A.M. Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" of Popular Life Re (PLRE) (Puerto Rico). PLRE is a life insurance subsidiary of its ultimate parent, Popular Inc. [NASDAQ: BPOP], a publicly traded bank holding company based in Puerto Rico. The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect PLRE's balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect PLRE's positive earnings trends, its stable liability profile, strong return metrics and invested assets, which are of good credit quality and highly liquid.
PLRE remains strategically important to Popular Inc., as the company reinsures a portion of credit insurance policies on consumer loans originated at Banco Popular de Puerto Rico, as well as personal accident and health policies underwritten by unaffiliated insurers.
Source: A.M. Best Ratings Services, Inc. Used under license.
