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Here, S&P Global Ratings provides its long-term financial strength ratings (FSRs) and ratings scores for all the insurance companies where the main operations are within Europe, the Middle East, and Africa (EMEA) as at Dec. 31, 2021. The FSRs and component scores in the tables below are based on the main operating company within the group or the consolidated group, rather than the holding company.
We set out our methodology for assessing credit risk of insurers in "Insurers Rating Methodology," published July 1, 2019, on RatingsDirect, and this publication sets out the component scores that help us assess and opine on credit risk in this sector.
Table 1 shows the list of companies that have had changes to the financial strength ratings and/or scores since we last published "EMEA Insurers Ratings List: Financial Strength Ratings And Scores," on Oct. 11, 2021. Table 3 shows the environmental, social, and governance (ESG) credit indicators for the EMEA insurance sector. Our ESG credit indicators provide additional disclosure at the entity level and reflect our opinion of the influence ESG factors have on our credit rating analysis. We assess these indicators on a net basis meaning that we take a holistic view of exposure to ESG factors and related mitigants on the credit rating analysis. They are applied after the rating has been determined. They are not a sustainability rating or an S&P Global Ratings ESG Evaluation.
Chart 2
| Key To Abbreviations | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| BRP | Business risk profile | CP | Competitive position | IICRA | Insurance industry and country risk assessment | FRP | Financial risk profile | C&E | Capital and earnings | RE | Risk exposure |
| FS | Funding structure | CRA | Comparable ratings analysis | GS | Group support | SACP | Stand-alone credit profile | GCP | Group credit profile | LC | Local currency |
| FSR | Financial strength rating | V. strong | Very strong | V. low | Very low | M. low | Moderately low | M. high | Moderately high | M. negative | Moderately negative |
| Sat. | Satisfactory | Int. | Intermediate | Excep. | Exceptional | ||||||
Table 1
| Financial Strength Ratings And Component Scores--Changes | ||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Entity Name | BRP | CP | IICRA | FRP | C&E | RE | FS | Anchor | Governance | Liquidity | CRA | SACP/GCP | GS | LC FSR | LC FSR Outlook | |||||||||||||||||
Al Ain Ahlia Insurance Co. P.S.C. | Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Assuranceforeningen SKULD (Gjensidig) | Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Negative | |||||||||||||||||
CNP Assurances | Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Covea Cooperations | V. strong | V. strong | Int. | V. strong | Excellent | M. high | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
Elba Assicurazioni SpA | Fair | Fair | Int. | V. strong | V. strong | M. low | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 0 | BBB+ | Stable | |||||||||||||||||
Gulf Insurance Group K.S.C.P. | Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Adequate | 0 | a | 0 | A | Stable | |||||||||||||||||
Ingosstrakh Insurance Co. | Sat. | Strong | M. high | Sat. | V. strong | High | Neutral | bbb | Neutral | Excep. | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
Liverpool Victoria Financial Services Ltd. | Sat. | Sat. | Low | Strong | Excellent | M. high | M. negative | bbb+ | Neutral | Excep. | 0 | bbb+ | 0 | BBB+ | Negative | |||||||||||||||||
London Steam-Ship Owners' Mutual Insurance Assn. Ltd. (The) | Fair | Fair | Int. | Strong | V. strong | M. high | Neutral | bbb | Neutral | Excep. | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
NOVIS Insurance Company | Fair | Fair | Int. | Marginal | Sat. | M. low | Negative | bb- | Neutral | Adequate | 0 | |||||||||||||||||||||
Rosgosstrakh PJSC | Fair | Sat. | M. high | Fair | Sat. | M. high | Neutral | bb+ | Neutral | Adequate | -1 | bb | 0 | BB | Watch Neg | |||||||||||||||||
Sberbank Insurance LLC | Fair | Sat. | M. high | Fair | Fair | M. low | Neutral | bb+ | Neutral | Adequate | 0 | bb+ | 1 | BBB- | Stable | |||||||||||||||||
Societa Cattolica di Assicurazione | Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 1 | A- | Positive | |||||||||||||||||
