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Insurance ratings actions: Fitch upgrades Aflac subsidiaries

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

Fitch Ratings removed Aflac Inc.'s ratings from under criteria observation status and upgraded the insurance financial strength ratings to AA- from A+ of the company's subsidiaries, American Family Life Assurance Co. of Columbus (Aflac), American Family Life Assurance Co. of New York and Aflac Life Insurance Japan Ltd.

The rating agency also affirmed Aflac's issuer default rating of A. The outlook of the ratings is stable.

The subsidiaries were upgraded as a result of changes to how country-related risks are incorporated into Fitch's rating criteria. Aflac's ratings continue to reflect a very strong business profile in Japan and in the U.S., extremely strong earnings profile, and very strong capitalization.

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Moody's affirmed Madison, Wis.-based TruStage Financial Group Inc.'s issuer rating of Baa2, as well as its life insurance operations insurance financial strength ratings of A2. The operations are led by CMFG Life Insurance Co. and also include MEMBERS Life Insurance Co.

The insurance financial strength rating of A2 of CUMIS Insurance Society Inc., the company's lead property and casualty insurer, was also affirmed.

The outlook of these ratings is stable.

The ratings affirmation of the life insurance subsidiaries and the ratings' stable outlook reflect TruStage Financial Group's leading position as insurance and financial services provider to U.S. credit unions, their employees and their members.

The affirmation of CUMIS Insurance Society's rating is based on its long-standing position as a leading provider of P&C insurance to credit unions and their members, given that it is part of the TruStage Financial Group. The stable outlook reflects the company's good profitability despite competitive pressure in the commercial lines sector.

TruStage Financial Group's rating is three notches below the insurance financial strength ratings of the subsidiaries, considering the structural subordination of its creditors to policyholders and the dominance of the life operations relative to the P&C operations.

Europe

Fitch Ratings affirmed the insurer financial strength rating of A- of SIGNAL IDUNA Rückversicherungs AG, or SI Re, a Switzerland-based reinsurer. The outlook is stable.

The rating considers the company's ownership by SIGNAL IDUNA Lebensversicherung AG Group, as captured in a two-notch uplift to the Swiss insurer's stand-alone credit profile of BBB. The rating agency sees SI Re as "very important" to the group.

The stand-alone credit profile takes into consideration SI Re's strong capitalization, prudent reserving and good profitability. However, Fitch views the business profile of the company as only moderate due to its overall small size, in spite of its strong market position in its chosen market segment.

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Moody's affirmed French reinsurer Scor SE's insurance financial strength rating of Aa3. It also affirmed the Aa3 insurance financial strength ratings of the company's subsidiaries, SCOR Canada Reinsurance Co., SCOR Global Life SE, Scor Global P&C SE, SCOR Switzerland AG, SCOR Reinsurance Co. Inc. and SCOR UK Co. Ltd. The outlook of all ratings is stable.

The affirmation of Scor's rating considers the sustained improvement in the company's franchise, both in the P&C and life segments, a strong and stable capitalization, and a diversified and moderate business risk profile. The stable outlook is based on the company's current strategy, which is set to be updated in September, according to Moody's.

Asia-Pacific

S&P Global Ratings placed the financial strength rating of A+ of Sompo Insurance (Hong Kong) Co. Ltd., a member of the Sompo Holdings Inc. group, on CreditWatch with negative implications.

The company's rating is based on the guarantee given by its parent, Sompo Japan Nipponkoa Insurance Inc. However, the rating agency said there is a possibility that the parent company will revise the guarantee it provides; hence the CreditWatch placement.

Additionally, the rating of the company is grounded on S&P Global Ratings' view that the company plays an important role in supporting the group's international expansion strategy.

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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