trending Market Intelligence /marketintelligence/en/news-insights/trending/XRSzqQgpyFNUGPt066e7QA2 content esgSubNav
In This List

Insurance ratings actions: A.M. Best affirms Sun Life Financial

Blog

Financial Institutions Factor Transition Risk into Climate-Related Stress Testing

Blog

Q&A: Data That Delivers - Automating the Credit Risk Workflow

Blog

Investment Research Brokers Ramp up Cryptocurrency Coverage

Blog

COVID-19 Impact & Recovery: Financial Industry Outlook for H2 2021


Insurance ratings actions: A.M. Best affirms Sun Life Financial

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

A.M. Best removed from under review with developing implications and affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Lincoln Benefit Life Co.

The outlook assigned to these ratings is stable.

The ratings reflect Lincoln Benefit's strong balance sheet, strong operating performance, limited business profile and appropriate enterprise risk management.

_____________________

A.M. Best revised the outlooks to stable from negative and affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Texas Farm Bureau Casualty Insurance Co. and Farm Bureau County Mutual Insurance Co. of Texas.

These two companies comprise the Texas Farm Bureau Casualty Group.

Concurrently, A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit ratings of "a-" of Texas Farm Bureau Mutual Insurance Co. and Texas Farm Bureau Underwriters - A Reciprocal. The outlook of these ratings remains stable.

These companies are affiliates of the group, and collectively referred to as Texas Farm Bureau Mutual Group.

The ratings of the Texas Farm Bureau Casualty Group reflect its balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The ratings of Texas Farm Bureau Mutual Group reflects its strong balance sheet, marginal operating performance, limited business profile and appropriate enterprise risk management.

The revised outlook of the Texas Farm Bureau Casualty Group reflects its improved underwriting results in recent years, which when combined with income from the investment portfolio, has produced positive pre- and post-tax earnings and year-over-year growth in policyholder surplus.

_____________________

A.M. Best affirmed the long-term issuer credit rating of "a-" of Sun Life Financial Inc.

The agency also affirmed the financial strength rating of A+ and the long-term issuer credit ratings of "aa-" of Sun Life Assurance Co. of Canada and Sun Life and Health Insurance Co. (U.S.).

Additionally, A.M. Best affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb+" of Professional Insurance Co. Lastly, A.M. Best downgraded the financial strength rating to B++ from A- and the long-term issuer credit rating to "bbb+" from "a-" of Independence Life & Annuity Co. to reflect the run-off nature of the company's operation.

The outlook for all of these ratings is stable.

The ratings reflect Sun Life Group's balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.

_____________________

A.M. Best affirmed the long-term issuer credit rating of Argus Group Holdings Ltd. of "bbb-".

The agency also affirmed the financial strength rating of A- and the long-term issuer credit ratings of "a-" of Argus Insurance Co. Ltd. and Bermuda Life Insurance Co. Ltd. The outlook of these ratings is stable.

The ratings reflect Argus Group and its subsidiaries' very strong balance sheet, adequate operating performance, limited business profile and appropriate enterprise risk management.

_____________________

A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit ratings of "a-" of Burlington, Vt.-based Agrinational Insurance Co. and its wholly owned subsidiaries, ADM Insurance Co. and Agrinational Illinois Insurance Co.

The outlook of these ratings is stable.

The ratings reflect the group's balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

_____________________

DBRS confirmed with a stable trend the A (high) issuer and financial strength ratings of Industrial Alliance Insurance and Financial Services Inc.

The agency noted the company's sizable franchise in Canada, as well as its stable financial metrics.

_____________________

Birmingham, Mich.-based Conifer Insurance Co. and White Pine Insurance Co. withdrew from Demotech's financial stability rating review and analysis process.

_____________________

Moody's affirmed with a stable outlook the Aa1 insurance financial strength rating of Chevy Chase, Md.-based Government Employees Insurance Co.

The agency noted GEICO's well-established brand, efficient operations and sound balance sheet.

_____________________

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

The ratings outlook is stable.