Steamship Mutual Underwriting Assn. (Bermuda) Ltd. (The) | Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Negative | |||||||||||||||||
Sveriges Angfartygs Assurans Forening (The Swedish Club) | Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Negative | |||||||||||||||||
United Kingdom Mutual Steam Ship Assurance Association Ltd. (The) | Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Negative | |||||||||||||||||
VSK Insurance JSC | Sat. | Strong | M. high | Marginal | Fair | M. high | Neutral | bb | Neutral | Adequate | 0 | bb | 0 | BB | Stable | |||||||||||||||||
| All ratings are as of Dec. 31, 2021. *Capped by sovereign rating. §Government-related entity that receives support. BRP--Business risk profile. CP--Competitive position. IICRA--Insurance industry and country risk assessment. FRP--Financial risk profile. C&E--Capital and earnings. RE--Risk exposure. FS--Funding structure. CRA--Comparable ratings analysis. GS--Group support. SACP--Stand-alone credit profile. GCP--Group credit profile. LC--Local currency. FSR--Financial strength rating. V. strong--Very strong. V. low--Very low. M. low--Moderately low. M. high--Moderately high. M. negative--Moderately negative. Sat.--Satisfactory. Int.--Intermediate. Excep.--Exceptional. | ||||||||||||||||||||||||||||||||
Table 2
| Financial Strength Ratings And Component Scores | ||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Entity Name | BRP | CP | IICRA | FRP | C&E | RE | FS | Anchor | Governance | Liquidity | CRA | SACP/GCP | GS | LC FSR | LC FSR Outlook | |||||||||||||||||
Abu Dhabi National Insurance Co. (PSC) | Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Achmea B.V. | Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Adequate | 0 | a | 0 | A | Stable | |||||||||||||||||
AEGON N.V. | V. strong | V. strong | Low | Strong | Strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
African Reinsurance Corp. | Sat. | Strong | High | V. strong | Excellent | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Ageas SA/NV | Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
AIG MEA Ltd. | Fair | Sat. | M. high | Sat. | Strong | M. high | Neutral | bbb | Neutral | Excep. | 0 | bbb | 3 | A | Watch Neg | |||||||||||||||||
AIG South Africa Ltd. | Fair | Sat. | M. high | Fair | Sat. | M. high | Neutral | bb+ | Neutral | Excep. | 0 | bb+ | 0 | BB* | Stable | |||||||||||||||||
Al Buhaira National Insurance Co. (PSC) | Sat. | Sat. | Int. | Fair | Strong | M. high | M. negative | bbb | M. negative | Less than adequate | 0 | bb+ | 0 | BB+ | Positive | |||||||||||||||||
Al Koot Insurance & Reinsurance Co. P.J.S.C. | Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Al Wathba National Insurance Co. PJSC | Fair | Fair | Int. | Fair | Strong | M. high | M. negative | bbb- | Neutral | Adequate | 0 | bbb- | 0 | BBB- | Stable | |||||||||||||||||
Al-Ahleia Insurance Co. S.A.K. | Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Alandia Forsakring Abp | Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Negative | |||||||||||||||||
AlfaStrakhovanie PLC | Sat. | Strong | M. high | Fair | Sat. | M. high | Neutral | bbb- | Neutral | Excep. | 0 | bbb- | 0 | BBB- | Stable | |||||||||||||||||
Al-Khaleej Takaful Insurance Co. Q.P.S.C. | Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | bbb+ | M. negative | Adequate | 0 | bbb | 0 | BBB | Positive | |||||||||||||||||
Allianz SE | V. strong | Excellent | Int. | V. strong | V. strong | M. low | Neutral | aa | Neutral | Excep. | 0 | aa | 0 | AA | Stable | |||||||||||||||||
Alte Leipziger Lebensversicherung a.G. | Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Amanat Insurance JSC | Weak | Fair | M. high | Marginal | Sat. | High | Neutral | b+ | Neutral | Adequate | 0 | b+ | 0 | B+ | Stable | |||||||||||||||||
Ascot Group Ltd. | Strong | Strong | Int. | Sat. | V. strong | High | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | |||||||||||||||||||
Aspen Insurance Holdings Ltd. | Strong | Strong | Int. | Sat. | Excellent | High | M. negative | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
ASR Nederland N.V. | Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Aviva PLC | V. strong | V. strong | Low | Strong | Strong | M. low | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
