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Insurance ratings actions: Fitch affirms Humana, 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

Fitch Ratings affirmed the long-term issuer default rating of BBB+ of Humana Inc. and the insurer financial strength ratings of A of the company's subsidiaries. The outlook is stable.

The subsidiaries are CarePlus Health Plans Inc., Humana Health Benefit Plan of Louisiana Inc., Humana Health Plan Inc., Humana Insurance Co. and Humana Medical Plan Inc.

Humana's ratings are backed by its strong business profile and financial performance and earnings, as well as strong capitalization and leverage metrics, although financial leverage has increased over the past two years, Fitch said.

Europe

A.M. Best affirmed the financial strength rating of C++ and the long-term issuer credit rating of "b+" of Kazakhstan-based Nomad Insurance Co. JSC, a wholly owned subsidiary of Nomad Insurance Group Ltd. The outlook of the financial strength rating remains stable, while the outlook of the long-term issuer credit rating was revised to stable from negative.

The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as adequate, as well as its adequate operating performance, limited business profile and weak enterprise risk management.

The revision of the long-term issuer credit rating outlook considers A.M. Best's expectation that Nomad Insurance's risk-adjusted capitalization will stay at a strong level, as measured by Best's Capital Adequacy Ratio, aided by positive operating results.

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Fitch affirmed the A+ long-term issuer default rating of Society of Lloyd's, as well as the AA- insurer financial strength ratings of Lloyd's of London, Lloyd's Insurance Co. (China) Ltd. and Lloyd's Insurance Co. SA. The outlooks remain negative.

The negative outlooks reflect Fitch's view that the financial performance of Lloyd's of London stays challenging, with high attritional losses and a stubbornly high expense ratio.

The ratings reflect Lloyd's of London's very strong business profile in insurance and reinsurance classes, very strong capitalization and strong reserve adequacy, according to the rating agency. Fitch also said those strengths are partially offset by the underlying pressure on underwriting performance, along with the rating agency's belief that the company's exposure to catastrophe risk remains high in comparison with that of its peers.

Asia-Pacific

A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Bangkok Insurance Public Co. Ltd. The outlook is stable.

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

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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