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Insurance ratings actions: Moody's affirms USAA; Fitch affirms Aviva

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

Moody's affirmed United Services Automobile Association's insurance financial strength rating of Aaa, and USAA Life Insurance Co. and USAA Life Insurance Co. of New York's insurance financial strength ratings of Aa1.

The outlook of the ratings was revised to negative from stable. The revision comes after the announcement of a consent order between the Office of the Comptroller of the Currency and USAA Federal Savings Bank, the main banking subsidiary of the company, that requests enhancements to the bank's compliance management system, risk governance framework and information technology program.

USAA's ratings affirmation considers the company's market leadership in offering insurance and other financial services to the military community, as well as its strong capitalization. The subsidiaries' ratings affirmation, on the other hand, reflects the life group's excellent capitalization, high-quality investments, good profitability and ownership by USAA.

The negative outlook reflects the significant management and financial resources the company will need to commit to consent order-related matters throughout the next few years, including the possibility that the regulator or the bank will reveal more weaknesses through the remediation process.

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S&P Global Ratings affirmed the financial strength rating and the long-term issuer credit rating of A+ of Blue Cross and Blue Shield of North Carolina. The outlook is stable.

Blue Cross and Blue Shield of North Carolina previously announced that it will merge management with Portland, Ore.-based Cambia Health Solutions Inc. The stable outlook considers the rating agency's expectation that Blue Cross and Blue Shield of North Carolina will sustain its market positions in North Carolina and will not be meaningfully affected by the affiliation with Cambia Health Solutions.

S&P Global Ratings believes that there is no intent, need or capability to shift capital from the company to Cambia Health Solutions' operating entities over the next 24 months.

Europe

Fitch Ratings affirmed the A+ long-term issuer default ratings of Aviva PLC and its subsidiary Friends Life Holdings PLC.

The rating agency also affirmed the AA- insurer financial strength ratings of Aviva subsidiaries Aviva Assurances SA, Aviva Insurance Co. of Canada, Aviva International Insurance Ltd., Aviva Life & Pensions UK Ltd. and Aviva Vie SA. Both the A+ long-term issuer default rating and AA- insurer financial strength rating of Aviva Insurance Ltd. were affirmed.

The outlook of these ratings is stable.

Aviva's ratings consider the group's very strong business profile and capitalization, as well as its strong earnings, according to Fitch. The rating agency also sees the company's financial performance as strong.

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S&P Global Ratings affirmed with a stable outlook the long-term issuer credit rating and financial strength rating of A+ of Allianz PLC, the Irish operating company of Allianz Group.

The company is a highly strategic member of Allianz Group, subsequent to the group's buyout of the minority shareholders in Ireland in 2017 and as a result of its improved earnings and capital in 2018, according to S&P Global Ratings.

The stable outlook considers the rating agency's expectation that the company will maintain its highly strategic importance to its parent, Allianz SE, over the next two years.

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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