Here, S&P Global Ratings provides its long-term financial strength ratings (FSRs) and ratings scores for all the insurance companies where the main operations are within EMEA as at April 15, 2021. The FSRs and component scores in table 1 are based on the main operating company within the group or the consolidated group, rather than the holding company.
We set out our methodology for assessing credit risk of insurers in "Insurers Rating Methodology," published on July 1, 2019, and this publication sets out the component scores that help us assess and opine on credit risk in this sector.
Table 1 shows the list of companies that have had changes to EMEA insurers financial strength ratings and/or scores since our previously published "EMEA Insurers Ratings List," published Feb. 26, 2021 (data as at Feb. 15). Table 2 shows the list of companies that have had no changes.
Chart 1
Key To Abbreviations | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
BRP | Business risk profile | CP | Competitive position | IICRA | Insurance industry and country risk assessment | FRP | Financial risk profile | C&E | Capital and earnings | RE | Risk exposure |
FS | Funding structure | CRA | Comparable ratings analysis | GS | Group support | SACP | Stand-alone credit profile | GCP | Group credit profile | LC | Local currency |
FSR | Financial strength rating | V. strong | Very strong | V. low | Very low | M. low | Moderately low | M. high | Moderately high | M. negative | Moderately negative |
Sat. | Satisfactory | Int. | Intermediate | Excep. | Exceptional |
Table 1
Financial Strength Ratings And Component Scores--Changes | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Entity Name | BRP | CP | IICRA | FRP | C&E | RE | FS | Anchor | Governance | Liquidity | CRA | SACP/ GCP | GS | LC FSR | LC FSR Outlook | |||||||||||||||||
Abu Dhabi National Insurance Co. (PSC) |
Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Alfastrakhovanie, OAO |
Sat. | Strong | M. high | Fair | Sat. | M. high | Neutral | bbb- | Neutral | Excep. | 0 | bbb- | 0 | BBB- | Stable | |||||||||||||||||
Belfius Insurance S.A. |
Sat. | Sat. | Int. | Strong | Strong | M. low | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Britannia Steam Ship Insurance Association Europe (The) |
Strong | Strong | Int. | V. Strong | Excellent | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Ecclesiastical Insurance Office PLC |
Sat. | Sat. | Int. | Sat. | V. strong | M. high | M. negative | bbb+ | Neutral | Excep. | 1 | a- | 0 | A- | Stable | |||||||||||||||||
Energogarant PJSIC |
Fair | Sat. | M. high | Fair | Sat. | M. high | Neutral | bb+ | Neutral | Adequate | -1 | bb | 0 | BB | Stable | |||||||||||||||||
Freedom Finance Life JSC |
Weak | Fair | M. high | Weak | Fair | High | Neutral | b | Neutral | Excep. | 0 | b | 0 | B | Positive | |||||||||||||||||
Gulf Insurance Group K.S.C.P. |
Strong | Strong | Int. | Sat. | Strong | M. high | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Developing | |||||||||||||||||
Ingosstrakh Insurance Co. |
Sat. | Strong | M. high | Sat. | V. strong | High | Neutral | bbb | Neutral | Excep. | -1 | bbb- | 0 | BBB- | Positive | |||||||||||||||||
Insurance Co. RESO-GARANTIA |
Sat. | Strong | M. high | Fair | Strong | M. high | M. negative | bbb- | Neutral | Adequate | 0 | bbb- | 0 | BBB- | Positive | |||||||||||||||||
La Mondiale |
Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Lexgarant Insurance Co. Ltd. |
Weak | Fair | M. high | Marginal | Sat. | High | Neutral | bb- | Neutral | Adequate | 0 | bb- | 0 | BB- | Stable | |||||||||||||||||
Oman Insurance Co. (PSC) |
Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Positive | |||||||||||||||||
Qatar Insurance Co. Q.S.P.C. |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Adequate | 0 | a | 0 | A | Negative | |||||||||||||||||
Rosgosstrakh PJSC |
Fair | Sat. | M. high | Fair | Sat. | M. high | Neutral | bb+ | Neutral | Adequate | -1 | bb | 0 | BB | Stable | |||||||||||||||||
SiriusPoint Ltd. |
Strong | Strong | Int. | Sat. | V. Strong | High | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Negative | |||||||||||||||||
Warba Insurance Co. K.S.C.P. |
Fair | Fair | Int. | Strong | V. strong | M. high | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
West of England Ship Owners Mutual Insurance Association (Luxembourg) |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Negative | |||||||||||||||||
Zurich Insurance Co. Ltd. |
