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 Europe, the Middle East, and Africa (EMEA) as at Mar. 31, 2023. The FSRs and component scores in the tables below 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 July 1, 2019, on RatingsDirect, 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 (including withdrawals) to the FSRs and/or scores, and Table 2 shows the list of companies that have had no changes to the FSRs and/or scores since we last published "EMEA Insurers Ratings List: Financial Strength Ratings And Scores," on Jan. 13, 2023. Table 3 shows the environmental, social, and governance (ESG) credit indicators for the EMEA insurance sector. Our ESG credit indicators provide additional disclosure at the entity level and reflect our opinion of the influence ESG factors have on our credit rating analysis. We assess these indicators on a net basis, meaning that we take a holistic view of exposure to ESG factors and related mitigants in the credit rating analysis. They are applied after the rating has been determined. They are not a sustainability rating or an S&P Global Ratings ESG Evaluation.
Chart 2
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 | SACP | Stand-alone credit profile | GCP | Group credit profile | GS | Group support | LC | Local currency |
FSR | Financial strength rating | Excep. | Exceptional | Int. | Intermediate | M. high | Moderately high | M. low | Moderately low | M. negative | Moderately negative |
NR | Not rated | Sat. | Satisfactory | V. low | Very low | V. strong | Very strong |
Table 1
Financial Strength Ratings And Component Scores--Changes (Including New Ratings & Withdrawals) | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Entity Name | BRP | CP | IICRA | FRP | C&E | RE | FS | Anchor | Governance | Liquidity | CRA | SACP/GCP | GS | LC FSR | LC FSR Outlook | |||||||||||||||||
AIG South Africa Ltd. |
Fair | Sat. | M. high | Fair | Sat. | M. high | Neutral | bb+ | Neutral | Excep. | 0 | bb+ | -1 | BB* | Stable | |||||||||||||||||
CCR Re Société anonyme |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Watch Pos | |||||||||||||||||
Halyk‐Life JSC |
Sat. | Strong | M. high | Fair | Sat. | M. high | Neutral | bbb- | Neutral | Excep. | 0 | bbb- | 0 | BBB- | Stable | |||||||||||||||||
Insurance Co. Jusan Garant JSC |
Weak | Fair | M. high | Fair | Strong | High | Neutral | bb- | Neutral | Adequate | 0 | bb- | 0 | BB- | Stable | |||||||||||||||||
NorthStandard Ltd. |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Adequate | 0 | a | 0 | A | Stable | |||||||||||||||||
Old Mutual Ltd. |
Sat. | Strong | M. high | Fair | Sat. | M. high | Neutral | bbb- | Neutral | Excep. | 0 | bbb- | 0 | BB* | Stable | |||||||||||||||||
Santam Ltd. |
Sat. | Strong | M. high | Fair | Fair | M. low | Neutral | bbb- | Neutral | Adequate | 0 | bbb- | (2) | BB* | Stable | |||||||||||||||||
SCOR SE |
V. strong | V. strong | Low | Sat. | 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 | |||||||||||||||||
STE Mutual d Assurance du Batiment & des Travaux Public |
Strong | Strong | Int. | Excellent | Excellent | 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 | |||||||||||||||||
Ecclesiastical Insurance Office PLC |
-- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | NR | -- | |||||||||||||||||
