A.M. Best Affirms and Withdraws Ratings of a Number of Aviva Plc’s European Subsidiaries [Manufacturing Close – Up]

A.M. Best Europe - Rating Services Limited has affirmed the financial strength rating (FSR) of A (Excellent) and issuer credit ratings (ICR) of "a+" of several European insurance subsidiaries of AVIVA plc (AVIVA) (United Kingdom), namely Aviva Vida y Pensiones, S.A de Seguros y Reaseguros, Aviva Assurances, Aviva Vie, Aviva Epargne Retraite and Eurofil.

The outlook for the FSR remains stable, and the outlook for the ICR remains negative. Concurrently, A.M. Best has withdrawn the ratings at the company's request. In addition, A.M. Best has affirmed the ICR of "bbb+" of Aviva Italia Holding S.p.A. The outlook for this rating is negative. A.M. Best has subsequently withdrawn this rating as well.

The rating affirmations factor in the subsidiaries' importance to the group's current strategy in markets such as France, Italy and Spain and the internal support provided by AVIVA or intermediate group companies to those subsidiaries by means of reinsurance support or capital injections as and when required. Other rating drivers include those entities' business profile in the markets they operate and their supportive local solvency positions.

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. Key criteria utilised include: "Risk Management and the Rating Process for Insurance Companies"; "Understanding Universal BCAR"; and "Rating Members of Insurance Groups". Best's Credit Rating Methodology can be found at ambest.com/ratings/methodology.

A.M. Best Europe - Rating Services Limited is a subsidiary of A.M. Best Company. A.M. Best Company is an insurance rating and information source.

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