Fitch Ratings on Oct. 4 revised the outlook on Chile-based Ohio National Seguros de Vida SA's international scale rating to positive from stable.
The outlook revision is based on recent actions by Ohio National Financial Services Inc., the insurer's parent, that suggest its Chilean operations could become more strategically important over time, Fitch said. The rating agency currently views the Chilean unit as having limited importance to its parent. Over the last year, however, the U.S.-based parent opened a regional office in Latin America, boosted management participation and added integration efforts with affiliates, Fitch noted.
Meanwhile, Fitch affirmed Ohio National Seguros de Vida's insurer financial strength rating at BBB and AA(cl). It maintained a stable outlook for the insurer's national scale rating.
The ratings reflect the insurer's product diversification, conservative investment portfolio and low reinvestment risk due to adequate asset-liability management. The ratings also reflect the insurer's above-average leverage and below-average operating results relative to peers.