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In This List

Insurance ratings actions: S&P acts on ShelterPoint Life, Japan Post Insurance

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Insurance ratings actions: S&P acts on ShelterPoint Life, Japan Post Insurance

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 downgraded the financial strength rating to A- from A and long-term issuer credit rating to "a-" from "a+" of PartnerRe Insurance Co. of New York.

The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as strong, and its adequate operating performance, limited profile and appropriate enterprise risk management.

PartnerRe Insurance Co. of New York retained its under review status, while the implications were revised to developing from negative.

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A.M. Best affirmed the A financial strength rating and the "a" long-term issuer credit rating of Virginia Surety Co. Inc. The outlook remains stable.

The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, and its adequate operating performance, neutral business profile and appropriate enterprise risk management.

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S&P Global Ratings affirmed the A- insurer financial strength and long-term issuer credit ratings of ShelterPoint Life Insurance Co. The outlook is stable.

The ratings reflect the company's fair competitive position as the leading provider of short-term disability benefits and paid family leave coverage in New York as mandated by the state's Disability Benefits Law, according to the rating agency.

The stable outlook reflects the rating agency's expectation that the company will successfully defend its position in the state's statutory short-term disability market, S&P Global Ratings said.

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S&P Global Ratings affirmed the A+ long-term issuer credit and financial strength ratings of Blue Cross and Blue Shield of Florida Inc. The outlook is stable.

The stable outlook reflects the rating agency's view that the company will generate solid operating results in 2019 to 2020.

Asia-Pacific

Fitch Ratings affirmed the AA- national insurer financial strength rating of Colombo, Sri Lanka-based National Insurance Trust Fund. The outlook is stable.

The affirmation reflects the rating agency's assessment that the company has a favorable business profile, meaningful recovery in its financial performance, satisfactory regulatory capital position and conservative investment mix, according to Fitch.

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Fitch affirmed the AA+(idn) national insurer financial strength rating of Indonesia-based PT Asuransi Sinar Mas. The outlook is stable.

The affirmation reflects the company's strong capitalization that would provide a buffer against adverse shocks, as well as its prudent investment risk profile.

The rating takes into account the rating agency's assessment that the company has a favorable business profile with a substantive business franchise within its sector, a favorable operating scale, a risk appetite on par with its sector, and well-diversified business lines.

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Moody's affirmed the A2 insurance financial strength ratings of Ping An Life Insurance Co. of China Ltd. and Ping An Property & Casualty Insurance Co. of China Ltd. The outlook is stable.

The affirmation reflects Ping An Life Insurance's prominent market position in China, strong agency force with high productivity, solid capitalization and strong profitability. It also takes into account Ping An Property & Casualty Insurance's consistently strong franchise and product reach and strong underwriting profitability, according to Moody's.

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S&P Global Ratings revised the outlook for Japan Post Insurance Co. Ltd. to negative from stable. The rating agency also affirmed the A+ the financial strength and long-term issuer credit ratings of the company.

The outlook revision reflects the rating agency's assessment of the potential consequences of the "headline-grabbing scandal" regarding inappropriate sales in Japan.

The affirmation takes into account the competitive strengths of the company, including its nationwide distribution network and its familiar brand name, according to S&P Global Ratings.

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S&P Global Ratings affirmed the financial strength and issuer credit ratings of seven Japan-based subsidiaries of global multiline insurance groups.

The rating agency affirmed the A+ financial strength and A+ issuer credit ratings of AIG General Insurance Co. Ltd. with a stable outlook; the A+ financial strength and A+ issuer credit ratings of Axa Life Insurance Co. Ltd., Prudential Life Insurance Co. Ltd., The Gibraltar Life Insurance Co. Ltd. and The Prudential Gibraltar Financial Life Insurance Co. Ltd. with a positive outlook; the AA financial strength and AA issuer credit ratings of Allianz Fire & Marine Insurance Japan Ltd. with a stable outlook; and the AA- financial strength and AA- issuer credit ratings of MetLife Insurance KK with a stable outlook.

The stable outlook on the ratings of Allianz Fire & Marine Insurance Japan, MetLife Insurance KK, and AIG General Insurance reflects the outlooks on the core operating subsidiaries of the insurers' parent groups, according to S&P Global Ratings.

The positive outlook on the ratings of Axa Life Insurance, The Gibraltar Life Insurance, The Prudential Gibraltar Financial Life Insurance and Prudential Life Insurance reflect the outlook on the sovereign rating on Japan, S&P Global Ratings said.

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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