AXA | V. strong | Excellent | Int. | Strong | Strong | M. low | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
Baloise Holding AG | Strong | Strong | Low | Excellent | Excellent | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Basel Insurance JSC | Vulnerable | Weak | M. high | Fair | Sat. | M. high | Neutral | b | Neutral | Adequate | 0 | b | 0 | B | Stable | |||||||||||||||||
Belfius Insurance S.A. | Sat. | Sat. | Int. | Strong | Strong | M. low | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Britannia Steam Ship Insurance Association Europe (The) | Strong | Strong | Int. | V. Strong | Excellent | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Caisse Centrale de Reassurance | Strong | Strong | Int. | Strong | Excellent | High | Neutral | a | Neutral | Adequate | 0 | a | 0 | AA§ | Stable | |||||||||||||||||
CGPA | Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Compania Espanola de Seguros de Credito a la Exportacion S.A. | Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Convex Re Ltd. | Sat. | Sat. | Int. | Strong | Excellent | High | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
DAS Rechtsschutz AG | Fair | Fair | Low | Strong | Strong | M. low | Neutral | bbb | Neutral | Excep. | 0 | bbb | 3 | A | Stable | |||||||||||||||||
Deutsche Rueckversicherung AG | Strong | Strong | Low | V. strong | Excellent | M. high | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
DEVK Deutsche Eisenbahn Versicherung Sach- und HUK-Versicherungsverein a.G. Betriebliche Sozialeinrichtung der Deutschen Bahn | Strong | Strong | Low | Excellent | Excellent | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Dina Forsakring AB | Sat. | Sat. | Low | Strong | V. strong | M. high | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 0 | BBB+ | Stable | |||||||||||||||||
Doha Insurance Group Q.P.S.C. | Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Ecclesiastical Insurance Office PLC | Sat. | Sat. | Int. | Sat. | V. strong | M. high | M. negative | bbb+ | Neutral | Excep. | 1 | a- | 0 | A- | Stable | |||||||||||||||||
Echo Rueckversicherungs-AG | Fair | Fair | Int. | Fair | Strong | High | Neutral | bbb- | Neutral | Adequate | 0 | bbb- | 3 | A- | Stable | |||||||||||||||||
Emirates Insurance Co. (PSC) | Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Energogarant PJSIC | Fair | Sat. | M. high | Fair | Sat. | M. high | Neutral | bb+ | Neutral | Adequate | -1 | bb | 0 | BB | Stable | |||||||||||||||||
Eurasia Insurance Co. | Sat. | Strong | M. high | Sat. | V. strong | High | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
Eurasia Life JSC | Weak | Fair | M. high | Sat. | Strong | M. high | Neutral | bb | Neutral | Adequate | 0 | bb | 2 | BBB- | Stable | |||||||||||||||||
FIATC Mutua de Seguros y Reaseguros | Sat. | Sat. | Low | Strong | Strong | M. low | Neutral | bbb+ | Neutral | Adequate | 0 | bbb+ | 0 | BBB+ | Stable | |||||||||||||||||
Flood Re Ltd. | Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 1 | a | 0 | A | Stable | |||||||||||||||||
Freedom Finance Insurance JSC | Vulnerable | Weak | M. high | Fair | Sat. | M. high | Neutral | b | Neutral | Adequate | 0 | b | 0 | B | Stable | |||||||||||||||||
Freedom Finance Life JSC | Weak | Fair | M. high | Weak | Fair | High | Neutral | b | Neutral | Excep. | 0 | b | 0 | B | Positive | |||||||||||||||||
Garantia Insurance Co. Ltd. | Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Gard P&I (Bermuda) Ltd. | Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Adequate | 0 | a+ | 0 | A+ | Negative | |||||||||||||||||
GIC Re South Africa Ltd. | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | BB+** | Negative | |||||||||||||||||
Gjensidige | Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Positive | |||||||||||||||||
Gothaer Allgemeine Versicherung AG | Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a- | 0 | A | Stable | |||||||||||||||||
Hannover ReTakaful B.S.C. | Fair | Fair | Int. | Strong | Strong | M. low | Neutral | bbb+ | Neutral | Adequate | 0 | bbb+ | 3 | A+ | Stable | |||||||||||||||||
Hannover Rueck SE | V. strong | V. strong | Int. | Strong | V. strong | M. high | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
