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Insurance ratings actions: S&P affirms Old Mutual Life Assurance (South Africa)

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 AA+ insurer financial strength and long-term issuer credit ratings of New York Life Insurance Group's core subsidiaries.

The outlook is stable, taking into account the rating agency's expectation that the group will keep its excellent business and financial risk profiles.

Europe

S&P Global Ratings affirmed the AA- issuer credit and financial strength ratings of R+V Versicherung AG. The AA- ratings of the insurer's core subsidiary, Kravag-Logistic Versicherungs AG, were also affirmed.

The outlook is stable, reflecting that of DZ BANK AG. The rating agency expects R+V Versicherung and Kravag-Logistic Versicherungs to stay integral to DZ Bank.

The ratings consider S&P Global Ratings' view that R+V Versicherung reaps benefits from its bancassurance business model, as well as its integration into the biggest cooperative financial services network in Germany.

Middle East and Africa

S&P Global Ratings affirmed the BB+ global scale long-term issuer credit and insurer financial strength rating of Old Mutual Life Assurance Co. (South Africa) Ltd. The "zaAAA/zaA-1+" long- and short-term South Africa national scale ratings of the insurer were also affirmed.

The outlook is stable, mirroring that of South Africa. The rating agency rates Old Mutual Life Assurance Co. (South Africa) one notch above the BB long-term foreign currency rating of South Africa, considering its view that the insurer's asset and liability concentration in the domestic economy makes it vulnerable to the financial and macroeconomic stresses connected with a local currency sovereign default.

The rating agency sees Old Mutual Life Assurance Co. (South Africa) as a core subsidiary of Old Mutual Ltd.

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.

Links are current as of publication time; S&P Global Market Intelligence is not responsible if those links are unavailable later.