*Capped by sovereign rating. §Government-related entity that receives support. BRP--Business risk profile. C&E--Capital and earnings. CP--Competitive position. CRA--Comparable ratings analysis. Excep.--Exceptional. FRP--Financial risk profile. FS--Funding structure. FSR--Financial strength rating. GCP--Group credit profile. GS--Group support. IICRA--Insurance industry and country risk assessment. Int.--Intermediate. LC--Local currency. M. low--Moderately low. M. high--Moderately high. M. negative--Moderately negative. RE--Risk exposure. SACP--Stand-alone credit profile. Sat.--Satisfactory. V. low--Very low. V. strong--Very strong. |
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 | |||||||||||||||||
Abarca - Companhia de Seguros, S.A |
Fair | Fair | Int. | Sat. | Sat. | M. low | Neutral | bbb- | Neutral | Excep. | 0 | bbb- | 0 | BBB- | Stable | |||||||||||||||||
Abu Dhabi National Insurance Co. (PSC) |
Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Achmea B.V. |
Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a | Neutral | Adequate | 0 | a | 0 | A | Stable | |||||||||||||||||
AEGON N.V. |
Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Negative | |||||||||||||||||
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 | a | 3 | A | Negative | |||||||||||||||||
Al Ain Ahlia Insurance Co. P.S.C. |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Negative | |||||||||||||||||
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 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- | Stable | |||||||||||||||||
Alandia Forsakring Abp |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Al-Khaleej Takaful Insurance Co. Q.P.S.C. |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | bbb+ | Neutral | Excep. | 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 | |||||||||||||||||
Apex Insurance JSC |
Weak | Fair | High | Weak | Fair | 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 | |||||||||||||||||||
Asia Insurance Sug'urta Kompaniyasi JSC |
Vulnerable | Weak | High | Marginal | Sat. | High | Neutral | b- | Neutral | Adequate | 0 | b- | 0 | B- | Positive | |||||||||||||||||
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 | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Negative | |||||||||||||||||
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 | |||||||||||||||||
Belfius Insurance |
Sat. | Sat. | Int. | Strong | Strong | M. low | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Britannia Steam Ship Insurance Assn. Europe (The) |
Strong | Strong | Int. | V. strong | Excellent | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Negative | |||||||||||||||||
Caisse Centrale de Reassurance |
Strong | Strong | Int. | Strong | Excellent | High | Neutral | a | Neutral | Adequate | 0 | a | 0 | AA§ | Negative | |||||||||||||||||
CGPA |
Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
CNP Assurances |
Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Negative | |||||||||||||||||
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 | |||||||||||||||||
Company for Cooperative Insurance (Tawuniya) (The) |
Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Convex Re Ltd. |
Sat. | Sat. | Int. | Strong | Excellent | High | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Covea Cooperations |
V. strong | V. strong | Int. | V. strong | Excellent | M. high | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
Deutsche Rueckversicherung AG |
Strong | Strong | Low | V. strong | V. strong | 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 | |||||||||||||||||
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+ | Positive | |||||||||||||||||
Flood Re Ltd. |
Strong | Sat. | Int. | Sat. | V. strong | M. high | Neutral | a- | Neutral | Excep. | 1 | a | 0 | A | Stable | |||||||||||||||||
Freedom Finance Insurance JSC |