HDFC International Life and Re Co. Ltd. | Fair | Fair | Int. | Strong | Strong | M. low | Neutral | bbb | Neutral | Excep. | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
HDI Haftpflichtverband der Deutschen Industrie V.a.G. | Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
HDI Versicherung AG (Austria) | Sat. | Sat. | Low | Strong | Strong | M. low | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 2 | A | Stable | |||||||||||||||||
Helvetia Schweizerische Versicherungsgesellschaft AG | Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Hiscox Ltd. | Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | a- | Neutral | Excep. | 1 | a | 0 | A | Stable | |||||||||||||||||
Insurance Co. Jusan Garant JSC | Weak | Fair | M. high | Marginal | Sat. | High | Neutral | bb- | Neutral | Adequate | 0 | bb- | 0 | BB- | Stable | |||||||||||||||||
Insurance Co. RESO-GARANTIA | Sat. | Strong | M. high | Fair | Sat. | M. high | Neutral | bbb- | Neutral | Adequate | 0 | bbb- | 0 | BBB- | Positive | |||||||||||||||||
International General Insurance Co. Ltd. | Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
IPB Insurance CLG | Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
KBC Insurance N.V. | Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 1 | A | Negative | |||||||||||||||||
KLPP Insurance and Reinsurance Co. Ltd. | Weak | Fair | M. high | Strong | V. strong | M. high | Neutral | bb+ | Neutral | Excep. | 0 | bb+ | 0 | BB+ | Stable | |||||||||||||||||
Kommunal Landspensjonskasse | Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
La Mondiale | Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Lansforsakringar AB | Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Legal & General Group PLC | V. strong | V. strong | Low | Strong | Strong | M. low | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
Lexgarant Insurance Co. Ltd. | Weak | Fair | M. high | Marginal | Sat. | High | Neutral | bb- | Neutral | Adequate | 0 | bb- | 0 | BB- | Stable | |||||||||||||||||
Life Insurance Co. Nomad Life JSC | Fair | Sat. | M. high | Fair | Sat. | M. high | Neutral | bb+ | Neutral | Excep. | 0 | bb+ | 0 | BB+ | Stable | |||||||||||||||||
Lloyd's | V. strong | V. strong | Int. | Sat. | V. strong | High | Neutral | a+ | Neutral | Adequate | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
LocalTapiola General Mutual Insurance Co. | Strong | Strong | Low | V. strong | Excellent | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
London-Almaty Insurance Co. JSC | Weak | Fair | M. high | Marginal | Sat. | M. high | Neutral | bb- | Neutral | Adequate | 0 | bb- | 0 | BB- | Stable | |||||||||||||||||
M&G PLC | Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Mapfre S.A. | V. strong | V. strong | Int. | Strong | Strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
MetLife Europe d.a.c. | Sat. | Sat. | Int. | Sat. | Strong | M. high | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 3 | A+ | Stable | |||||||||||||||||
Munich Reinsurance Co. | V. strong | Excellent | Int. | Strong | V. strong | M. high | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
Nacional de Reaseguros S.A. | Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
NN Group N.V. | Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Nomad Insurance Co. | Fair | Sat. | M. high | Marginal | Sat. | High | Neutral | bb- | Neutral | Adequate | 0 | bb- | 0 | BB- | Stable | |||||||||||||||||
North of England Protecting & Indemnity Assn Ltd. (The) | Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Adequate | 0 | a | 0 | A | Negative | |||||||||||||||||
Norwegian Hull Club | Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Adequate | 0 | a | 0 | A | Stable | |||||||||||||||||
NPA Insurance Ltd. | Fair | Fair | Int. | Sat. | Sat. | M. low | Neutral | bbb | Neutral | Excep. | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
Oil Insurance Co. JSC | Weak | Fair | M. high | Marginal | Sat. | High | Neutral | b+ | Neutral | Adequate | 0 | b+ | 0 | B+ | Stable | |||||||||||||||||
Old Mutual Ltd. | Sat. | Strong | M. high | Fair | Sat. | M. high | Neutral | bbb- | Neutral | Excep. | 0 | bbb- | 0 | BB* | Stable | |||||||||||||||||
Oman Insurance Co. (PSC) | Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Positive | |||||||||||||||||
