For the first time since it withdrew its public information ratings in November 2014, Standard and Poor’s (S&P) has assigned Ageas Insurance Limited (AIL) an interactive rating of A-with a positive outlook.
The announcement follows confirmation in March this year that Fitch had granted AIL an A+ interactive rating and further reflects AIL’s strategic importance to Ageas, firmly positioning it as core to the global business.
In granting the A- rating, S&P referred to AIL as the Group’s single largest overseas and largest non-life insurance business, accounting for over 40% of its non-life inflows and made particular reference to the strong links that the management team has with its parent. S&P further confirmed that it views AIL as integral to the Ageas Group’s identity and strategy and therefore aligned the rating to the Group credit rating.
Commenting on the news François-Xavier Boisseau, CEO Insurance, said; “An A- rating from S&P is affirmation that AIL’s commitment to underwriting discipline without losing sight of our customers’ needs is producing a financial position that gives brokers confidence. Following on from the A+ rating we achieved with Fitch Ratings earlier this year, this is another step forward in our ambition to grow, especially in the non-standard and Commercial markets where we’re focused on developing our digital trading and scheme propositions.”
In the UK the company is entirely focused on developing in the non-life market, perfectly aligned to the global strategy of balancing life and non-life income. In the course of this year AIL expects to complete the integration of former Groupama business and be able to continue to offer more product choice to more brokers.
*A’ Strong capacity to meet financial commitments, but somewhat susceptible to adverse economic conditions and changes in circumstances.(S&P)