V. strong | Excellent | Int. | V. strong | V. strong | M. low | Neutral | aa | Neutral | Excep. | 0 | aa | 0 | AA | Stable | |||||||||||||||||
*Capped by sovereign rating. §Government-related entity that receives support. BRP--Business risk profile. CP--Competitive position. IICRA--Insurance industry and country risk assessment. FRP--Financial risk profile. C&E--Capital and earnings. RE--Risk exposure. FS--Funding structure. CRA--Comparable ratings analysis. GS--Group support. SACP--Stand-alone credit profile. GCP--Group credit profile. LC--Local currency. FSR--Financial strength rating. V. strong--Very strong. V. low--Very low. M. low--Moderately low. M. high--Moderately high. M. negative--Moderately negative. Sat.--Satisfactory. Int.--Intermediate. Excep.--Exceptional. |
Table 2
Financial Strength Ratings And Component Scores | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Entity Name | BRP | CP | IICRA | FRP | C&E | RE | FS | Anchor | Governance | Liquidity | CRA | SACP/ GCP | GS | LC FSR | LC FSR Outlook | |||||||||||||||||
Achmea B.V. |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Adequate | 0 | a | 0 | A | Stable | |||||||||||||||||
AEGON N.V. |
V. strong | V. strong | Low | Strong | Strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
African Reinsurance Corp. |
Sat. | Strong | High | V. strong | Excellent | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Ageas SA/NV |
Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
AIG MEA Ltd. |
Fair | Sat. | M. high | Sat. | Strong | M. high | Neutral | bbb | Neutral | Excep. | 0 | bbb | 3 | A | Watch Neg | |||||||||||||||||
AIG South Africa Ltd. |
Fair | Sat. | M. high | Fair | Sat. | M. high | Neutral | bb+ | Neutral | Excep. | 0 | bb+ | 0 | BB* | Stable | |||||||||||||||||
Al Buhaira National Insurance Co. (PSC) |
Sat. | Sat. | Int. | Fair | Strong | M. high | M. negative | bbb | M. negative | Less than adequate | 0 | bb+ | 0 | BB+ | Stable | |||||||||||||||||
Al Koot Insurance & Reinsurance Co. P.J.S.C. |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Al Sagr National Insurance Co. |
Sat. | Sat. | Int. | Fair | Strong | M. high | M. negative | bbb- | Neutral | Less than adequate | 0 | bb+ | 0 | BB+ | Stable | |||||||||||||||||
Al Wathba National Insurance Co. PJSC |
Fair | Fair | Int. | Fair | Strong | M. high | M. negative | bbb- | Neutral | Adequate | 0 | bbb- | 0 | BBB- | Stable | |||||||||||||||||
Al-Ahleia Insurance Co. S.A.K. |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Negative | |||||||||||||||||
Alandia Forsakring Abp |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Negative | |||||||||||||||||
Al-Khaleej Takaful Insurance Co. Q.P.S.C. |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | bbb+ | M. negative | Adequate | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
Allianz SE |
V. strong | Excellent | Int. | V. strong | V. strong | M. low | Neutral | aa | Neutral | Excep. | 0 | aa | 0 | AA | Stable | |||||||||||||||||
Alte Leipziger Lebensversicherung a.G. |
Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Amanat Insurance JSC |
Weak | Fair | M. high | Marginal | Sat. | High | Neutral | b+ | Neutral | Adequate | 0 | b+ | 0 | B+ | Stable | |||||||||||||||||
Ascot Group Ltd. |
Strong | Strong | Int. | Sat. | V. strong | High | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | |||||||||||||||||||
Aspen Insurance Holdings Ltd. |
Strong | Strong | Int. | Sat. | Excellent | High | M. negative | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
ASR Nederland N.V. |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Assuranceforeningen SKULD (Gjensidig) |
Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Aviva PLC |
V. strong | V. strong | Low | Strong | Strong | M. low | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
AXA |
V. strong | Excellent | Int. | Strong | Strong | M. low | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
Baloise Holding AG |
Strong | Strong | Low | Excellent | Excellent | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Basel Insurance JSC |
Vulnerable | Weak | M. high | Fair | Sat. | M. high | Neutral | b | Neutral | Adequate | 0 | b | 0 | B | Stable | |||||||||||||||||
Caisse Centrale de Reassurance |
Strong | Strong | Int. | Strong | Excellent | High | Neutral | a | Neutral | Adequate | 0 | 0 | AA§ | Stable | ||||||||||||||||||
CGPA |
Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
CNP Assurances |
Strong | Strong | Low | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Compania Espanola de Seguros de Credito a la Exportacion S.A. |
Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Convex Re Ltd. |
Sat. | Sat. | Int. | Strong | Excellent | High | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Covea Cooperations |
Strong | Strong | Int. | Excellent | Excellent | M. low | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
DAS Rechtsschutz AG |
Fair | Fair | Low | Strong | Strong | M. low | Neutral | bbb | Neutral | Excep. | 0 | bbb | 3 | A | Stable | |||||||||||||||||
Deutsche Rueckversicherung AG |
Strong | Strong | Low | V. strong | Excellent | M. high | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
DEVK Deutsche Eisenbahn Versicherung Sach- und HUK-Versicherungsverein a.G. Betriebliche Sozialeinrichtung der Deutschen Bahn |
Strong | Strong | Low | Excellent | Excellent | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Dina Forsakring AB |
Sat. | Sat. | Low | Strong | V. strong | M. high | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 0 | BBB+ | Stable | |||||||||||||||||
Doha Insurance Group Q.P.S.C. |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Echo Rueckversicherungs-AG |
Fair | Fair | Int. | Fair | Strong | High | Neutral | bbb- | Neutral | Adequate | 0 | bbb- | 3 | A- | Stable | |||||||||||||||||
Elba Assicurazioni SpA |
Fair | Fair | Int. | Strong | Strong | M. low | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
Emirates Insurance Co. (PSC) |
Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Eurasia Insurance Co. |
Sat. | Strong | M. high | Sat. | V. strong | High | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
Eurasia Life JSC |
Weak | Fair | M. high | Sat. | Strong | M. high | Neutral | bb | Neutral | Adequate | 0 | bb | 2 | BBB- | Stable | |||||||||||||||||
FIATC Mutua de Seguros y Reaseguros |
Sat. | Sat. | Low | Strong | Strong | M. low | Neutral | bbb+ | Neutral | Adequate | 0 | bbb+ | 0 | BBB+ | Stable | |||||||||||||||||
Flood Re Ltd. |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 1 | a | 0 | A | Stable | |||||||||||||||||
Freedom Finance Insurance JSC |
Vulnerable | Weak | M. high | Fair | Sat. | M. high | Neutral | b | Neutral | Adequate | 0 | b | 0 | B | Stable | |||||||||||||||||
Garantia Insurance Co. Ltd. |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Gard P&I (Bermuda) Ltd. |
Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Adequate | 0 | a+ | 0 | A+ | Negative | |||||||||||||||||
GIC Re South Africa Ltd. |
-- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | BB+** | Negative | |||||||||||||||||
Gjensidige |
Strong | Strong | Low | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Gothaer Allgemeine Versicherung AG |
Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Positive | |||||||||||||||||
Hannover ReTakaful B.S.C. |
Fair | Fair | Int. | Strong | Strong | M. low | Neutral | bbb+ | Neutral | Adequate | 0 | bbb+ | 3 | A+ | Stable | |||||||||||||||||
Hannover Rueck SE |
V. strong | V. strong | Int. | Strong | V. strong | M. high | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
HDFC International Life and Re Co. Ltd. |
Fair | Fair | Int. | Strong | Strong | M. low | Neutral | bbb | Neutral | Excep. | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
HDI Haftpflichtverband der Deutschen Industrie V.a.G. |
Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
HDI Versicherung AG (Austria) |
Sat. | Sat. | Low | Strong | Strong | M. low | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 2 | A | Stable | |||||||||||||||||
Helvetia Schweizerische Versicherungsgesellschaft AG |
Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Positive | |||||||||||||||||
Hiscox Ltd. |
Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | a- | Neutral | Excep. | 1 | a | 0 | A | Stable | |||||||||||||||||
Insurance Co. Jusan Garant JSC |
Weak | Fair | M. high | Marginal | Sat. | High | Neutral | b+ | Neutral | Adequate | 0 | b+ | 0 | B+ | Stable | |||||||||||||||||
International General Insurance Co. Ltd. |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
IPB Insurance CLG |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
KBC Insurance N.V. |
Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 1 | A | Negative | |||||||||||||||||
KLPP Insurance and Reinsurance Co. Ltd. |
Vulnerable | Weak | M. high | Strong | V. strong | M. high | Neutral | bb | Neutral | Excep. | 0 | bb | 0 | BB | Positive | |||||||||||||||||
Kommunal Landspensjonskasse |
Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Lansforsakringar Sak Forsakrings AB |
Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Legal & General Group PLC |
V. strong | V. strong | Low | Strong | Strong | M. low | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
Life Insurance Co. Nomad Life JSC |
Fair | Sat. | M. high | Fair | Sat. | M. high | Neutral | bb+ | Neutral | Excep. | 0 | bb+ | 0 | BB+ | Stable | |||||||||||||||||
Liverpool Victoria Financial Services Ltd. |
Sat. | Sat. | Low | Strong | Excellent | M. high | M. negative | bbb+ | Neutral | Excep. | 0 | bbb+ | 0 | BBB+ | Stable | |||||||||||||||||
Lloyd's |
V. strong | V. strong | Int. | Sat. | V. strong | High | Neutral | a+ | Neutral | Adequate | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
LocalTapiola General Mutual Insurance Co. |
Strong | Strong | Low | V. strong | Excellent | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
London Steam-Ship Owners' Mutual Insurance Assn. Ltd. (The) |
Fair | Fair | Int. | Sat. | Strong | M. high | Neutral | bbb | Neutral | Excep. | 0 | bbb | 0 | BBB | Negative | |||||||||||||||||
London-Almaty Insurance Co. JSC |
Weak | Fair | M. high | Fair | Sat. | M. high | Neutral | bb- | Neutral | Adequate | 0 | bb- | 0 | BB- | Stable | |||||||||||||||||
M&G PLC |
Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Mapfre S.A. |
V. strong | V. strong | Int. | Strong | Strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
MetLife Europe d.a.c. |
Sat. | Sat. | Int. | Sat. | Strong | M. high | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 3 | A+ | Stable | |||||||||||||||||
Munich Reinsurance Co. |
V. strong | Excellent | Int. | Strong | V. strong | M. high | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
Nacional de Reaseguros S.A. |
Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
NN Group N.V. |
Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Nomad Insurance Co. |
Fair | Sat. | M. high | Marginal | Sat. | High | Neutral | bb- | Neutral | Adequate | 0 | bb- | 0 | BB- | Stable | |||||||||||||||||
North of England Protecting & Indemnity Association Ltd. (The) |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Adequate | 0 | a | 0 | A | Negative | |||||||||||||||||
Norwegian Hull Club |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Adequate | 0 | a | 0 | A | Stable | |||||||||||||||||
NPA Insurance Ltd. |
Fair | Fair | Int. | Sat. | Sat. | M. low | Neutral | bbb | Neutral | Excep. | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
Oil Insurance Co. JSC |
Weak | Fair | M. high | Marginal | Sat. | High | Neutral | b+ | Neutral | Adequate | 0 | b+ | 0 | B+ | Stable | |||||||||||||||||
Old Mutual Ltd. |
Sat. | Strong | M. high | Fair | Sat. | M. high | Neutral | bbb- | Neutral | Excep. | 0 | bbb- | 0 | BB* | Stable | |||||||||||||||||
Orient Insurance P.J.S.C. |
Sat. | Strong | Int. | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
PASHA Insurance OJSC |
Fair | Strong | High | Marginal | Sat. | High | Neutral | bb | Neutral | Adequate | 0 | bb | 0 | BB | Stable | |||||||||||||||||
Powszechny Zaklad Ubezpieczen S.A. |
Strong | V. strong | M. high | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
PRI Pensionsgaranti Mutual Insurance Co. |
Strong | Strong | Low | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Prudential plc |
V. strong | Excellent | Int. | V. strong | V. strong | M. low | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
Ras Al-Khaimah National Ins Co. |
Sat. | Sat. | Int. | Strong | Strong | M. low | Neutral | bbb+ | Neutral | Adequate | 0 | bbb+ | 0 | BBB+ | Stable | |||||||||||||||||
RSA Insurance Group PLC |
V. strong | V. strong | Int. | Sat. | Sat. | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Watch Neg | |||||||||||||||||
SALAMA/Islamic Arab Insurance Co. P.S.C. |
Sat. | Sat. | Int. | Sat. | V. strong | High | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Negative | |||||||||||||||||
Sampo PLC |
V. strong | V. strong | Low | Sat. | Strong | M. high | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Santam Ltd. |
Sat. | Strong | M. high | Fair | Fair | M. low | Neutral | bbb- | Neutral | Adequate | 0 | bb | 0 | BB* | Stable | |||||||||||||||||
Sava Re |
Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
SCOR SE |
V. strong | V. strong | Low | Strong | V. strong | M. high | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
Scottish Widows Ltd. |
Strong | Strong | Low | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Negative | |||||||||||||||||