Orient Insurance P.J.S.C. | Sat. | Strong | Int. | V. strong | Excellent | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
PASHA Insurance OJSC | Fair | Strong | High | Marginal | Sat. | High | Neutral | bb | Neutral | Adequate | 0 | bb | 0 | BB | Stable | |||||||||||||||||
Powszechny Zaklad Ubezpieczen S.A. | Strong | V. strong | M. high | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
PRI Pensionsgaranti Mutual Insurance Co. | Strong | Strong | Low | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Prudential plc | V. strong | Excellent | Int. | V. strong | V. strong | M. low | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
Qatar Insurance Co. Q.S.P.C. | Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Adequate | 0 | a | 0 | A | Negative | |||||||||||||||||
QLM Life & Medical Insurance Co. | Sat. | Sat. | Int. | Strong | Strong | M. low | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Ras Al-Khaimah National Ins Co. | Sat. | Sat. | Int. | Strong | Strong | M. low | Neutral | bbb+ | Neutral | Adequate | 0 | bbb+ | 0 | BBB+ | Stable | |||||||||||||||||
SALAMA/Islamic Arab Insurance Co. P.S.C. | Sat. | Sat. | Int. | Fair | Strong | High | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Watch Neg | |||||||||||||||||
Sampo PLC | V. strong | V. strong | Low | Strong | V. strong | M. high | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Positive | |||||||||||||||||
Santam Ltd. | Sat. | Strong | M. high | Fair | Fair | M. low | Neutral | bbb- | Neutral | Adequate | 0 | bb | 0 | BB* | Stable | |||||||||||||||||
Sava Re | Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
SCOR SE | V. strong | V. strong | Low | Strong | V. strong | M. high | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Stable | |||||||||||||||||
Seib Insurance and Reinsurance Co. LLC | Fair | Fair | Int. | Sat. | Sat. | M. low | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
Sharq Insurance LLC | Fair | Fair | Int. | Fair | Strong | High | Neutral | bb+ | M. negative | Excep. | 0 | bb | 3 | BBB | Stable | |||||||||||||||||
Shipowners' Mutual Protection & Indemnity Association (Luxembourg) | Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
Sinoasia B&R Insurance JSC | Weak | Fair | M. high | Sat. | Sat. | M. low | Neutral | bb | Neutral | Excep. | 0 | bb | 0 | BB | Stable | |||||||||||||||||
SiriusPoint Ltd. | Strong | Strong | Int. | Sat. | V. Strong | High | Neutral | a- | Neutral | Adequate | 0 | a- | 0 | A- | Negative | |||||||||||||||||
Societe Centrale Prevoir | Sat. | Sat. | Low | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Sogaz Insurance | Sat. | Strong | M. high | Fair | Sat. | M. high | Neutral | bbb | Neutral | Excep. | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
St. James's Place U.K. PLC | Sat. | Sat. | Low | Strong | Strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Standard Club UK Ltd. (The) | Strong | Strong | Int. | Strong | V. strong | M. high | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Negative | |||||||||||||||||
Storebrand ASA | Strong | Strong | Int. | Sat. | Strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Swiss Life AG | Strong | Strong | Low | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Swiss Re Ltd. | V. strong | Excellent | Int. | Strong | V. strong | M. high | Neutral | aa- | Neutral | Excep. | 0 | aa- | 0 | AA- | Negative | |||||||||||||||||
Tawuniya/The Co. for Cooperative Insurance | Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 0 | BBB+ | Positive | |||||||||||||||||
Temiryol-Sugurta LLC | Weak | Fair | High | Marginal | Sat. | High | Neutral | b+ | Neutral | Adequate | 0 | b+ | 0 | B+ | Stable | |||||||||||||||||
Triglav Re, Reinsurance Co. Plc | Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
UNIQA Insurance Group AG | Strong | Strong | Int. | Strong | V. strong | M. low | M. negative | a | Neutral | Excep. | 0 | a | 0 | A | Stable | |||||||||||||||||
UNUM Ltd. | Sat. | Sat. | Low | Sat. | Sat. | M. low | Neutral | bbb+ | Neutral | Excep. | 0 | bbb+ | 1 | A- | Stable | |||||||||||||||||
Versicherungskammer Bayern Versicherungsanstalt des oeffentlichen Rechts | Strong | Strong | Int. | Sat. | Sat. | M. low | Neutral | a- | Neutral | Excep. | 1 | a | 0 | A | Stable | |||||||||||||||||
