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EMEA Insurers Ratings List: Financial Strength Ratings And Scores

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

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Chart 2

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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

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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