The affirmation was based on USAA's market leadership in providing insurance and other financial services to the military community and its strong capitalization even in a stress scenario.

Europe

A.M. Best removed from under review with negative implications and affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb" of Halyk-Kazakhinstrakh, Insurance Subsidiary Co. of Halyk Bank of Kazakhstan, JSC.

The outlook assigned to these ratings is negative.

These rating actions follow the completion of Kazakhinstrakh's merger with its sister insurer, JSC IC Kazkommerts-Policy, in August, and the conclusion of A.M. Best's assessment of the merger's impact on the company's credit fundamentals.

The ratings reflect Kazakhinstrakh's very strong balance sheet, strong operating performance, limited business profile and marginal enterprise risk management.

The negative outlooks reflect some weakening in the company's balance sheet strength and potential for deterioration in underwriting performance following the merger.

_____________________

A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Guernsey-based Kelvin Re Ltd.

The outlook of these ratings remains stable.

The ratings reflect Kelvin Re's balance sheet strength, which is categorized as strongest by A.M. Best, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

_____________________

A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Guernsey-based Humboldt Re Ltd.

The outlook of these ratings remains stable.

The ratings reflect Humboldt Re's balance sheet strength, which is categorized as strongest by A.M. Best, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management framework.

Middle East and Africa

A.M. Best upgraded the long-term issuer credit rating to "bb+" from "bb" and affirmed the financial strength rating of B of Nigeria-based Custodian and Allied Insurance Ltd.

The outlook of the long-term issuer credit rating was revised to stable from positive while the financial strength rating outlook remains stable.

The ratings reflect the company's very strong balance sheet, strong operating performance, limited business profile and marginal enterprise risk management.

The upgrade reflects the company's resilient operating performance in a highly competitive operating environment, as evidenced by its five-year combined ratio of 88.5%.

_____________________

A.M. Best downgraded the long-term issuer credit rating to "b" from "b+" and affirmed the financial strength rating of C++ of Nigeria-based Wapic Insurance PLC, the operating holding company of the Wapic group of companies.

The outlooks of these ratings were revised to negative from stable.

The ratings reflect Wapic's adequate balance sheet, marginal operating performance, limited business profile and marginal enterprise risk management.

The rating downgrade reflects A.M. Best's view that Wapic's risk-adjusted capitalization has declined materially through 2017 and 2018, largely due to the group's increasing investment and underwriting risk profile.

_____________________

A.M. Best affirmed the financial strength rating of B and the long-term issuer credit rating of "bb+" of East Africa Reinsurance Co. Ltd.

The outlook of these ratings remains stable.

The ratings reflect the company's very strong balance sheet, adequate operating performance, limited business profile and marginal enterprise risk management.

_____________________

A.M. Best affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb" of Kenya-based ZEP-RE (PTA Reinsurance Co.).

The outlook of these ratings remains stable.

The ratings reflect ZEP-RE's very strong balance sheet, strong operating performance, neutral business profile and marginal enterprise risk management.

_____________________

A.M. Best affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb" of Egypt-based Misr Insurance Co. and Misr Life Insurance Co.

The outlook of these ratings is stable.

The ratings of Misr Insurance reflect its very strong balance sheet, adequate operating performance, neutral business profile and appropriate enterprise risk management.

The ratings of Misr Life reflect its strong balance sheet, adequate operating performance, neutral business profile and appropriate enterprise risk management.

Asia-Pacific

A.M. Best removed from under review with developing implications and affirmed the financial strength rating of A+ and the long-term issuer credit rating of "aa-" of New Zealand-based Sovereign Assurance Co. Ltd.

The outlook assigned to these ratings is stable.

The latest rating actions follow the conclusion of A.M. Best's full assessment of the impact of Sovereign's change in ownership. The ratings reflect Sovereign's very strong balance sheet, strong operating performance, favorable business profile and appropriate enterprise risk management.

Links are current as of publication time; S&P Global Market Intelligence is not responsible if those links are unavailable later.