Fitch Affirms Bradesco Seguros S.A.’s IFS at ‘BB+’ and National IFS at ‘AAA(bra)’
KEY RATING DRIVERS
Fitch views
The ratings also reflect the company's leading position in the Brazilian insurance market, consistent performance through the cycle, diversified revenue base, strong distribution capacity underpinned by Bradesco's wide agency network and comfortable liquidity and capitalization ratios.
As of
In
Potential risks arising from high leverage are mitigated by the fact that leverage is largely driven by its significant technical reserves for the private pension products that do not constitute reinvestment risk for the company. The technical reserves all pension products corresponded to 81% of the total technical reserves and 77% of liabilities at
Fitch believes
In applying Fitch's insurance criteria when regarding the impact of ownership on
RATING SENSITIVITIES
Additional information is available on www.fitchratings.com.
Applicable Criteria
Global Bank Rating Criteria (pub.
https://www.fitchratings.com/site/re/884135
Insurance Rating Methodology (pub.
https://www.fitchratings.com/site/re/881564
National Scale Ratings Criteria (pub.
https://www.fitchratings.com/site/re/720082
Additional Disclosures
Dodd-Frank Rating Information Disclosure Form
https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1011774
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1011774
Endorsement Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31
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Fitch Ratings
Primary Analyst
Esin Celasun
Director
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Fitch Ratings Brasil Ltda.
Praca XV de Novembro, 20 - 401 B
or
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or
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Source: Fitch Ratings
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