A.M. Best Assigns Ratings to Seguros Monterrey New York Life S.A. de C.V.
The ratings reflect SMNYL’s strong integration with its parent company, New York Life Insurance Company (
SMNYL is the
SMNYL benefits from its ultimate parent’s strong brand recognition. In addition, its integration within its group is key to the rating level as
During 2014 and 2015, the company continued to post good results, maintaining adequate premium sufficiency, a satisfactory performance of benefits paid and a supportive investment income. Prospectively, as the company makes commercial efforts to improve its market position, there might be room for larger benefits offered or an increase in operating and acquisition expenses. However, due to the company’s robust enterprise risk management and corporate governance capabilities,
Risk-adjusted capitalization is strong and could be further enhanced from regulatory changes in Mexico’s reserve requirements, following the best estimate of liabilities. Under this scenario, reserve releases might further enhance its capitalization in the middle term. The company has very good asset liability management in terms of foreign currency and duration.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Key insurance criteria reports utilized:
- A.M. Best Ratings On a National Scale
- Evaluating Country Risk
-
Insurance Holding Company and Debt Ratings - Rating Members of Insurance Groups
- Risk Management and the Rating Process for Insurance Companies
- Understanding Universal BCAR
View a general description of the policies and procedures used to determine credit ratings. Also in accordance with Mexican regulations, the following is a link to required disclosures – A.M. Best America Latina Supplementary Disclosure.
- Previous Rating Date: Not rated.
- Date of Financial Data Used:
September 30, 2015 .
This press release relates to rating(s) that have been published on
A.M. Best’s credit ratings are independent and objective opinions, not statements of fact.
Copyright © 2016 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.
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Elí Sánchez, +(52) 55-1102-2720, ext. 108
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