By Ugo Aliogo
AXA Mansard Insurance plc has announed the affirmation of its rating outlook by the global insurance rating agency, A.M. Best as stable and its Financial Strength Rating (FSR) of ‘B+’ (Good) and “bbb’- (Good) for the Issuer Credit Rating (ICR).
In a statement A.M. Best 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 ratings also reflect rating enhancement from AXA Mansard’s ultimate parent, AXA S.A. (AXA group).”
The statement further explained that 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.”
The statement hinted that AXA Mansard has achieved measurable results through the effective implementation of sound risk management principles and business innovation.
It also disclosed that in recognition of its innovative products and services, the company was declared as the Insurance Company of the Year at the recent Business Day Awards.
The statement revealed that the company has also received several other awards including the Marketing Edge Award for Most Outstanding Insurance Company of the Decade.
Commenting on the rating, the Chief Financial Officer, Mrs. Ngozi Ola-Israel, said: “The affirmation of our ratings 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 commenting on the rating, the Chief Executive Officer, Mr. Kunle Ahmed, said: “We are pleased that our continued effort to build a resilient non-bank financial services institution is yielding positive results. The affirmation of our A.M. Best rating as stable and the retention of our FSR and ICR ratings despite the exposure to high-level economic, political and financial system risks further emphasize our leading position and capacity to meet our obligations to stakeholders. We are committed to acting for human progress by protecting what truly matters.”