Weak | Fair | M. high | Fair | Sat. | M. high | Neutral | bb- | Neutral | Adequate | (1) | b+ | 0 | B+ | Stable | |||||||||||||||||
Freedom Finance Life JSC |
Weak | Fair | M. high | Marginal | Fair | High | Neutral | b+ | Neutral | Excep. | 1 | 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+ | Stable | |||||||||||||||||
GIC Re South Africa Ltd. |
-- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | BB+** | Stable | |||||||||||||||||
Gjensidige |
Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Positive | |||||||||||||||||
Gothaer Allgemeine Versicherung AG |
Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Gulf Insurance Group K.S.C.P. |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Adequate | 0 | a | 0 | A | Stable | |||||||||||||||||
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 | Negative | |||||||||||||||||
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+ | Stable | |||||||||||||||||
Hiscox Ltd. |
Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | a- | Neutral | Excep. | 1 | a | 0 | A | Stable | |||||||||||||||||
International General Insurance Co. Ltd. |
Strong | Strong | 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 | Stable | |||||||||||||||||
KLPP Insurance and Reinsurance Co. Ltd. |
Weak | Fair | M. high | Strong | V. strong | M. high | Neutral | bb+ | Neutral | Excep. | 0 | bb+ | 0 | BB+ | Negative | |||||||||||||||||
Kuwait Reinsurance Co. K.S.C. |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
La Mondiale |
Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Lansforsakringar 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+ | Negative | |||||||||||||||||
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 | |||||||||||||||||
M&G PLC |
Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Malakoff Humanis Prevoyance |
Strong | Strong | Low | V. Strong | Excellent | M. high | 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. | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Positive | |||||||||||||||||
Nomad Insurance Co. |
Fair | Sat. | M. high | Marginal | Sat. | High | Neutral | bb | Neutral | Adequate | 0 | bb | 0 | BB | Stable | |||||||||||||||||
Norwegian Hull Club |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
NOVIS Insurance Company |
Fair | Fair | Int. | Marginal | Sat. | M. low | Negative | bb- | Neutral | Adequate | 0 | BB- | 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 | |||||||||||||||||
Oman Insurance Co. (PSC) |
Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Orient Insurance P.J.S.C. |
Strong | Strong | Int. | V. strong | Excellent | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Positive | |||||||||||||||||
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 | |||||||||||||||||
Qatar Insurance Co. Q.S.P.C. |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
QLM Life & Medical Insurance Co. |
Sat. | Sat. | Int. | Strong | Strong | M. low | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Ras Al-Khaimah National Ins Co. |
Sat. | Sat. | Int. | Strong | Strong | M. low | Neutral | bbb+ | Neutral | Adequate | 0 | bbb+ | 0 | BBB+ | Negative | |||||||||||||||||
REVO Insurance S.p.A. |
Fair | Fair | Int. | V. strong | V. strong | M. low | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 0 | BBB+ | Stable | |||||||||||||||||
SALAMA/Islamic Arab Insurance Co. P.S.C. |
Sat. | Sat. | Int. | Fair | Strong | High | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Watch Neg | |||||||||||||||||
Sampo PLC |
V. strong | V. strong | Low | V. strong | V. strong | M. high | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
Saudi Reinsurance Co. |
