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Insurance ratings actions: Moody's acts on Apicil Prévoyance

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Insurance ratings actions: Moody's acts on Apicil Prévoyance

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.

Europe

S&P Global Ratings assigned long-term issuer credit and financial strength ratings of A to Nationale-Nederlanden Levensverzekering Maatschappij NV and Nationale-Nederlanden Schadeverzekering Maatschappij NV. The outlook is stable.

The ratings and core group status reflect S&P's view that NN Group NV's main operating insurance entities are important to the group's overall strategy.

The rating agency also discontinued the A long-term issuer credit and insurer financial strength ratings of Delta Lloyd Levensverzekering NV and Delta Lloyd Schadeverzekering NV. The outlooks were stable.

The ratings actions follow the completion of merger between Delta Lloyd Levensverzekering and NN Levensverzekering, and between Delta Lloyd Schadeverzekering and NN Schadeverzekering on Jan. 1. S&P believes that the merger is on track and serves as an important milestone of the overall integration of Delta Lloyd into NN Group.

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Moody's assigned an A3 insurance financial strength rating to Apicil Prévoyance. The outlook is stable.

The rating reflects the well-established market position in the French health and protection market, diversified and moderate product risk profile, and good capitalization of its parent company, Groupe APICIL.

Asia-Pacific

Fitch Ratings placed on Rating Watch Evolving the insurer financial strength rating of A- and long-term issuer default rating of BBB+ of Hong Kong's FTLife Insurance Co. Ltd.

The ratings actions follow the announcement that its China-based parent company, Tongchuangjiuding Investment Management Group Co. Ltd., has agreed to sell its 100% stake in FTLife to New World Development Co. Ltd. subsidiary NWS Holdings Ltd. for HK$21.5 billion. The Rating Watch Evolving status reflects uncertainty regarding the impact of the proposed change in FTLife's ownership.

Also, Moody's affirmed the insurance financial strength rating of FTLife at Baa1.

The outlook was changed to positive from stable. The change in FTLife's outlook reflects the company's improving stand-alone credit profile from stronger distribution capabilities and improved capital and profitability.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this feature can be found here.

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