Rating in a nutshell
|Agencies||Financial strength rating||Outlook||Last Update|
|S&P Global Ratings||AA-||Stable||21/01/2020|
|A.M. Best||A (Excellent)||Stable||26/09/2019|
S&P Global Ratings opinion
S&P Global Ratings’ decision to raise Covéa’s rating from A+ to AA- relies on “the Group’s capital adequacy, considered as exceptional“, “its leading competitive position in the property/casualty market in France” and “its ability to generate stable profits“.
Moody’s states that “the Aa3 IFSR on Covéa Cooperations reflects primarily Covéa’s outstanding level of capitalisation, the Group’s leading position in the French P&C market and the strong recognition of its three main brands (MAAF, MMA and GMF)”.
A.M. Best opinion
A.M. Best highlights that “Covéa’s strongest balance sheet assessment is underpinned by the Group’s consolidated risk-adjusted capitalisation, which is categorised as strongest per Best’s Capital Adequacy Ratio (BCAR), a conservative and liquid investment portfolio, and a prudent reserving practicies“.
The rating agency also underlines that “Covéa has a strong presence in the French market, with a large, well-established member base and strong distribution capabilities“.
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