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S&P affirms Seguros Inbursa at mxAAA

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S&P affirms Seguros Inbursa at mxAAA

S&P Global Ratings on Dec. 11 affirmed Seguros Inbursa SA Grupo Financiero Inbursa's issuer credit ratings and long-term financial strength national scale rating at mxAAA, with a stable outlook.

Seguros Inbursa's ratings reflect its status as a fundamental subsidiary of parent Grupo Financiero Inbursa SAB de CV, and are aligned with the ratings of the group, as well as the ratings on banking unit Banco Inbursa SA Institución de Banca Múltiple Grupo Financiero Inbursa. S&P believes Seguros Inbursa is highly integrated with Banco Inbursa, as the insurer markets the bank's credit products and the bank offers insurance.

As of June 2017, Seguros Inbursa contributed 17.4% of Grupo Inbursa's consolidated net income and 9.6% of total consolidated capital. It also ranked tenth in the market based on premiums, accounting for 4% of the total market, the S&P noted.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.