Fitch Ratings on Dec. 19 affirmed the national scale ratings of Seguros BBVA Bancomer SA de CV Grupo Financiero BBVA BANCOMER, BBVA Bancomer Seguros Salud SA de CV and Pensiones Bancomer SA de CV at AAA(mex), all with a stable outlook.
The entities' ratings reflect a benefit of support due to the strong capacity and propensity of their controlling group, Grupo Financiero BBVA Bancomer SA de CV. The group has the legal requirement to respond unlimitedly to the losses and obligations of its subsidiaries.
Fitch also considers the insurers as strategically important subsidiaries for the group due to their strong operation integration and robust commercial identification.
Seguros BBVA Bancomer remains one of the largest insurers in Mexico, placing sixth with a market share of 5.70% by end-December 2016. The insurer maintained adequate profitability and registered moderate growth in its leverage levels.
Pensiones Bancomer is also one of the leading companies in the market with a 39.15% stake in the premiums issued as of December 2016, Fitch noted.
Meanwhile, BBVA Bancomer Seguros Salud is a small company focused on the health segment. Although not a big player in the Mexican insurance sector, it ranked fourth in the health companies segment, with 4.87% of the premiums subscribed as of December 2016. Despite a profit distribution that created a significant contraction in the company's equity and certain volatility in its leverage and equity position indicators, the insurer's generation of resources remains on the rise, Fitch said.