AM Best affirms AXA Mansard’s Credit Ratings

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.

The outlook of the credit ratings is stable, according to United States-based global credit rating agency, news publisher, and data analytics provider for the insurance industry. Plc

AM Best Company is a global credit rating agency with over 100 years of history of providing quantitative and qualitative assessment for Insurance companies, with its “Best’s Credit Rating Methodology” used to determine the financial strength and creditworthiness of Insurance companies. A.M Best is the world’s oldest and most authoritative insurance rating and information source.

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”, the agency press statement stated.

The statement continued; “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 and positive contributions from the company’s life book.

AM Best affirms that AXA Mansard has a solid foothold in its domestic market where it ranks among the largest non-life companies and enjoys a leading market position in the health segment. “With good long-term growth prospects, AXA Mansard is expected to further strengthen its competitive market position over the coming years” the statement explained.

Commenting on the rating, the Chief Financial Officer, AXA Mansard Insurance, 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 a strong focus on continuously improving our underwriting performance through technical excellence.”

Also speaking about the ratings, Kunle Ahmed, Chief Executive Officer, AXA Mansard furthered that the company is pleased that its continued effort to build a world-class insurance company is yielding positive results.

According to him, “the affirmation of our ratings as stable and the retention of our FSR and ICR ratings despite the exposure to the high levels of economic, political and financial system risks further testify to our strong leading position and capacity to provide security for our stakeholders and ability to protect what truly matters to them.”