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 Jan. 31, 2024. 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 are increasing the frequency of this publication over the coming months considering the reviews under way relating to the implementation of our revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions").
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. 26, 2024.
Chart 1
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 and withdrawals) | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Entity name | BRP | CP | IICRA | FRP | C&E | RE | FS | Anchor | Governance | Liquidity | CRA | SACP/GCP | GS | LC FSR | LC FSR Outlook | |||||||||||||||||
Asia Insurance Sug'urta Kompaniyasi JSC |
Vulnerable | Weak | High | Marginal | Sat. | High | Neutral | b | Neutral | Adequate | 0 | b | 0 | B | Stable | |||||||||||||||||
Hiscox Ltd. |
Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
NOVIS Insurance Company |
-- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | CCC | Watch Neg | |||||||||||||||||
SiriusPoint Ltd. |
Strong | Strong | Int. | Sat. | V. Strong | High | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Wataniya Insurance Co. |
Fair | Fair | Int. | Strong | Strong | M. low | Neutral | bbb+ | Neutral | Adequate | 0 | bbb+ | 0 | BBB+ | Stable | |||||||||||||||||
*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 | Stable | |||||||||||||||||
AIG South Africa Ltd. |
Fair | Sat. | M. high | Fair | Sat. | M. high | Neutral | bb+ | Neutral | Excep. | 0 | bb+ | -1 | BB | Stable | |||||||||||||||||
Al Ain Ahlia Insurance Co. P.S.C. |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Al Buhaira National Insurance Co. (PSC) |
Sat. | Sat. | Int. | Marginal | Strong | High | M. negative | bb | M. negative | Less than adequate | 0 | bb- | 0 | BB- | Negative | |||||||||||||||||
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 Rajhi Co. for Cooperative Insurance |
Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Al Wathba National Insurance Co. PJSC |
Fair | Fair | Int. | Sat. | Strong | M. high | Neutral | bbb- | Neutral | Adequate | 0 | bbb- | 0 | BBB- | Positive | |||||||||||||||||
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. | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Positive | |||||||||||||||||
Apex Insurance JSC |
Weak | Sat. | 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 | V. strong | M. high | 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 | |||||||||||||||||
B.S.S.CH. - The Israeli Credit Insurance Co. Ltd. |
Fair | Fair | Int. | Strong | Strong | M. low | Neutral | bbb | Neutral | Excep. | 0 | bbb | 3 | |||||||||||||||||||
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 | Excep. | 0 | b+ | 0 | B+ | Stable | |||||||||||||||||
Belfius Insurance |
Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Britannia Steam Ship Insurance Assn. Europe (The) |
Strong | Sat. | 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 | |||||||||||||||||
CCR Re Société anonyme |
Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 1 | A | 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 | 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- | Positive | |||||||||||||||||
Company for Cooperative Insurance (Tawuniya) (The) |
Strong | Strong | 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 | 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 | |||||||||||||||||
Credit Agricole Assurances S.A. |
V. strong | V. strong | Low | Strong | Strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | 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- | Positive | |||||||||||||||||
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 | |||||||||||||||||
Euro Arab Insurance Group |
Weak | Fair | M. high | Marginal | Sat. | High | Neutral | bb- | Neutral | Adequate | 0 | bb- | 0 | BB- | Stable | |||||||||||||||||
FIATC Mutua de Seguros y Reaseguros |
Sat. | Sat. | Low | V. strong | V. strong | M. low | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | 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 |
Weak | Fair | M. high | Fair | Sat. | M. high | Neutral | bb- | Neutral | Adequate | -1 | b+ | 0 | B+ | Positive | |||||||||||||||||
Freedom Finance Life JSC |
Weak | Fair | M. high | Sat. | Strong | M. high | Neutral | bb | Neutral | Excep. | 0 | bb | 0 | BB | Negative | |||||||||||||||||
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 | |||||||||||||||||
Genertel SpA (formerly Societa Cattolica di Assicurazione) |
Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 2 | 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 | Stable | |||||||||||||||||
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 | |||||||||||||||||
Halyk-Life JSC |
Sat. | Strong | M. high | Fair | Sat. | M. high | Neutral | bbb- | Neutral | Excep. | 0 | bbb- | 0 | BBB- | 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 | a | 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 | |||||||||||||||||
Insurance Co. Jusan Garant JSC |
Weak | Fair | M. high | Fair | Strong | High | Neutral | bb- | Neutral | Adequate | 0 | bb- | 0 | BB- | 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 | Positive | |||||||||||||||||
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 | Sat. | V. strong | M. high | M. negative | bbb | Neutral | Excep. | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
Lloyd's |
V. strong | V. strong | Int. | Strong | Excellent | High | Neutral | aa- | Neutral | Adequate | 0 | aa- | 0 | AA- | 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- | Positive | |||||||||||||||||
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. | Excellent | Excellent | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Nomad Insurance Co. |
Fair | Sat. | 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 | |||||||||||||||||
Norwegian Hull Club |
Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
NPA Insurance Ltd. |
Fair | Fair | Int. | Sat. | Sat. | M. low | Neutral | bbb | Neutral | Excep. | 0 | bbb | 0 | BBB | Negative | |||||||||||||||||
Oil Insurance Co. JSC |
Weak | Fair | M. high | Fair | Sat. | M. high | Neutral | bb- | Neutral | Adequate | -1 | b+ | 0 | B+ | Stable | |||||||||||||||||
Old Mutual Ltd. |
Sat. | Strong | M. high | Fair | Sat. | M. high | Neutral | bbb- | Neutral | Excep. | 0 | bbb- | 0 | BB | 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+ | 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 | |||||||||||||||||
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 SpA |
Fair | Fair | Int. | V. strong | V. strong | M. low | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 0 | BBB+ | Positive | |||||||||||||||||
SALAMA/Islamic Arab Insurance Co. P.S.C. |
Sat. | Sat. | Int. | Fair | Strong | High | Neutral | bbb | M. negative | Adequate | 0 | bbb- | 0 | BBB- | Negative | |||||||||||||||||
Sampo PLC |
V. strong | V. strong | Low | V. strong | V. strong | M. low | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | NR | -- | |||||||||||||||||
Santam Ltd. |
Sat. | Strong | M. high | Fair | Fair | M. low | Neutral | bbb- | Neutral | Adequate | 0 | bbb- | -2 | BB | 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 | |||||||||||||||||
SCOR SE |
V. strong | V. strong | Low | Sat. | Strong | M. high | 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. | Sat. | Strong | M. high | Neutral | bbb- | M. negative | Excep. | 0 | bb+ | 2 | 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 | |||||||||||||||||
Societe Centrale Prevoir |
Sat. | Sat. | Low | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Societe Mutuelle d'Assurance du Batiment |
Strong | Strong | Int. | Excellent | Excellent | 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 | Stable | |||||||||||||||||
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 | Adequate | 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- | Stable | |||||||||||||||||
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 | |||||||||||||||||
The Phoenix Insurance Company Ltd. |
Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | 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) |
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 and Reinsurance 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. | 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. §Government-related entity that receives support. †The rating factors in support from the parent company. 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. |
Related Criteria
- Insurers Rating Methodology, July 1, 2019
- Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings, Oct. 1, 2012
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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