Thursday, February 18, 2021 / 10:00 AM / By AXA Mansard / Header Image Credit: AXA Mansard
AXA Mansard Insurance plc. is pleased to announce 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).
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 ratings also reflect rating enhancement from AXA Mansard's ultimate parent, AXA S.A. (AXA group)".
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.
AXA Mansard has achieved measurable results through the effective implementation of sound risk management principles and business innovation. 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 company has also received several other awards including the Marketing Edge Award for Most Outstanding Insurance Company of the Decade.
Commenting on the rating, Mrs. Ngozi Ola-Israel, the Chief Financial Officer 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, Mr. Kunle Ahmed, the Chief Executive Officer said that "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."
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.