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
A.M. Best removed from under review with developing implications and affirmed the financial strength rating of A and the long-term issuer credit rating of "a+" of New York-based Axa Equitable Life Insurance Co.
Concurrently, the agency assigned a long-term issuer credit rating of "bbb+" to Axa Equitable Holdings Inc. The outlook assigned to these ratings is stable.
The financial strength rating of B+ and the long-term issuer credit rating of "bbb-" were affirmed and assigned a stable outlook for Axa Corporate Solutions Life Reinsurance Co. The financial strength rating of A and the long-term issuer credit rating of "a" were affirmed and a stable outlook assigned for U.S. Financial Life Insurance Co.
The ratings were removed from under review with developing implications and the financial strength rating downgraded to B++ from A- and the long-term issuer credit rating downgraded to "bbb" from "a-" and assigned a stable outlook for Axa Equitable Life and Annuity Co.
The ratings reflect Axa Equitable Life's very strong balance sheet, strong operating performance, favorable business profile and appropriate enterprise risk management.
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Moody's downgraded the insurance financial strength ratings of Ohio National Life Insurance Co. and Ohio National Life Assurance Corp., the core insurance subsidiaries of Ohio National Financial Services Inc., to A2 from A1.
The outlook for the ratings of Ohio National and its subsidiaries remains negative.
Moody's noted the challenges the company faces in transitioning to a more focused life insurer, as well as the significant tail risk associated with its closed block of variable annuities. The agency remains concerned about the continued execution risk of the company's plan to restructure its significant variable annuity tail risk over the near term and the potential impact of a downside scenario on the company's capital levels.
Europe
Fitch Ratings affirmed with a positive outlook the BBB- insurer financial strength rating of Russia-based JSC IC Allianz.
The rating benefits from the company's ownership by Allianz SE, one of the world's largest insurance groups, but is capped by Russia's country ceiling of BBB-.
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Fitch affirmed with a positive outlook the BBB- insurer financial strength rating of Russian National Reinsurance Co.
The agency said the rating and outlook continue to reflect Russia's long-term local-currency issuer default rating and were based on strong financial support made available from the Central Bank of Russia and the company's exclusive position in the local reinsurance sector, underpinned by regulation.
Middle East and Africa
S&P Global Ratings revised its outlook on Qatar-based Al Koot Insurance & Reinsurance Co. SAQ to stable from negative and affirmed the long-term counterparty credit and insurer financial strength ratings on the company at A-.
The agency noted significant improvement in Al Koot's competitive standing in the Qatari property and casualty market over the past two years, owing to a combination of strong gross written premium growth and profitable underwriting results.
S&P expects Al Koot to maintain profitable underwriting results and AAA capital adequacy, despite the projected strong growth over the next two years.
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S&P affirmed with a stable outlook the BBB+ issuer credit and financial strength ratings on United Arab Emirates-based Ras Al-Khaimah National Insurance Co.
Notwithstanding a reduction in absolute capital levels, S&P expects the company's risk-adjusted capital adequacy to remain resilient above the AAA level benchmark. The agency added that the company's business expansion plans in the UAE will support its competitive positon in the market over the next two to three years.
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S&P affirmed with a negative outlook the B long-term insurer financial strength and issuer credit ratings on Kuwait-based Wethaq Takaful Insurance Co. KSC (Closed).
The ratings were removed from CreditWatch with negative implications, where they were placed on March 19. S&P has fewer concerns about Wethaq's liquidity, thanks to some improvements in its investment portfolio.
The negative outlook was due to Wethaq's fragile competitive position, deteriorated capital adequacy and weak spots identified in its management and governance.
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, here and here.
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