S&P Global Ratings upgraded the long-term insurer financial strength and issuer credit ratings of the Covéa group's core subsidiaries and guaranteed entities to AA- from A+.

The upgraded entities are Covéa Coopérations, MMA Vie SA, MMA IARD SA, MAAF Vie SA and GMF Vie. The rating agency also upgraded the financial strength rating of Covéa Life Ltd. and Covea Insurance Plc.

The upgrade reflects the rating agency's view of the group's capital adequacy, its competitive position in the French property and casualty market, and its ability to generate stable profits.

The outlook is stable, reflecting the expectation that the France-domiciled group will be able to withstand the negative effect of changing regulations and stiff competition in the French P&C market. S&P Global Ratings also sees the group as having sustainable capital buffers, as well as prudent underwriting and reserving policies.

The rating agency expects Covéa's capital adequacy to remain stable, regardless of a potentially sizable acquisition or any potential adverse development.