Insurance ratings actions: A.M. Best acts on Fidelity Insurance

S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 5 p.m. ET. Actions after 5 p.m. ET will be included in the following day's roundup.

U.S. and Canada

A.M. Best upgraded the long-term issuer credit ratings to "bbb+" from "bbb" and affirmed the financial strength ratings of B++ for the members of the Oklahoma Farm Bureau Group: Oklahoma Farm Bureau Mutual Insurance Co. Inc. and its wholly owned subsidiary, AgSecurity Insurance Co.

The outlook for the long-term issuer credit rating was revised to stable from positive while the financial strength rating outlook is stable.

The credit ratings reflect the companies' balance sheet strength, which A.M. Best assesses as very strong, as well as their adequate operating performance, limited business profile and appropriate enterprise risk management.

The upgrade in the long-term issuer credit rating reflects the group's continued improvement in its quality of policyholder surplus.

Europe

S&P Global Ratings placed the BB+ long-term issuer credit and financial strength ratings of KLPP Insurance And Reinsurance Co. Ltd. on CreditWatch with negative implications.

KLPP has a significant capital buffer, but the agency sees uncertainty about the financial impact on its Russian assets, as well as implications for its competitive position in the international insurance markets, as a result of the events surrounding Russia's invasion of Ukraine.

Asia-Pacific

A.M. Best removed from under review with developing implications and affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Fidelity Life Assurance Co. Ltd. The outlook assigned to the credit ratings is stable.

The ratings reflect Fidelity Life Assurance's balance sheet strength, which A.M. Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The ratings action follows the news that Westpac Banking Corp. completed the sale of Westpac Life-NZ-Ltd. to Fidelity Life Assurance for NZ$400 million.

Separately, A.M. Best assigned a financial strength rating of A- and a long-term issuer credit rating of "a-" to Fidelity Insurance Ltd. The outlook assigned to these credit ratings is stable.

The ratings assigned to Fidelity Insurance reflect its balance sheet strength, which A.M. Best assesses as very 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 ownership by Fidelity Life Assurance.

S&P Global Ratings lowered the financial strength and issuer credit ratings to A from A+ on Fidelity Insurance, previously called Westpac Life-NZ-Ltd. The outlook on the company is stable.

The ratings reflect the agency's view of the insurer's ongoing solid competitive position and capital adequacy under new ownership.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.

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