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Insurance ratings actions: A.M. Best affirms Prudential Financial

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Insurance ratings actions: A.M. Best affirms Prudential 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 upgraded the financial strength rating to A from A- and the long-term issuer credit rating to "a+" from "a-" of Elips Life Insurance Co., formerly Mapfre Life Insurance Co.

The outlook assigned to these ratings is stable.

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

The ratings also receive lift from elipsLife's ultimate parent company, Swiss Re Ltd. A.M. Best expects the Swiss Re group to continue to provide reinsurance and capital support to elipsLife when necessary, due to its important role in the Swiss Re group's long-term plans to grow its direct group life and health insurance business in the U.S.

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A.M. Best revised the outlook to negative from stable for the long-term issuer credit rating and affirmed the financial strength rating of A and the long-term issuer credit rating of "a+" of Modern Woodmen of America.

The outlook of the financial strength rating remains stable.

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

The outlook revision reflects the high proportion of the reserve profile attributable to interest sensitive annuities and universal life products, the reliance on capital gains to support net income and spread compression due to the low interest rate environment.

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A.M. Best assigned a financial strength rating of B++ and a long-term issuer credit rating of "bbb" to American Life & Security Corp.

The outlook assigned to these ratings is stable.

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

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A.M. Best affirmed the long-term issuer credit rating of "a-" of Newark, N.J.-based Prudential Financial Inc. and the financial strength rating of A+ and the long-term issuer credit ratings of "aa-" of its domestic life and health insurance subsidiaries.

The outlook of these ratings is stable.

The ratings reflect Prudential's very strong balance sheet, strong operating performance, very favorable business profile and very strong enterprise risk management.

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

The agency also affirmed the financial strength rating of A+ and the long-term issuer credit ratings of "aa" of Minnesota Life Insurance Co., and its subsidiary, Securian Life Insurance Co., together referred to as Securian Financial Insurance Group.

A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a+" of Securian Casualty Co., and the financial strength rating of A and the long-term issuer credit rating of "a" of Canadian Premier Life Insurance Co.

Additionally, A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit ratings of "a-" of American Modern Life Insurance Co. and its subsidiary, Southern Pioneer Life Insurance Co.

The outlook of these ratings is stable.

The ratings reflect Securian Financial Insurance 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.

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A.M. Best affirmed the long-term issuer credit rating of "bbb+" of Symetra Financial Corp.

The agency also affirmed the financial strength rating of A and the long-term issuer credit ratings of "a+" of Symetra Life Insurance Co. and its subsidiary, First Symetra National Life Insurance Co. of New York., together referred to as Symetra Life Group.

The outlook of these ratings is stable.

The ratings reflect Symetra Life Group's very strong balance sheet, adequate operating performance, favorable business profile and appropriate enterprise risk management.

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Fitch Ratings affirmed the A long-term issuer default rating of Aflac Inc. and the A+ insurer financial strength ratings of subsidiaries American Family Life Assurance Co. of Columbus, American Family Life Assurance Co. of New York and Aflac Life Insurance Japan Ltd.

The ratings outlook is stable.

The agency noted Aflac's competitive position in the supplemental accident and health insurance markets in Japan and the U.S., extremely strong earnings profile and very strong capitalization.

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Fitch affirmed and withdrew the F2 short-term issuer default rating of Hartford, Conn.-based Aetna Inc. for commercial reasons.

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Fitch affirmed the A- long-term issuer default ratings of Bermuda-based Hiscox Ltd. and Hiscox PLC, and the A+ insurer financial strength ratings of Hiscox's core operating entities.

The outlooks are stable. The affirmation was due to Hiscox's very strong capitalization and financial performance, and conservative approach to reserving, the agency said.

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Fitch affirmed with a stable outlook the A- issuer default rating of Bermuda-based PartnerRe Ltd. and the A+ insurer financial strength rating of Partner Reinsurance Co. Ltd.

The agency took stock of PartnerRe's strong and diverse reinsurance business profile, strong long-term financial performance, very strong capitalization with reasonable financial leverage and strong reserve position.

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Fitch affirmed with a stable outlook the A insurer financial strength rating of Bermuda-based Associated Electric & Gas Insurance Services Ltd.

The agency said the company possesses a strong business profile as a leader in providing insurance and risk mitigation services for the North American utilities and energy sector.