Seib Insurance and Reinsurance Co. LLC |
Fair | Fair | Int. | Sat. | Sat. | M. low | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
Sharq Insurance LLC |
Fair | Fair | Int. | Fair | Strong | High | Neutral | bb+ | M. negative | Excep. | 0 | bb | 3 | BBB | Negative | |||||||||||||||||
Shipowners' Mutual Protection & Indemnity Association (Luxembourg) |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Sinoasia B&R Insurance JSC |
Weak | Fair | M. high | Sat. | Sat. | M. low | Neutral | bb | Neutral | Excep. | 0 | bb | 0 | BB | Stable | |||||||||||||||||
Societa Cattolica di Assicurazione |
Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 0 | BBB* | Stable | |||||||||||||||||
Societe Centrale Prevoir |
Sat. | Sat. | Low | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
St. James's Place U.K. PLC |
Sat. | Sat. | Low | Strong | Strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Standard Club UK Ltd. (The) |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Negative | |||||||||||||||||
Steamship Mutual Underwriting Assn. (Bermuda) Ltd. (The) |
Strong | V. strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Storebrand ASA |
Strong | Strong | Int. | Sat. | Strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Sveriges Angfartygs Assurans Forening (The Swedish Club) |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Swiss Life AG |
Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Swiss Re Ltd. |
V. strong | Excellent | Int. | Strong | V. strong | M. high | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Negative | |||||||||||||||||
Tawuniya/The Co. for Cooperative Insurance |
Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 0 | BBB+ | Positive | |||||||||||||||||
Temiryol-Sugurta LLC |
Weak | Fair | High | Marginal | Sat. | High | Neutral | b+ | Neutral | Adequate | 0 | b+ | 0 | B+ | Stable | |||||||||||||||||
Triglav Re, Reinsurance Co. Plc |
Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
UNIQA Insurance Group AG |
Strong | Strong | Int. | Strong | V. strong | M. low | M. negative | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
United Kingdom Mutual Steam Ship Assurance Association Ltd. (The) |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Negative | |||||||||||||||||
UNUM Ltd. |
Sat. | Sat. | Low | Sat. | Sat. | M. low | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 1 | A- | Stable | |||||||||||||||||
Versicherungskammer Bayern Versicherungsanstalt des oeffentlichen Rechts |
Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | a- | Neutral | Excep. | 1 | a | 0 | A | Stable | |||||||||||||||||
VHV Vereinigte Hannoversche Versicherung a.G. |
Strong | Strong | Low | Excellent | Excellent | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe |
Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Walaa Cooperative Insurance Co. |
Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Wataniya Insurance Co. |
Sat. | Sat. | Int. | Sat. | Strong | M. high | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
Wethaq Takaful Insurance Co. K.S.C. |
Weak | Weak | Int. | Vulnerable | Marginal | High | Neutral | b- | M. negative | Less than adequate | 0 | b- | 0 | B- | Negative | |||||||||||||||||
Wuerttembergische Lebensversicherung AG |
Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | -1 | A- | Stable | |||||||||||||||||
*Capped by sovereign rating. **The rating factors in support from the parent company. §Government-related entity that receives support. BRP--Business risk profile. CP--Competitive position. IICRA--Insurance industry and country risk assessment. FRP--Financial risk profile. C&E--Capital and earnings. RE--Risk exposure. FS--Funding structure. CRA--Comparable ratings analysis. GS--Group support. SACP--Stand-alone credit profile. GCP--Group credit profile. LC--Local currency. FSR--Financial strength rating. V. strong--Very strong. V. low--Very low. M. low--Moderately low. M. high--Moderately high. M. negative--Moderately negative. Sat.--Satisfactory. Int.--Intermediate. Excep.--Exceptional. |
This report does not constitute a rating action.
Primary Credit Analyst: | Kai B Mirza, London + 44 20 7176 3980; kai.mirza@spglobal.com |
Secondary Contacts: | Mark D Nicholson, London + 44 20 7176 7991; mark.nicholson@spglobal.com |
Liesl Saldanha, London + 44 20 7176 0489; liesl.saldanha@spglobal.com | |
Research Contributor: | Rachit Chauhan, Mumbai; rachit.chauhan@spglobal.com |
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