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Fitch affirms ratings of Mexico-based Old Mutual Life

FitchRatings on Oct. 10 affirmed the A-(mex) national rating of .

The outlookis stable.

The ratingconsidered a benefit of explicit capital and liquidity support from the insurer'scontrolling group, Old Mutual Plc, as stipulated in a deal. Fitch believes theinsurer is important for the controller's holding, noting that the rating takesinto account the willingness and ability of Old Mutual to provide support.

The insureris characterized by a small market share in Mexico, albeit with record growthin premium subscriptions and a better loss ratio compared to the market.However, it also has operating costs that put significant pressure on itstechnical profitability as well as low growth in premiums. The insurer hasadopted a more conservative policy to reduce its high exposure to equityinvestments, Fitch said.