Fitch Assigns IFS Rating of ‘B’ to Nacion Seguros de Retiro
KEY RATING DRIVERS
Nacion Retiro's IFS rating reflects Fitch's expectation that the company would receive support from its parent,
While Nacion Retiro is required by local regulation to be a segmented business, BNA's insurance subsidiaries have a complementary business structure with a multisegment focus. Excluding the reinsurance business, BNA's insurance subsidiaries had gross written premiums (GWPs) market share of 3% as of
The bulk of the entity's reserve volume remains concentrated in annuities reserves (51.1% of technical reserves as of
The company concentrates the majority of its assets in financial investments (97% of total assets as of
Nacion Retiro's profitability ratios posted solid growth in the last four years, supported by the positive trend in financial income mainly reflecting the country's high inflation rate. The company's major profitability ratios remained higher compared to its regional and local peers, reporting annualized ROAA of 2.9% and ROAE of 35.2% in
RATING SENSITIVITIES
The Outlook is Stable. Any changes in Fitch's evaluation of BNA's capacity and/or its willingness to support Nacion Retiro would result in changes to the insurer's ratings.
Additional information available at '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
Additional Disclosures
Dodd-Frank Rating Information Disclosure Form
https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1011080
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1011080
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
+55-21-4503 2626
Fitch Ratings
Praca XV de Novembro, 20
or
Secondary Analyst
+56-2-2499 3321
or
Committee Chairperson
James Auden
Managing Director
+1-312-368-3146
or
Media Relations
[email protected]
Source: Fitch Ratings
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