings) is stable. The ratings reflect Puritan's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). Puritan's Long-Term ICR downgrade reflects the revision of the balance sheet assessment to strong from very strong. The balance sheet is impacted by significant use of affiliated reinsurance with Heritage Life Insurance Company. This represents a high concentration in counterparty exposure, which lowers the overall quality of the balance sheet. Risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), remains at the strongest assessment. Partially offsetting the elevated reinsurance exposure concentration is adequate liquidity and a good quality investment portfolio, which is mostly managed by Guggenheim Partners Investment Management (GPIM). Puritan's operating performance has seen some volatility in the last few years both from market factors as well as non-recurring items. However, core return metrics have remained in-line with both peers and the adequate assessment. Puritan's business profile remains limited with increasing geographic diversification offset by increasing product concentration. Strong distribution channels headlined by the Canvas platform continue to perform well. Puritan's ERM functions are appropriate, supported by a comprehensive risk management framework. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Brent DeAngelis Financial Analyst +1 908 882 1730 Erik Miller Senior Director +1 908 882 2120 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
