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Insurance ratings actions: S&P acts on UnitedHealth after deal news

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Insurance ratings actions: S&P acts on UnitedHealth after deal news

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

S&P Global Ratings affirmed the A+ issuer credit rating of UnitedHealth Group Inc. and the AA- issuer credit and financial strength ratings of the company's core operating subsidiaries.

The entities are Golden Rule Insurance Co., UnitedHealthcare of Wisconsin Inc., UnitedHealthcare of New York Inc., UnitedHealthcare of Arizona Inc., UnitedHealthcare of Alabama Inc., UnitedHealthcare of the Midwest Inc., UnitedHealthcare of Texas Inc., UnitedHealthcare of Ohio Inc., UnitedHealthcare of North Carolina Inc., UnitedHealthcare of New England Inc., United HealthCare Insurance Co., UnitedHealthcare of Kentucky Ltd., UnitedHealthcare of Illinois Inc., UnitedHealthcare of Georgia Inc., UnitedHealthcare of Florida Inc., UnitedHealthcare Insurance Co. of New York, UnitedHealthcare Insurance Co. of Illinois and Oxford Health Plans (NY) Inc.

The ratings action follows the news that UnitedHealth has agreed to acquire healthcare technology platform Change Healthcare Inc. for roughly $7.84 billion and combine it with its diversified health services unit Optum Inc.

The rating agency affirmed the ratings as the acquisition adds product and service depth and innovation to UnitedHealth and has manageable financing and integration risks.

The outlook remains stable, taking into consideration the rating agency's expectation that UnitedHealth will achieve solid operating results in 2020 to 2021. The outlook also reflects the rating agency's view that the company will issue long-term debt to fund the acquisition but strong earnings will facilitate rapid deleveraging.


Fitch Ratings assigned the insurer financial strength rating of A- to China-based Guoren Property & Casualty Insurance Co. Ltd. The outlook is stable.

The ratings action reflects Guoren Property & Casualty's moderate business profile and strong capitalization, which counters losses in 2016 to 2018 and the narrower risk-based capital buffer as a result of the expected rapid growth in premium and investment in 2021.


Moody's assigned the A3 insurance financial strength rating to Fidelidade Macau - Insurance Co. Ltd. with a stable outlook.

The insurance financial strength rating reflects the insurer's strong underwriting profitability and capitalization, along with its prudent investment allocation.

The stable outlook reflects Moody's expectation that the insurer will maintain its strong underwriting profitability and capitalization in the next 12 to 18 months.

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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