AXA Mansard Insurance plc. is pleased to announce the review of its rating outlook from negative to stable by the global insurance rating agency, A.M. Best, and affirmation of its Financial Strength Rating (FSR) of “B+” (Good) and “bbb-” (Good) for the Issuer Credit Rating (ICR).
A.M. Best in its press release stated that “The ratings reflect AXA Mansard’s balance sheet strength, which AM Best categorizes as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management”. The agency further stated that “We expect that AXA Mansard’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), will remain at the strongest level over the medium term, benefiting from the de-risking of its investment portfolio”.
AXA Mansard Insurance remains an outstanding Insurer with strong financial strength and excellent underwriting capabilities. The organization has demonstrated this over the years through its superior financial and technical competencies.
In the third quarter of 2019, AXA Mansard reported a 29% growth in Gross written Premium (GWP) from core businesses, which is driven by significant growth in the life and health insurance businesses. AXA Mansard has achieved measurable results through the effective implementation of sound risk management principles and business innovation which reflected in the Company’s recognition as the Insurance Company of the Year at the recent Business Day Awards. The company has also received several other awards including the Award for Most Innovative Insurance Company of the Year and Insurance CEO of the Year.
Mrs. Ngozi Ola-Israel, the Chief Financial Officer said “This rating confirms the strength of AXA Mansard’s business model and capital position evidenced by a balance sheet stronger than ever, even in a difficult market context. Our balance sheet has grown 9% by Q3 2019. All this is a result of strengthened technical capacity and greater efficiency in our various business lines.”
Commenting on the rating, Mr. Tosin Runsewe (Chief Client Officer) said that “We are pleased that our continued effort to build a world class insurance company is yielding positive results. The review of our A.M. Best rating outlook from negative to 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 emphasize our leading position and capacity to provide superior security for our stakeholders. We are committed to empowering people to live better lives”
A.M. Best Company is a global credit rating agency with over 100 years 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. For more information, visit www.ambest.com