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Insurance ratings actions: S&P affirms Genworth's life, LTC subsidiaries

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

Fitch Ratings affirmed the A- long-term issuer default rating and A insurer financial strength rating of Health Care Service Corp. The outlook remains positive.

The action acknowledges the material improvement in the company's very strong capitalization and strong profitability relative to Fitch's ratings upgrade sensitivities. Fitch said these strengths are offset by the uncertainty surrounding the company's strategic direction and capital targets subsequent to recent management changes at both CEO and CFO positions.

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S&P Global Ratings affirmed the AA- insurer financial strength and long-term issuer credit ratings of Western & Southern Financial Group Inc.

The outlook is stable, considering the rating agency's expectation that the group will maintain its strong competitive position while sustaining its excellent capital and exceptional liquidity.

The ratings reflect the group's strong business risk and excellent financial risk profiles, S&P Global Ratings said.

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S&P Global Ratings affirmed the B- long-term financial strength and issuer credit ratings of Genworth Financial Inc.'s life and long-term care, or LTC, subsidiaries: Genworth Life Insurance Co., Genworth Life & Annuity Insurance Co. and Genworth Life Insurance Co. of New York.

The outlook on the life insurance subsidiaries is stable, taking into account the rating agency's expectation that a successful closing or termination of Genworth's pending deal with China Oceanwide Holdings Ltd. will have neither a positive nor a negative effect on the life segment's ratings.

Genworth Financial's B long-term issuer credit rating and Genworth Mortgage Insurance Corp.'s BB+ long-term financial strength and issuer credit ratings remain on CreditWatch with developing implications.

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S&P Global Ratings affirmed the A- long-term issuer credit and financial strength ratings of Bermuda-based Associated Electric & Gas Insurance Services Ltd.

The outlook is stable, reflecting the rating agency's view that the company will maintain its strong competitive position in its core markets and sustain its operating profitability.

Associated Electric & Gas' ratings take into account its leading presence in the investor-owned and municipal utilities, alternative energy, and electrical generation and transmission cooperatives markets in North America, according to the rating agency.

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S&P Global Ratings affirmed the BBB long-term issuer credit rating of Enstar Group Ltd.

The rating takes into account the company's market leadership in its core nonlife runoff business and its proven track record of excellent claims management capabilities that allowed it to produce strong underwriting profitability.

The outlook remains stable, considering the rating agency's view that the company will maintain its leadership position in the nonlife runoff segment, continue to generate strong and sustainable earnings, and keep its capital adequacy redundant at the AAA confidence level through 2021.

Asia-Pacific

S&P Global Ratings affirmed the A long-term issuer credit rating of Suncorp Group Ltd. and the A+ long-term insurer financial strength and issuer credit ratings of the insurer's core operating subsidiaries.

The ratings action comes after a review of Suncorp under S&P Global Ratings' revised criteria.

The outlook is stable, reflecting the rating agency's expectation that Suncorp and its core operating subsidiaries will maintain solid underlying earnings over the near term.

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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