Fitch Ratings on March 27 affirmed the national scale insurance financial strength rating of Scotia Seguros SA at AAA(slv), with a stable outlook.
In affirming the rating, Fitch recognized the implicit support the insurer receives from its owner, Bank of Nova Scotia. The Canada-based company is the 99.7% owner of Inversiones Financieras Scotiabank El Salvador SA, the holding company of the financial conglomerate to which the insurer and the related bank, Scotiabank El Salvador SA, belong.
Fitch views the insurer as maintaining a clear commercial identification and is an important source of current and potential business for its owner.
The rating also reflects the insurer's good operating performance, resulting in good levels of profitability compared to the market average, as well as its adequate capitalization and favorable liquidity, the rating agency said.