Fitch Ratings has assigned
The Outlook is Stable.
The National IFS Rating is derived by using Fitch's National Ratings Correspondence Table for
Key Rating Drivers
Good Company Profile: The insurer has a moderate operating scale and franchise. It is a small insurer in
Our assessment of the company profile is also influenced by the insurer's well-diversified product mix. Motor insurance contributed 44% of GWP in 2023 (2022: 41%), followed by medical at 38% (2022: 42%) and property and casualty at 18% (2022: 17%). The insurer has recently launched a number of products and aims to further expand its product offering in the short-to-medium term.
Strong Capitalisation and Leverage: Our assessment of
It has no financial leverage, which supports the ratings.
Improving Financial Performance: Net profit improved to
Good Reserving Practice: The majority of
Conservative Investment Mix: We regard
RATING SENSITIVITIES
Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade:
The international IFS Rating could be upgraded on a sustained improvement in
The National IFS Rating could be upgraded on a significant improvement in financial performance, while maintaining a strong capital position on a sustained basis
Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade:
Failure to maintain improvement in financial performance
Deterioration in capitalisation, as reflected in the Prism score falling to 'Adequate' on a sustained basis
Date of Relevant Committee
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Click here to access Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in our credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/topics/esg/products#esg-relevance-scores
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