Sat. | Sat. | Int. | Strong | Strong | M. low | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Sava Re |
Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
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 | |||||||||||||||||
SiriusPoint Ltd. |
Strong | Strong | Int. | Sat. | V. Strong | High | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Negative | |||||||||||||||||
Societa Cattolica di Assicurazione |
Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 2 | A | 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 | |||||||||||||||||
Steamship Mutual Underwriting Assn. (Bermuda) Ltd. (The) |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Negative | |||||||||||||||||
Storebrand ASA |
Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Sveriges Angfartygs Assurans Forening (The Swedish Club) |
Sat. | Sat. | Int. | Sat. | Strong | M. high | Neutral | bbb+ | Neutral | Adequate | 0 | bbb+ | 0 | BBB+ | 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 | V. strong | Int. | Strong | V. strong | M. high | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Negative | |||||||||||||||||
Talanx Primary Insurance Group |
Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Temiryol-Sugurta JSC |
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 | |||||||||||||||||
United Kingdom Mutual Steam Ship Assurance Association Ltd. (The) |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
UNUM Ltd. |
Sat. | Sat. | Low | Sat. | Sat. | M. low | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 1 | 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 | |||||||||||||||||
Warba Insurance Co. K.S.C.P. |
Fair | Fair | Int. | Strong | V. strong | M. high | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Positive | |||||||||||||||||
Wataniya Insurance Co. |
Fair | Fair | Int. | Sat. | Strong | M. high | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
West of England Ship Owners Mutual Insurance Association (Luxembourg) |
Sat. | Sat. | Int. | Sat. | Strong | M. high | Neutral | bbb+ | Neutral | Adequate | 0 | bbb+ | 0 | BBB+ | Stable | |||||||||||||||||
Wuerttembergische Lebensversicherung AG |
Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | -1 | A- | Stable | |||||||||||||||||
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. **The rating factors in support from the parent company. §Government-related entity that receives support. BRP--Business risk profile. C&E--Capital and earnings. CP--Competitive position. CRA--Comparable ratings analysis. Excep.--Exceptional. FRP--Financial risk profile. FS--Funding structure. FSR--Financial strength rating. GCP--Group credit profile. GS--Group support. IICRA--Insurance industry and country risk assessment. Int.--Intermediate. LC--Local currency. M. low--Moderately low. M. high--Moderately high. M. negative--Moderately negative. RE--Risk exposure. SACP--Stand-alone credit profile. Sat.--Satisfactory. V. low--Very low. V. strong--Very strong. |
Table 3
ESG Credit Indicators | ||||||||
---|---|---|---|---|---|---|---|---|
Entity Name | E | S | G | |||||
Abarca - Companhia de Seguros, S.A |
E-1 | S-2 | G-2 | |||||
Abu Dhabi National Insurance Co. (PSC) |
E-2 | S-2 | G-2 | |||||
Achmea B.V. |
E-2 | S-2 | G-2 | |||||
AEGON N.V. |
E-2 | S-2 | G-2 | |||||
African Reinsurance Corp. |
E-2 | S-2 | G-2 | |||||
Ageas SA/NV |
E-2 | S-2 | G-2 | |||||
AIG MEA Ltd. |
E-2 | S-2 | G-2 | |||||
AIG South Africa Ltd. |
E-2 | S-2 | G-2 | |||||
Al Ain Ahlia Insurance Co. P.S.C. |
E-2 | S-2 | G-2 | |||||
Al Buhaira National Insurance Co. (PSC) |
E-2 | S-2 | G-3 | |||||
Al Koot Insurance & Reinsurance Co. P.J.S.C. |
