Fitch Ratings on Aug. 7 upgraded the national ratings of BCI Seguros Generales SA and BCI Seguros Vida SA to AA+(cl) from AA(cl), citing the insurance companies' solid business profiles.
BCI Seguros Generales' business profile is anchored on its stable market position and business diversification, which give it broad advantages amid very strong competition, Fitch said.
Likewise, BCI Seguros Vida showed improvements in the concentration of its business and distribution channels, adding to its leading position in its main markets as well as the synergistic relationship it maintains with its sister unit, the rating agency noted.
However, the Chilean companies' ratings are constrained by their high leverage indicators and, for BCI Seguros Generales, an investment portfolio that has a large share of risky assets.
Both companies belong to the Banco de Credito e Inversiones SA group.