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Insurance ratings actions: DBRS acts on Manulife Financial, Equitable Life

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Insurance ratings actions: DBRS acts on Manulife Financial, Equitable Life

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

DBRS changed the trends to positive from stable and confirmed the A financial strength rating and issuer rating of Equitable Life Insurance Co. of Canada.

The confirmation reflects the rating agency's view that the company has excellent/good earnings ability, excellent liquidity and excellent capitalization.

The positive trend considers the company's resilient fundamentals and its ability to adapt to the current business environment.

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DBRS changed the trends to positive from stable and confirmed the A issuer rating of Manulife Financial Corp. and its affiliates. The rating agency also confirmed the AA issuer rating and financial strength rating of Manufacturers Life Insurance Co.

The confirmations reflect the company's strong position in its home market and solid franchises across several key markets, including the U.S. and Asia. The ratings also consider the company's large exposure to guaranteed products in Canada and the U.S. that can lead to profit volatility and the additional complexities related to the operations of an international insurance organization, according to DBRS.

The positive trends consider the company's progress with its strategy and its profitability and its improved risk profile, according to the rating agency.

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Fitch Ratings affirmed the A long-term issuer default rating of HCC Insurance Holdings Inc. and the AA- insurer financial strength ratings of its operating subsidiaries, HCC Life Insurance Co., Avemco Insurance Co., U.S. Specialty Insurance Co., American Contractors Indemnity Co., United States Surety Co. and Houston Casualty Co. The outlook is stable.

The affirmation follows the pending acquisition of Privilege Underwriters Inc. and its subsidiaries by HCC Insurance Holdings' ultimate parent, Tokio Marine Holdings Inc.

The ratings also reflect the company's very strong earnings, capitalization and a reserve position that the rating agency views as sufficient.

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Fitch affirmed the BBB+ long-term issuer default rating of Global Atlantic Financial Group Ltd.'s subsidiaries, Global Atlantic Financial Limited and Global Atlantic (Fin) Co.

The rating agency also affirmed the A insurer financial strength ratings of its life insurance operating subsidiaries, Forethought Life Insurance Co., Commonwealth Annuity and Life Insurance Co., Accordia Life and Annuity Co., Global Atlantic Re Ltd. and First Allmerica Financial Life Insurance Co. The outlook is stable.

The affirmation reflects the rating agency's view that Global Atlantic Financial Group's key financial metrics and recent operating performance remain consistent with existing rating expectations.

The group's ratings reflect its strong business profile and consistently strong operating performance over the last five years, as well as its strong reported risk-adjusted capitalization and high-quality investment portfolio.

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S&P Global Ratings affirmed the BBB long-term issuer credit rating of Fidelity National Financial Inc. The rating agency also affirmed the A financial strength ratings of its subsidiaries.

The outlook is stable, reflecting the rating agency's expectation that the group will maintain its strong competitive position, including operating performance metrics and market share, as well as its very strong capital adequacy.

Europe

Fitch affirmed the AA- insurer financial strength rating of Prudential Assurance Co. Ltd. The rating agency also assigned its A+ long-term issuer default rating on parent M&G PLC. The outlooks are stable.

The affirmation reflects the company's very strong capitalization and business profile. The rating agency assessed the M&G group on a stand-alone basis due to its proposed demerger from Prudential PLC, which is expected to be completed Oct. 21.

M&G's issuer default rating is aligned with Prudential Assurance's implied issuer default rating, based on the rating agency's group regulatory classification for U.K.-based insurance groups.

Asia-Pacific

Fitch affirmed the AA- insurer financial strength rating of Tokio Marine & Nichido Fire Insurance Co. Ltd. The outlook is stable.

The affirmation reflects Tokio Marine Holdings' planned acquisition of Privilege Underwriters and its subsidiaries. Tokio Marine & Nichido Fire Insurance is a core company of Tokio Marine Holdings.

Tokio Marine & Nichido Fire's rating and outlook also consider the company's most favorable business profile, very strong capital adequacy and strong financial performance, even after the proposed transaction. The rating agency expects that the acquisition will strengthen the business profile of Tokio Marine Holdings over the medium term, as it supports the company's sustainable overseas business growth and further improves its globally diversified insurance businesses portfolio.

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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