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Insurance ratings actions: Moody's upgrades Molina Healthcare subsidiaries

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Insurance ratings actions: Moody's upgrades Molina Healthcare 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

Moody's upgraded the insurance financial strength ratings to Ba1 from Ba2 of Molina Healthcare Inc.'s regulated operating subsidiaries, Molina Healthcare of California, Molina Healthcare of Michigan Inc., Molina Healthcare of New Mexico Inc., Molina Healthcare of Ohio Inc., Molina Healthcare of Texas Inc. and Molina Healthcare of Washington Inc. The outlook on the operating subsidiaries was changed to positive from stable.

The upgrade and the positive outlook recognize the progress management has made in improving Molina Healthcare's financial profile since late 2017.

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A.M. Best affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb+" of Kentucky Growers Insurance Co. Inc.

The outlook was revised to positive from stable, reflecting the company's strengthening risk-adjusted capitalization over the past five years, along with favorable trends in key metrics of balance sheet strength such as policyholders' surplus growth, underwriting leverage and liquidity measures.

The ratings reflect Kentucky Growers' balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

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

A.M. Best also affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a+" of NLV Financial's subsidiaries National Life Insurance Co. and Life Insurance Co. of the Southwest.

The outlooks were revised to positive from stable, reflecting continued strengthening in the group's balance sheet strength, including maintenance of strongest risk-adjusted capitalization and improvements in the risk profile of the group's investment portfolio.

The ratings reflect the group's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.

Asia-Pacific

S&P Global Ratings affirmed the A+ financial strength and long-term issuer credit ratings of Sompo Holdings Inc. subsidiaries Sompo Japan Nipponkoa Insurance Inc.. and Sompo Japan Nipponkoa Himawari Life Insurance Inc.

The rating agency also affirmed the financial strength rating of A on Sompo Insurance (Hong Kong) Co. Ltd. and A- on Sompo Insurance (Thailand).

The outlooks on the subsidiaries are stable, reflecting S&P's view that the group will maintain its competitive position.

The affirmations are based on the rating agency's affirmation of the "a+" anchor for the Sompo Holdings group. The rating agency also revised upward its assessment of the group's capital and earnings to strong, recognizing the group's stronger capital base.

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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