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Insurance ratings actions: S&P affirms State Farm's core subsidiaries

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

S&P Global Ratings affirmed the A+ insurer financial strength and issuer credit ratings of American Financial Group Inc.'s core subsidiaries.

The outlook is stable, reflecting the rating agency's expectation that the company will sustain strong earnings and capital adequacy.

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S&P Global Ratings affirmed the AA insurer financial strength and issuer credit ratings of State Farm Mutual Automobile Insurance Co.'s core subsidiaries.

The outlook is stable, recognizing the company's strong brand recognition, leading market position, and extremely strong capital, according to the rating agency.

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S&P Global Ratings affirmed the AA+ insurer financial strength and issuer credit ratings of United Services Automobile Association's core subsidiaries.

The outlook is stable, taking into consideration the rating agency's expectation that the company's competitive position and capital adequacy will remain extremely strong.

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S&P Global Ratings affirmed the A+ insurer financial strength and long-term issuer credit ratings of Nationwide Mutual Group's core subsidiaries.

The outlook is stable, recognizing the rating agency's view that the company will preserve very strong capital adequacy, though the performance of its property and casualty businesses will still lag higher-rated peers.

The ratings consider the group's large diversified revenue base, leading market position and strong financial position, S&P Global Ratings said.

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S&P Global Ratings affirmed the A- insurer financial strength and long-term issuer credit ratings of Kemper Corp.'s core subsidiaries.

The outlook is stable, reflecting the rating agency's view that Kemper will sustain very strong capital adequacy, enhance underwriting performance, and grow its life operations.

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S&P Global Ratings affirmed the A- insurer financial strength and long-term issuer credit ratings of United Insurance Co. of America Inc., Reliable Life Insurance Co. and Union National Life Insurance Co.

The outlook is stable, reflecting the rating agency's expectation that the companies will preserve their AA capital adequacy and competitive strength in the home-services market.

Europe

Fitch Ratings affirmed the A- issuer default rating of Mapfre SA and the A+ insurer financial strength ratings of the company's core operating subsidiaries. The outlook is stable.

The subsidiaries are Mapfre España Compañia de Seguros y Reaseguros SA, Mapfre Asistencia Compañía Internacional de Seguros y Reaseguros SA, Mapfre Re Compania de Reaseguros SA and Mapfre Vida SA de Seguros y Reaseguros.

The ratings take into account Mapfre's very strong business profile and capitalization, and strong earnings, which are somewhat offset by the company's significant exposure to Spanish sovereign debt that is used to match domestic life insurance liabilities in Spain, according to Fitch.

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Fitch affirmed the BBB+ long-term issuer default rating and A- insurer financial strength rating of Italy's Vittoria Assicurazioni SpA. The outlook is negative.

The ratings action reflects Vittoria Assicurazioni's strong capitalization, as measured by Fitch's risk-adjusted Prism factor-based capital model, and financial performance, partially mitigated by the company's moderate business profile, high financial leverage ratio and high investment risk.

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S&P Global Ratings affirmed the A insurer financial strength and issuer credit ratings of Sweden-based PRI Pensionsgaranti Mutual Insurance Co.

The outlook is stable, reflecting the rating agency's expectation of sustainable and strong underwriting profitability, aiding the high levels of capitalization.

The ratings consider S&P Global Ratings' view that the company has a competitive advantage as the only provider of credit insurance for pensions funded by the credit insurance model under Industrins och handelns tilläggspension 2.

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S&P Global Ratings affirmed the A- long-term insurer financial strength and issuer credit ratings of French insurer Caisse de Garantie des Professionnels de l'Assurance, or CGPA.

The A- financial strength ratings of the company's Luxembourg-based subsidiaries, CGPA Europe and CGPA Re, were also affirmed, reflecting the parent's unconditional guarantee, the rating agency said.

The outlook is stable, taking into account S&P Global Ratings' expectation that CGPA will keep its conservative balance sheet management and underwriting practices while maintaining its position within its historical segment.

Middle East and Africa

S&P Global Ratings affirmed the BB+ long-term insurer financial strength and issuer credit ratings of Al Buhaira National Insurance Co. PSC.

The outlook remains negative as the rating agency sees ongoing risk that the company's future financial performance might fall short of the recovery plan it has submitted to the regulator.

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S&P Global Ratings affirmed the BBB insurer financial strength ratings of HDFC International Life and Re Co. Ltd.

The outlook is stable, considering the rating agency's view that the company will sustain its robust capital adequacy and low risk tolerance while continuing to enhance its operating performance and gradually diversifying its premium base in the Middle East and North Africa.

The ratings reflect S&P Global Ratings' assessment of the company as a startup insurer, although operating in the relatively low-risk life reinsurance space, aided by robust capital adequacy and abundant liquidity.

Asia-Pacific

Fitch affirmed the A+ insurer financial strength rating and A long-term issuer default rating of Kyobo Life Insurance Co. Ltd. The outlook is stable.

The affirmation considers the company's favorable business profile, strong capital level equivalent to its business profile, and sustained profitability, according to the rating agency. Fitch noted that Kyobo Life is facing the struggle of expanding in the mature and highly competitive life insurance market of South Korea in order to maintain profitability in a lingering low-interest-rate environment.

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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