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Insurance ratings actions: S&P acts on Liberty Mutual Group, Nib NZ

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 BBB long-term issuer credit rating on Liberty Mutual Group Inc. The rating agency also affirmed the A long-term issuer credit and financial strength ratings on its core subsidiaries.

The outlook is stable, reflecting the rating agency's expectation that the company will continue to perform in-line with the property/casualty industry averages and that the company will maintain capital at the A level through 2021. The stable outlook also reflects the company's diverse product offerings and capital redundancy at the A level.

Europe

Moody's affirmed the A3 insurance financial strength rating on France-based Apicil Prévoyance. The outlook was revised to negative from stable.

The negative outlook reflects the reduction in the Solvency II ratio of its parent Groupe APICIL in 2018 and the rating agency's expectation of an additional decrease in the ratio in 2019, due to the closing of its acquisition of Luxembourg-based OneLife Company SA and the significant decline in interest rates.

The affirmation of the rating reflects the rating agency's expectation that Groupe APICIL will take measures to improve and sustain a Solvency II ratio above 150%.

Asia-Pacific

Fitch Ratings affirmed the BBB+ insurer financial strength and AA-(twn) national insurer financial strength ratings on Taipei-based Taiwan Life Insurance Co. Ltd. The outlook is stable.

The affirmation reflects the rating agency's assessment of the company's favorable business profile due to its favorable operating scale, well-diversified distribution channels and product lines and substantive business franchise. The affirmation also reflects the company's good capitalization and financial performance, offset by high investment and asset risk, according to Fitch.

The rating agency expects that the company will maintain adequate capital buffers and will keep a high share of assets in overseas investments.

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S&P Global Ratings affirmed the A- long-term insurer financial strength and issuer credit ratings on Auckland-based Nib NZ Ltd.

The outlook is stable, reflecting the company's stand-alone credit characteristics and core status to its parent Nib Holdings Ltd. The rating agency assessed that the company benefits from ongoing and extraordinary group support from its parent.

The ratings reflect the company's "a-" stand-alone credit profile, attributed to its strong capitalization levels, sound market position and earnings profile in the relatively concentrated health insurance market in New Zealand, according to S&P Global Ratings.

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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