KEY RATING DRIVERS
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.
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
In applying Fitch's insurance criteria when regarding the impact of ownership on
Additional information is available on www.fitchratings.com.
Global Bank Rating Criteria (pub.
Insurance Rating Methodology (pub.
National Scale Ratings Criteria (pub.
Dodd-Frank Rating Information Disclosure Form
Fitch Ratings Brasil Ltda.
Praca XV de Novembro, 20 - 401 B
Source: Fitch Ratings