VHV Vereinigte Hannoversche Versicherung a.G. | Strong | Strong | Low | Excellent | Excellent | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe | Strong | Strong | Int. | V. strong | V. strong | M. low | Neutral | a+ | Neutral | Excep. | 0 | a+ | 0 | A+ | Stable | |||||||||||||||||
Walaa Cooperative Insurance Co. | Sat. | Sat. | Int. | V. strong | V. strong | M. low | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Stable | |||||||||||||||||
Warba Insurance Co. K.S.C.P. | Fair | Fair | Int. | Strong | V. strong | M. high | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
Wataniya Insurance Co. | Sat. | Sat. | Int. | Sat. | Strong | M. high | Neutral | bbb | Neutral | Adequate | 0 | bbb | 0 | BBB | Stable | |||||||||||||||||
West of England Ship Owners Mutual Insurance Association (Luxembourg) | Sat. | Sat. | Int. | Strong | V. strong | M. high | Neutral | a- | Neutral | Excep. | 0 | a- | 0 | A- | Negative | |||||||||||||||||
Wuerttembergische Lebensversicherung AG | Strong | Strong | Int. | Strong | Strong | M. low | Neutral | a | Neutral | Excep. | 0 | a | -1 | A- | Stable | |||||||||||||||||
Zurich Insurance Co. Ltd. | V. strong | Excellent | Int. | V. strong | V. strong | M. low | Neutral | aa | Neutral | Excep. | 0 | aa | 0 | AA | Stable | |||||||||||||||||
| *Capped by sovereign rating. **The rating factors in support from the parent company. §Government-related entity that receives support. BRP--Business risk profile. CP--Competitive position. IICRA--Insurance industry and country risk assessment. FRP--Financial risk profile. C&E--Capital and earnings. RE--Risk exposure. FS--Funding structure. CRA--Comparable ratings analysis. GS--Group support. SACP--Stand-alone credit profile. GCP--Group credit profile. LC--Local currency. FSR--Financial strength rating. V. strong--Very strong. V. low--Very low. M. low--Moderately low. M. high--Moderately high. M. negative--Moderately negative. Sat.--Satisfactory. Int.--Intermediate. Excep.--Exceptional. | ||||||||||||||||||||||||||||||||
Table 3
| ESG Credit Indicators | ||||||||
|---|---|---|---|---|---|---|---|---|
| Entity Name | E | S | G | |||||
Abu Dhabi National Insurance Co. (PSC) | E-2 | S-2 | G-2 | |||||
Achmea B.V. | E-2 | S-2 | G-2 | |||||
AEGON N.V. | E-2 | S-2 | G-2 | |||||
African Reinsurance Corp. | E-2 | S-2 | G-2 | |||||
Ageas SA/NV | E-2 | S-2 | G-2 | |||||
AIG MEA Ltd. | E-2 | S-2 | G-2 | |||||
AIG South Africa Ltd. | E-2 | S-2 | G-2 | |||||
Al Ain Ahlia Insurance Co. P.S.C. | E-2 | S-2 | G-2 | |||||
Al Buhaira National Insurance Co. (PSC) | E-2 | S-2 | G-3 | |||||
Al Koot Insurance & Reinsurance Co. P.J.S.C. | E-2 | S-2 | G-2 | |||||
Al Wathba National Insurance Co. PJSC | E-2 | S-2 | G-2 | |||||
Al-Ahleia Insurance Co. S.A.K. | E-2 | S-2 | G-2 | |||||
Alandia Forsakring Abp | E-2 | S-2 | G-2 | |||||
AlfaStrakhovanie PLC | E-2 | S-2 | G-2 | |||||
Al-Khaleej Takaful Insurance Co. Q.P.S.C. | E-2 | S-2 | G-3 | |||||
Allianz SE | E-2 | S-2 | G-2 | |||||
Alte Leipziger Lebensversicherung a.G. | E-2 | S-2 | G-2 | |||||
Amanat Insurance JSC | E-2 | S-2 | G-3 | |||||
Ascot Group Ltd. | E-4 | S-2 | G-2 | |||||
Aspen Insurance Holdings Ltd. | E-4 | S-2 | G-2 | |||||
ASR Nederland N.V. | E-2 | S-2 | G-2 | |||||
Assuranceforeningen SKULD (Gjensidig) | E-2 | S-2 | G-2 | |||||
Aviva PLC | E-2 | S-2 | G-2 | |||||
AXA | E-2 | S-2 | G-2 | |||||
Baloise Holding AG | E-2 | S-2 | G-2 | |||||
Basel Insurance JSC | E-2 | S-2 | G-3 | |||||
Belfius Insurance S.A. | E-2 | S-2 | G-2 | |||||
Britannia Steam Ship Insurance Association Europe (The) | E-2 | S-2 | G-2 | |||||
CGPA | E-2 | S-2 | G-2 | |||||
CNP Assurances | E-2 | S-2 | G-2 | |||||
Compania Espanola de Seguros de Credito a la Exportacion S.A. | E-2 | S-2 | G-2 | |||||
Convex Re Ltd. | E-4 | S-2 | G-2 | |||||
Covea Cooperations | E-3 | S-2 | G-2 | |||||
DAS Rechtsschutz AG | E-2 | S-2 | G-2 | |||||
Deutsche Rueckversicherung AG | E-3 | S-2 | G-2 | |||||
DEVK Deutsche Eisenbahn Versicherung Sach- und HUK-Versicherungsverein a.G. Betriebliche Sozialeinrichtung der Deutschen Bahn | E-2 | S-2 | G-2 | |||||
Dina Forsakring AB | E-2 | S-2 | G-2 | |||||
Doha Insurance Group Q.P.S.C. | E-2 | S-2 | G-2 | |||||
Ecclesiastical Insurance Office PLC | E-2 | S-2 | G-2 | |||||
Echo Rueckversicherungs-AG | E-4 | S-2 | G-2 | |||||
Elba Assicurazioni SpA | E-2 | S-2 | G-2 | |||||
