AXA Mansard Insurance Plc’s long-term issuer credit rating of “bbb-” (Good) and its financial strength rating of “B+” (Excellent) have both been confirmed by AM Best.
According to a global credit rating firm, news publisher, and data analytics supplier for the insurance business situated in the United States, the outlook for credit ratings remains stable.
The agency claimed that the grades accurately reflected AXA Mansard’s robust, in its opinion, financial sheet.
According to the announcement, “the ratings also reflect rating upgrade in the form of lift, from AXA Mansard’s ultimate parent, AXA S.A.”
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It said, “Risk-adjusted capitalisation at the strongest level, as defined by Best’s Capital Adequacy Ratio, underpins AXA Mansard’s balance sheet strength.
“Capital consumption is primarily driven by asset risk, which incorporates the company’s substantial real estate investments”.
The statement said that AM Best expected 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.
The Chief Executive Officer, AXA Mansard, Kunle Ahmed, said the company was pleased that its continued effort to build a world class insurance company was yielding positive results.
Commenting on the rating, the Chief Financial Officer, Ngozi Ola-Israel, 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 through technical excellence.”
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