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Insurance ratings actions: Fitch revises outlook on Scottish Widows

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.

Europe

Fitch Ratings revised the outlooks to negative from stable on Scottish Widows Ltd. and affirmed the AA- insurer financial strength and the A+ long-term issuer default rating. The agency also affirmed the F1 short-term issuer default rating on the company.

The outlook revision follows a similar action on the company's ultimate parent, Lloyds Banking Group PLC, due to the economic fallout from the coronavirus crisis representing a medium-term risk to the bank's ratings.

Scottish Widows' issuer default rating is aligned with the rating on its parent and reflect Fitch's view of Scottish Widows Group Ltd. group's importance to Lloyds Banking Group, the integration of its operations and management with those of the parent, as well as its strong position in the U.K. life and pensions market.

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S&P Global Ratings assigned the BB+ long-term insurer financial strength and issuer credit ratings to Pasha Insurance OJSC. The outlook is stable.

The ratings consider the company's leading position in the property and casualty insurance market of Azerbaijan and its solid underwriting performance compared with both local and global peers. The ratings on the company are constrained by its significant exposure to high-risk assets and concentration risk in the investment portfolio, S&P Global Ratings noted.

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S&P Global Ratings revised its outlook to stable from positive on Powszechny Zakład Ubezpieczeń SA and its core operating subsidiaries, Powszechny Zaklad Ubezpieczen na Zycie SA and Towarzystwo Ubezpieczen Wzajemnych Polski Zaklad Ubezpieczen Wzajemnych.

At the same time, the agency affirmed the A- issuer credit and financial strength ratings on PZU and Powszechny Zaklad Ubezpieczen na Zycie. S&P Global Ratings also affirmed the A- financial strength rating of Towarzystwo Ubezpieczen Wzajemnych.

The stable outlook reflects the agency's view that the group can sustain its leading business position in Poland, while the strength and stability of its capital position and insurance earnings position it well to withstand the economic implications of the pandemic.

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S&P Global Ratings affirmed the BBB long-term insurer financial strength and issuer credit ratings of Sogaz Insurance Co., with a stable outlook.

The rating considers the insurer's sound capital cushion, its leading position in the Russian insurance market and solid underwriting performance. S&P Global Ratings also expects that Sogaz Insurance will restore its capital adequacy following the acquisition of VTB Insurance Ltd.


Asia-Pacific

Fitch Ratings affirmed the BBB- insurer financial strength rating and the BB+ long-term issuer default rating of KDB Life Insurance Co. Ltd., while revising the outlook to negative.

The outlook revision reflects the South Korean insurer's improved-but-low profitability and heightened investment risk considering the rising exposure to risky assets amid volatile financial markets and a decline in interest rates due to COVID-19.

The ratings affirmation was based on KDB Life's moderate business profile, moderately weak financial performance and sustained adequate risk-based capitalization while financial leverage remains high.

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S&P Global Ratings affirmed the A- long-term insurer financial strength rating on Falcon Insurance Co. (Hong Kong) Ltd. and revised the outlook to stable from positive.

The outlook revision on the Hong Kong-based insurer follows a similar action taken on Odyssey Reinsurance Co., a core operating subsidiary of Falcon Insurance's ultimate parent, Fairfax Financial Holdings Ltd.

The agency equalizes the rating on Falcon Insurance with that on Odyssey, considering the explicit support that Odyssey provides to the insurer in the form of a guarantee on its insurance policy obligations.

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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