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Insurance ratings actions: Fitch affirms Sirius International, Hanwha Life

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

Fitch Ratings affirmed the BBB long-term issuer default rating of Sirius International Group Ltd. and the A- insurer financial strength ratings of its operating units.

The units are Sirius America Insurance Co., Sirius Bermuda Insurance Co. Ltd. and Sirius International Insurance Corp.

The ratings were also removed from Rating Watch Negative, reflecting the rating agency's view that the continued financial difficulties at China Minsheng Investment Group Corp. Ltd., which ultimately owns approximately 86% of the group's common shares after the conversion of convertible preferred shares to common, have not meaningfully weakened the group's near-term competitive position or capitalization.

The rating outlook for all ratings is stable.


Fitch affirmed Hanwha Life Insurance Co. Ltd.'s insurer financial strength rating at A+ and long-term issuer default rating at A.

The rating agency also revised the outlook on the company's insurer financial strength rating and long-term issuer default rating to negative from stable.

The outlook revision reflects Hanwha Life Insurance's weaker operating performance due to capital market volatility and persistently low-interest rates, which resulted in slower-than-expected surplus growth, according to Fitch.

The ratings were affirmed based on the company's favorable business profile and improving solvency buffer.


Fitch affirmed the A+ long-term issuer default ratings and insurer financial strength ratings of CAMCA Assurance S.A and CAMCA Reassurance S.A.

The outlooks are stable.

The ratings reflect Fitch's view that both companies are core captive companies of Credit Agricole, and that its regional banks will provide support to their core captive insurance subsidiaries if needed.


S&P Global Ratings assigned A- long-term and A-2 short-term issuer credit ratings to M&G PLC, the nonoperating holding company for Prudential Assurance Co. Ltd.

The outlook is stable.

S&P Global Ratings also withdrew the A+ issuer credit rating on Prudential Assurance.

The ratings on M&G reflect the rating agency's standard two-notch difference between the operating company and the nonoperating holding company.

Middle East and Africa

Moody's affirmed the A3 insurance financial strength rating of Gulf Insurance Group K.S.C.P. and its main insurance operating company in Kuwait, Gulf Insurance and Reinsurance Co. K.S.C.

The outlook on both companies remains stable.

The affirmation reflects Gulf Insurance Group's strong and leading position in its target markets, strong and consistent profitability, good capitalization and prudent and sophisticated risk management which is critical for the group's continuous expansion in the region, according to Moody's.

The rating on Gulf Insurance and Reinsurance reflects its leading position in Kuwait and good and consistent profitability.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.

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