Emirates Insurance Co. (PSC) | E-2 | S-2 | G-2 | |||||
Energogarant PJSIC | E-2 | S-2 | G-3 | |||||
Eurasia Insurance Co. | E-3 | S-2 | G-2 | |||||
Eurasia Life JSC | E-2 | S-2 | G-3 | |||||
FIATC Mutua de Seguros y Reaseguros | E-2 | S-2 | G-2 | |||||
Flood Re Ltd. | E-3 | S-1 | G-2 | |||||
Freedom Finance Insurance JSC | E-2 | S-2 | G-3 | |||||
Freedom Finance Life JSC | E-2 | S-2 | G-3 | |||||
Garantia Insurance Co. Ltd. | E-2 | S-2 | G-2 | |||||
Gard P&I (Bermuda) Ltd. | E-2 | S-2 | G-2 | |||||
GIC Re South Africa Ltd. | E-2 | S-2 | G-2 | |||||
Gjensidige | E-2 | S-2 | G-2 | |||||
Gothaer Allgemeine Versicherung AG | E-2 | S-2 | G-2 | |||||
Gulf Insurance Group K.S.C.P. | E-2 | S-2 | G-2 | |||||
Hannover ReTakaful B.S.C. | E-2 | S-2 | G-2 | |||||
Hannover Rueck SE | E-3 | S-2 | G-2 | |||||
HDFC International Life and Re Co. Ltd. | E-2 | S-2 | G-2 | |||||
HDI Haftpflichtverband der Deutschen Industrie V.a.G. | E-2 | S-2 | G-2 | |||||
HDI Versicherung AG (Austria) | E-2 | S-2 | G-2 | |||||
Helvetia Schweizerische Versicherungsgesellschaft AG | E-2 | S-2 | G-2 | |||||
Hiscox Ltd. | E-2 | S-2 | G-2 | |||||
Ingosstrakh Insurance Co. | E-2 | S-2 | G-3 | |||||
Insurance Co. Jusan Garant JSC | E-2 | S-2 | G-3 | |||||
Insurance Co. RESO-GARANTIA | E-2 | S-2 | G-2 | |||||
International General Insurance Co. Ltd. | E-2 | S-2 | G-2 | |||||
IPB Insurance CLG | E-2 | S-2 | G-2 | |||||
KBC Insurance N.V. | E-2 | S-2 | G-2 | |||||
KLPP Insurance and Reinsurance Co. Ltd. | E-3 | S-2 | G-2 | |||||
Kommunal Landspensjonskasse | E-2 | S-1 | G-2 | |||||
La Mondiale | E-2 | S-2 | G-2 | |||||
Lansforsakringar AB | E-2 | S-2 | G-2 | |||||
Legal & General Group PLC | E-2 | S-2 | G-2 | |||||
Lexgarant Insurance Co. Ltd. | E-2 | S-2 | G-3 | |||||
Life Insurance Co. Nomad Life JSC | E-2 | S-2 | G-3 | |||||
Liverpool Victoria Financial Services Ltd. | E-2 | S-2 | G-2 | |||||
Lloyd's | E-4 | S-2 | G-2 | |||||
LocalTapiola General Mutual Insurance Co. | E-2 | S-2 | G-2 | |||||
London-Almaty Insurance Co. JSC | E-2 | S-2 | G-3 | |||||
London Steam-Ship Owners' Mutual Insurance Assn. Ltd. (The) | E-2 | S-2 | G-2 | |||||
M&G PLC | E-2 | S-2 | G-2 | |||||
Mapfre S.A. | E-2 | S-2 | G-2 | |||||
MetLife Europe d.a.c. | E-2 | S-2 | G-2 | |||||
Munich Reinsurance Co. | E-3 | S-2 | G-2 | |||||
Nacional de Reaseguros S.A. | E-2 | S-2 | G-2 | |||||
NN Group N.V. | E-2 | S-2 | G-2 | |||||
Nomad Insurance Co. | E-2 | S-2 | G-3 | |||||
North of England Protecting & Indemnity Assn Ltd. (The) | E-2 | S-2 | G-2 | |||||
Norwegian Hull Club | E-2 | S-2 | G-2 | |||||
NOVIS Insurance Company | E-2 | S-2 | G-2 | |||||
NPA Insurance Ltd. | E-2 | S-2 | G-2 | |||||
Oil Insurance Co. JSC | E-2 | S-2 | G-3 | |||||
Old Mutual Ltd. | E-2 | S-2 | G-2 | |||||
Oman Insurance Co. (PSC) | E-2 | S-2 | G-2 | |||||
Orient Insurance P.J.S.C. | E-2 | S-2 | G-2 | |||||
PASHA Insurance OJSC | E-2 | S-2 | G-4 | |||||
Powszechny Zaklad Ubezpieczen S.A. | E-2 | S-2 | G-2 | |||||
PRI Pensionsgaranti Mutual Insurance Co. | E-2 | S-2 | G-2 | |||||
Prudential plc | E-2 | S-2 | G-2 | |||||
Qatar Insurance Co. Q.S.P.C. | E-2 | S-2 | G-2 | |||||
QLM Life & Medical Insurance Co. | E-2 | S-2 | G-2 | |||||
Ras Al-Khaimah National Ins Co. | E-2 | S-2 | G-2 | |||||
Rosgosstrakh PJSC | E-2 | S-2 | G-3 | |||||
SALAMA/Islamic Arab Insurance Co. P.S.C. | E-2 | S-2 | G-3 | |||||
Sampo PLC | E-2 | S-2 | G-2 | |||||
Santam Ltd. | E-2 | S-2 | G-2 | |||||
Sava Re | E-2 | S-2 | G-2 | |||||
Sberbank Insurance LLC | E-2 | S-2 | G-3 | |||||
SCOR SE | E-3 | S-2 | G-2 | |||||
Seib Insurance and Reinsurance Co. LLC | E-2 | S-2 | G-2 | |||||
Sharq Insurance LLC | E-2 | S-2 | G-3 | |||||
Shipowners' Mutual Protection & Indemnity Association (Luxembourg) | E-2 | S-2 | G-2 | |||||
Sinoasia B&R Insurance JSC | E-2 | S-2 | G-3 | |||||
SiriusPoint Ltd. | E-4 | S-2 | G-2 | |||||
Societe Centrale Prevoir | E-2 | S-2 | G-2 | |||||
Sogaz Insurance | E-2 | S-2 | G-3 | |||||
Societa Cattolica di Assicurazione | E-2 | S-2 | G-2 | |||||
Sveriges Angfartygs Assurans Forening (The Swedish Club) | E-2 | S-2 | G-2 | |||||
St. James's Place U.K. PLC | E-2 | S-2 | G-2 | |||||
Standard Club UK Ltd. (The) | E-2 | S-2 | G-2 | |||||
Steamship Mutual Underwriting Assn. (Bermuda) Ltd. (The) | E-2 | S-2 | G-2 | |||||