Europe

A.M. Best upgraded the financial strength rating to A from A- and the long-term issuer credit rating to a" from "a-" for Spain-based Santa Lucía SA Compañía de Seguros y Reaseguros.

The outlook of these ratings was revised to stable from positive.

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

The rating upgrades reflect A.M. Best's view that recent acquisitions and the company's 50% stake in certain life insurance joint ventures will translate into improved and stable operating performance.

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A.M. Best assigned a financial strength rating of A- and a long-term issuer credit rating of "a-" to Fidelis Insurance Ireland Designated Activity Co.

The outlook assigned to these ratings is stable.

The company was made part of the Fidelis Insurance Holdings Ltd. rating unit via the group affiliation code. The ratings reflect Fidelis Insurance Holdings' very strong balance sheet, adequate operating performance, neutral business profile and appropriate enterprise risk management.

Additionally, Fidelis Insurance Ireland benefits from implicit and explicit support provided by its parent, including intra-group reinsurance and a financial guarantee.

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A.M. Best affirmed the long-term issuer credit ratings of "a+" of Switzerland-based Chubb Ltd. and Chubb INA Holdings Inc.

The agency also affirmed the financial strength rating of A++ and the long-term issuer credit ratings of "aa+" of the North American property and casualty subsidiaries of Chubb, which include the members of the Chubb Group of Insurance Cos.; the members of Chubb Bermuda Insurance Ltd. and Chubb Tempest Reinsurance Ltd.; and Chubb Atlantic Indemnity Ltd.

In addition, A.M. Best affirmed the financial strength rating of A+ and the long-term issuer credit ratings of "aa-" of Combined Insurance Co. of America and Combined Life Insurance Co. of New York. A.M. Best also affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of ACE Life Insurance Co.

The outlook of these ratings is stable.

The ratings of the Chubb Group of Insurance Cos. reflect its balance sheet strength, which A.M. Best categorizes as strongest, as well as its very strong operating performance, favorable business profile and appropriate enterprise risk management.

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A.M. Best affirmed the financial strength rating of A+ and the long-term issuer credit rating of "aa" of Swiss Reinsurance Co. Ltd. and its affiliates.

The affiliates are Swiss Re Asia Pte. Ltd., Swiss Re Europe SA, Swiss Re International SE, Swiss Re Corporate Solutions Ltd., Swiss Re Life & Health America Inc., Swiss Reinsurance America Corp., Westport Insurance Corp., North American Specialty Insurance Co., North American Capacity Insurance Co., North American Elite Insurance Co., Washington International Insurance Co., First Specialty Insurance Corp. and Swiss Re Portfolio Partners SA

Additionally, the long-term issuer credit rating of "a" was affirmed for Swiss Re America Holding Corp. The outlook of these ratings is stable.

The ratings reflect A.M. Best's assessment of the rating fundamentals of the consolidated Swiss Re group, in particular its strongest level of balance sheet strength, strong operating performance, very favorable business profile and very strong enterprise risk management.

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A.M. Best affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb+" of Norway-based Protector Forsikring ASA.

The outlook of these ratings remains stable.

The ratings reflect Protector's strong balance sheet, adequate operating performance, neutral business profile and appropriate enterprise risk management.

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A.M. Best affirmed the financial strength rating of B+ and the long-term issuer credit rating of "bbb-" of Azerbaijan-based AzRe Reinsurance OJSC.

The outlook of these ratings remains stable.

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

Middle East and Africa

S&P Global Ratings revised to stable from negative its outlook and affirmed the BBB issuer credit and insurer financial strength ratings on United Arab Emirates-based Al Wathba National Insurance Co. PSJC.

The agency explained that although its assessment of the insurer's liquidity remains under pressure because of the insurer's use of overdraft funding, S&P does not expect Al Wathba's liquidity to deteriorate over the next two years.

Asia-Pacific

A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of China Taiping Insurance (HK) Co. Ltd.

The outlook of these ratings is stable.

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

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Moody's affirmed with a stable outlook the A1 insurance financial strength rating of China Life Insurance Co. Ltd.

The agency noted China Life's strong brand, exceptional market position, strong capitalization and distribution network in the Chinese insurance market.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this feature can be found here.

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