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 these Credit Ratings is stable, according to United States-based global credit rating agency, news publisher and data analytics provider for the insurance industry. The Agency also affirms that 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, as well as 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 it 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, Ngozi Ola-Israel, the Chief Financial Officer 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.”
Also speaking about the ratings, Kunle Ahmed, Chief Executive Officer, AXA Mansard furthered thatthe 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 stakeholdersand ability to protect what truly matters to them”.
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