E-2 | S-2 | G-2 | |||||
Al Wathba National Insurance Co. PJSC |
E-2 | S-2 | G-2 | |||||
Al-Ahleia Insurance Co. S.A.K. |
E-2 | S-2 | G-2 | |||||
Alandia Forsakring Abp |
E-2 | S-2 | G-2 | |||||
Al-Khaleej Takaful Insurance Co. Q.P.S.C. |
E-2 | S-2 | G-2 | |||||
Allianz SE |
E-2 | S-2 | G-3 | |||||
Alte Leipziger Lebensversicherung a.G. |
E-2 | S-2 | G-2 | |||||
Ascot Group Ltd. |
E-4 | S-2 | G-2 | |||||
Apex Insurance JSC |
E-2 | S-2 | G-4 | |||||
Asia Insurance Sug'urta Kompaniyasi JSC |
E-2 | S-2 | G-4 | |||||
Aspen Insurance Holdings Ltd. |
E-4 | S-2 | G-2 | |||||
ASR Nederland N.V. |
E-2 | S-2 | G-2 | |||||
Assuranceforeningen SKULD (Gjensidig) |
E-2 | S-2 | G-2 | |||||
Aviva PLC |
E-2 | S-2 | G-2 | |||||
AXA |
E-2 | S-2 | G-2 | |||||
Baloise Holding AG |
E-2 | S-2 | G-2 | |||||
Basel Insurance JSC |
E-2 | S-2 | G-3 | |||||
Belfius Insurance |
E-2 | S-2 | G-2 | |||||
Britannia Steam Ship Insurance Assn. Europe (The) |
E-2 | S-2 | G-2 | |||||
CCR Re Société anonyme |
E-3 | S-2 | G-2 | |||||
CGPA |
E-2 | S-2 | G-2 | |||||
CNP Assurances |
E-2 | S-2 | G-2 | |||||
Compania Espanola de Seguros de Credito a la Exportacion S.A. |
E-2 | S-2 | G-2 | |||||
Convex Re Ltd. |
E-4 | S-2 | G-2 | |||||
Covea Cooperations |
E-3 | S-2 | G-2 | |||||
Deutsche Rueckversicherung AG |
E-3 | S-2 | G-2 | |||||
DEVK Deutsche Eisenbahn Versicherung Sach- und HUK-Versicherungsverein a.G. Betriebliche Sozialeinrichtung der Deutschen Bahn |
E-2 | S-2 | G-2 | |||||
Dina Forsakring AB |
E-2 | S-2 | G-2 | |||||
Doha Insurance Group Q.P.S.C. |
E-2 | S-2 | G-2 | |||||
Echo Rueckversicherungs-AG |
E-4 | S-2 | G-2 | |||||
Emirates Insurance Co. (PSC) |
E-2 | S-2 | G-2 | |||||
Eurasia Insurance Co. |
E-3 | S-2 | G-2 | |||||
Eurasia Life JSC |
E-2 | S-2 | G-3 | |||||
FIATC Mutua de Seguros y Reaseguros |
E-2 | S-2 | G-2 | |||||
Flood Re Ltd. |
E-3 | S-1 | G-2 | |||||
Freedom Finance Insurance JSC |
E-2 | S-2 | G-3 | |||||
Freedom Finance Life JSC |
E-2 | S-2 | G-3 | |||||
Garantia Insurance Co. Ltd. |
E-2 | S-2 | G-2 | |||||
Gard P&I (Bermuda) Ltd. |
E-2 | S-2 | G-2 | |||||
GIC Re South Africa Ltd. |
E-2 | S-2 | G-2 | |||||
Gjensidige |
E-2 | S-2 | G-2 | |||||
Gothaer Allgemeine Versicherung AG |
E-2 | S-2 | G-2 | |||||
Gulf Insurance Group K.S.C.P. |
E-2 | S-2 | G-2 | |||||
Halyk‐Life JSC |
E-2 | S-2 | G-3 | |||||
Hannover ReTakaful B.S.C. |
E-2 | S-2 | G-2 | |||||
Hannover Rueck SE |
E-3 | S-2 | G-2 | |||||
HDFC International Life and Re Co. Ltd. |
E-2 | S-2 | G-2 | |||||
HDI Versicherung AG (Austria) |
E-2 | S-2 | G-2 | |||||
Helvetia Schweizerische Versicherungsgesellschaft AG |
E-2 | S-2 | G-2 | |||||
Hiscox Ltd. |
E-2 | S-2 | G-2 | |||||
Insurance Co. Jusan Garant JSC |
E-2 | S-2 | G-3 | |||||
International General Insurance Co. Ltd. |
E-2 | S-2 | G-2 | |||||
IPB Insurance CLG |
E-2 | S-2 | G-2 | |||||
KBC Insurance N.V. |
E-2 | S-2 | G-2 | |||||
KLPP Insurance and Reinsurance Co. Ltd. |
E-3 | S-2 | G-2 | |||||
Kuwait Reinsurance Co. K.S.C. |
E-2 | S-2 | G-2 | |||||
La Mondiale |
E-2 | S-2 | G-2 | |||||
Lansforsakringar AB |
E-2 | S-2 | G-2 | |||||
Legal & General Group PLC |
E-2 | S-2 | G-2 | |||||
Life Insurance Co. Nomad Life JSC |
E-2 | S-2 | G-3 | |||||
Liverpool Victoria Financial Services Ltd. |
E-2 | S-2 | G-2 | |||||
Lloyd's |
E-4 | S-2 | G-2 | |||||
LocalTapiola General Mutual Insurance Co. |
E-2 | S-2 | G-2 | |||||
London Steam-Ship Owners' Mutual Insurance Assn. Ltd. (The) |
E-2 | S-2 | G-2 | |||||
Malakoff Humanis Prevoyance |
E-2 | S-1 | G-2 | |||||
M&G PLC |
E-2 | S-2 | G-2 | |||||
Mapfre S.A. |
E-2 | S-2 | G-2 | |||||
