S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 12 a.m. ET the previous day. Actions after 12 a.m. ET will be included in the following day's roundup.
S&P Global Ratings acts on Axa
S&P Global Ratings raised to A+/A-1+ from A/A-1 the long-term issuer credit and short-term issuer credit ratings of Axa SA.
The ratings were removed from CreditWatch, where they were placed with positive implications in February.
Concurrently, S&P Global Ratings assigned the A+ financial strength rating to Axa.
The outlooks are stable, reflecting the rating agency's view that Axa's rating will move in line with that of the Axa group, which is projected to continue to perform in line with S&P Global Ratings' expectations and maintain a very strong level of capital adequacy.
The upgrade follows Axa's receipt of regulatory and shareholders' approval to expand its business scope as an operating reinsurer and internal reinsurer, in addition to being a holding company.
Axa's transformation into a reinsurance entity would enhance its capital fungibility and cash flow diversity to cover its financial obligations, according to Ratings.
US and Canada
DBRS Morningstar assigned the A financial strength rating to Security Benefit Life Insurance Co. and First Security Benefit Life Insurance & Annuity Co. of New York, and the BBB (high) issuer rating to SBL Holdings Inc. The trends are stable.
The ratings and stable trends reflect SBL's market position in the U.S. retirement market, as well as its strong financial performance and capital position.
SBL's strong risk-based capital ratio and access to external equity and debt capital to fund growth also support its ratings, according to DBRS.
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Demotech assigned the A, Exceptional, financial stability rating to Agricultural Workers Mutual Auto Insurance Co.
The rating is assigned to insurers with exceptional financial stability related to maintaining positive surplus with regard to policyholders, invested asset liquidity, acceptable financial leverage level, reasonable loss and loss adjustment expense reserves and realistic pricing.
Europe
Fitch Ratings upgraded the insurer financial strength rating to BBB from BBB- and the long-term issuer default rating to BBB- from BB+ of Assicuratrice Milanese SpA. The outlooks are stable.
The upgrade reflects the consolidation of Milanese's very strong capital position while maintaining strong operating performance and low asset-concentration risk. The ratings also consider the company's small size in the Italian insurance market despite a strong franchise in its core medical malpractice business.
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Fitch revised the outlooks to positive from stable and affirmed the BB- insurer financial strength rating and the BBB+(kaz) national insurer financial strength rating of JSC Kazakhmys Insurance Co.
The outlook revision reflects Kazakhmys Insurance's retention of higher volumes of profitable business and Fitch's expectations that it would maintain risk retention at least at current levels.
The ratings continue to reflect the insurer's favorable business profile, adequate capital position and profitability.
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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