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Fitch affirms Honduras-based Ficohsa Seguros

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Fitch affirms Honduras-based Ficohsa Seguros

FitchRatings on July 8 affirmed the national scale insurance financial strengthrating of Honduras-based FicohsaSeguros at AA-(hnd), with a stable outlook.

The ratingconsiders the company's competitive position in the Honduran insurance marketand improved claims level, as well as its favorable technical performance andprofitability, Fitch noted.

FicohsaSeguros also shows robust levels of capitalization and leverage ratios that arehelped by its constant reinvestment of profits, the rating agency noted.

Inaddition, Fitch said the rating is positively influenced by the brand the firmshares with parent company GrupoFinanciero Ficohsa SA, which also owns .

Thecompany's net income rose 70% in 2015 thanks to lower claims and higheroperating efficiency. In Fitch's view, the company can continue to improve itsefficiency by automating key processes and by diversifying its key businesslines.

FicohsaSeguros is the largest insurer in Honduras in terms of market share with 25% ofoverall premiums in 2015.