MetLife Europe d.a.c. |
E-2 | S-2 | G-2 | |||||
Munich Reinsurance Co. |
E-3 | S-2 | G-2 | |||||
Nacional de Reaseguros S.A. |
E-2 | S-2 | G-2 | |||||
NN Group N.V. |
E-2 | S-2 | G-2 | |||||
Nomad Insurance Co. |
E-2 | S-2 | G-3 | |||||
NorthStandard Ltd. |
E-2 | S-2 | G-2 | |||||
Norwegian Hull Club |
E-2 | S-2 | G-2 | |||||
NOVIS Insurance Company |
E-2 | S-2 | G-2 | |||||
NPA Insurance Ltd. |
E-2 | S-2 | G-2 | |||||
Oil Insurance Co. JSC |
E-2 | S-2 | G-3 | |||||
Old Mutual Ltd. |
E-2 | S-2 | G-2 | |||||
Oman Insurance Co. (PSC) |
E-2 | S-2 | G-2 | |||||
Orient Insurance P.J.S.C. |
E-2 | S-2 | G-2 | |||||
PASHA Insurance OJSC |
E-2 | S-2 | G-4 | |||||
Powszechny Zaklad Ubezpieczen S.A. |
E-2 | S-2 | G-2 | |||||
PRI Pensionsgaranti Mutual Insurance Co. |
E-2 | S-2 | G-2 | |||||
Prudential plc |
E-2 | S-2 | G-2 | |||||
Qatar Insurance Co. Q.S.P.C. |
E-2 | S-2 | G-2 | |||||
QLM Life & Medical Insurance Co. |
E-2 | S-2 | G-2 | |||||
Ras Al-Khaimah National Ins Co. |
E-2 | S-2 | G-2 | |||||
REVO Insurance SpA |
E-2 | S-2 | G-2 | |||||
Royal London Mutual Insurance Society Ltd. (The) |
E-2 | S-2 | G-2 | |||||
SALAMA/Islamic Arab Insurance Co. P.S.C. |
E-2 | S-2 | G-3 | |||||
Sampo PLC |
E-2 | S-2 | G-2 | |||||
Santam Ltd. |
E-2 | S-2 | G-2 | |||||
Saudi Reinsurance Co. |
E-2 | S-2 | G-2 | |||||
Sava Re |
E-2 | S-2 | G-2 | |||||
SCOR SE |
E-3 | S-2 | G-2 | |||||
Seib Insurance and Reinsurance Co. LLC |
E-2 | S-2 | G-2 | |||||
Sharq Insurance LLC |
E-2 | S-2 | G-3 | |||||
Shipowners' Mutual Protection & Indemnity Association (Luxembourg) |
E-2 | S-2 | G-2 | |||||
Sinoasia B&R Insurance JSC |
E-2 | S-2 | G-3 | |||||
SiriusPoint Ltd. |
E-4 | S-2 | G-2 | |||||
Societe Centrale Prevoir |
E-2 | S-2 | G-2 | |||||
Societa Cattolica di Assicurazione |
E-2 | S-2 | G-2 | |||||
Sveriges Angfartygs Assurans Forening (The Swedish Club) |
E-2 | S-2 | G-2 | |||||
St. James's Place U.K. PLC |
E-2 | S-2 | G-2 | |||||
STE Mutual d Assurance du Batiment & des Travaux Public |
E-2 | S-2 | G-2 | |||||
Steamship Mutual Underwriting Assn. (Bermuda) Ltd. (The) |
E-2 | S-2 | G-2 | |||||
Storebrand ASA |
E-2 | S-2 | G-2 | |||||
Swiss Life AG |
E-2 | S-2 | G-2 | |||||
Swiss Re Ltd. |
E-3 | S-2 | G-2 | |||||
Talanx Primary Insurance Group |
E-2 | S-2 | G-2 | |||||
Company for Cooperative Insurance (Tawuniya) (The) |
E-2 | S-2 | G-2 | |||||
Temiryol-Sugurta JSC |
E-2 | S-2 | G-4 | |||||
Triglav Re, Reinsurance Co. Plc |
E-2 | S-2 | G-2 | |||||
UNIQA Insurance Group AG |
E-2 | S-2 | G-2 | |||||
United Kingdom Mutual Steam Ship Assurance Association Ltd. (The) |
E-2 | S-2 | G-2 | |||||
UNUM Ltd. |
E-2 | S-2 | G-2 | |||||
VHV Vereinigte Hannoversche Versicherung a.G. |
E-2 | S-2 | G-2 | |||||
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe |
E-2 | S-2 | G-2 | |||||
Walaa Cooperative Insurance Co. |
E-2 | S-2 | G-2 | |||||
Warba Insurance Co. K.S.C.P. |
E-2 | S-2 | G-2 | |||||
Wataniya Insurance Co. |
E-2 | S-2 | G-2 | |||||
West of England Ship Owners Mutual Insurance Association (Luxembourg) |
E-2 | S-2 | G-2 | |||||
Wuerttembergische Lebensversicherung AG |
E-2 | S-2 | G-2 | |||||
Zurich Insurance Co. Ltd. |
E-2 | S-2 | G-2 | |||||
ESG--Environmental, social, and governance. |
Related Criteria
- Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10, 2021
- Insurers Rating Methodology, July 1, 2019
- Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings, Oct. 1, 2012
Related Research
- ESG Credit Indicator Report Card: EMEA Insurance, Nov. 29, 2021
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 |
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