By Rosemary Iwunze
AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of AXA Mansard Insurance Plc.
In a statement, AM Best, a United States-based global credit rating agency, news publisher and data analytics provider for the insurance industry, stated that the outlook of these Credit Ratings is stable.
According to the agency, the ratings reflect AXA Mansard’s balance sheet strength, which it assesses as strong.
“The ratings also reflect rating enhancement in the form of lift, from AXA Mansard’s ultimate parent, AXA S.A.
“AXA Mansard’s balance sheet strength is underpinned by risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Capital consumption is primarily driven by asset risk, which incorporates the company’s substantial real estate investments”.
AM Best expects prospective operating performance to be supported by corrective underwriting measures in the health portfolio, as well as positive contributions from the company’s life book.
Commenting on the rating, Ngozi Ola-Israel, Chief Financial Officer, AXA Mansard, said: “The affirmation of our ratings by an agency like AM Best lends credence to the significant improvement in our internal capital generation abilities with strong focus on continuously improving our underwriting performance.”
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