AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) to AXA Mansard Insurance Plc. According to the agency, 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, 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”, it stated in a statement.
Commenting on the rating, the Chief Financial Officer, AXA Manasard Insurance, Ngozi Ola-Israel, 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.”