Storebrand ASA | E-2 | S-2 | G-2 | |||||
Swiss Life AG | E-2 | S-2 | G-2 | |||||
Swiss Re Ltd. | E-3 | S-2 | G-2 | |||||
Tawuniya/The Co. for Cooperative Insurance | E-2 | S-2 | G-2 | |||||
Temiryol-Sugurta LLC | E-2 | S-2 | G-4 | |||||
Triglav Re, Reinsurance Co. Plc | E-2 | S-2 | G-2 | |||||
UNIQA Insurance Group AG | E-2 | S-2 | G-2 | |||||
United Kingdom Mutual Steam Ship Assurance Association Ltd. (The) | E-2 | S-2 | G-2 | |||||
UNUM Ltd. | E-2 | S-2 | G-2 | |||||
Versicherungskammer Bayern Versicherungsanstalt des oeffentlichen Rechts | E-2 | S-2 | G-2 | |||||
VHV Vereinigte Hannoversche Versicherung a.G. | E-2 | S-2 | G-2 | |||||
VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe | E-2 | S-2 | G-2 | |||||
VSK Insurance JSC | E-2 | S-2 | G-3 | |||||
Walaa Cooperative Insurance Co. | E-2 | S-2 | G-2 | |||||
Warba Insurance Co. K.S.C.P. | E-2 | S-2 | G-2 | |||||
Wataniya Insurance Co. | E-2 | S-2 | G-2 | |||||
West of England Ship Owners Mutual Insurance Association (Luxembourg) | E-2 | S-2 | G-2 | |||||
Wuerttembergische Lebensversicherung AG | E-2 | S-2 | G-2 | |||||
Zurich Insurance Co. Ltd. | E-2 | S-2 | G-2 | |||||
| ESG--Environmental, social, and governance. | ||||||||
Related Research
- ESG Credit Indicator Report Card: EMEA Insurance, Nov. 29, 2021
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As a seasoned expert in the field of insurance ratings and analysis, I bring extensive knowledge and hands-on experience in assessing the financial strength of insurance companies. My expertise is grounded in a comprehensive understanding of methodologies, credit risk assessment, and the intricate dynamics of the insurance sector.
The article you've provided pertains to S&P Global Ratings' long-term financial strength ratings and scores for insurance companies operating in Europe, the Middle East, and Africa (EMEA) as of December 31, 2021. The ratings and component scores are based on the main operating company within the group or the consolidated group, rather than the holding company.
Key concepts and terms used in the article:
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Financial Strength Ratings (FSRs): These are ratings assigned to insurance companies, reflecting their financial stability and ability to meet policyholder obligations.
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Component Scores: Various metrics used to assess different aspects of an insurance company's performance, including Business Risk Profile (BRP), Competitive Position (CP), Insurance Industry and Country Risk Assessment (IICRA), Financial Risk Profile (FRP), Capital and Earnings (C&E), Risk Exposure (RE), Funding Structure (FS), Comparable Ratings Analysis (CRA), Group Support (GS), Stand-alone Credit Profile (SACP), and Group Credit Profile (GCP).
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Environmental, Social, and Governance (ESG) Credit Indicators: Reflect the influence of ESG factors on credit rating analysis. These indicators are assessed on a net basis, providing additional disclosure at the entity level.
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Credit Outlook: Indicates the direction in which S&P Global Ratings expects the financial strength rating to move in the future, whether it's stable, positive, negative, or on watch.
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Table 1: Lists companies with changes to their financial strength ratings and/or scores since the last publication on October 11, 2021.
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Table 2: Provides financial strength ratings and component scores for various insurance companies in the EMEA region as of December 31, 2021.
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Table 3: Presents ESG credit indicators for the EMEA insurance sector, assessing the influence of environmental, social, and governance factors on credit rating analysis.
Understanding these concepts is crucial for investors, stakeholders, and industry professionals to make informed decisions about insurance companies in the EMEA region. S&P Global Ratings' methodology, as outlined in their "Insurers Rating Methodology" published on July 1, 2019, forms the basis for the assessment and opinion on credit risk in the sector.
