Fitch Affirms Bradesco Seguros S.A.’s Ratings, Outlook Stable [Health & Beauty Close – Up]
Proquest LLC |
Fitch Ratings has affirmed the International and National Insurer Financial Strength (IFS) ratings for
--International IFS at 'A-'; Outlook Stable;
--National IFS at 'AAA(bra)'; Outlook Stable.
The affirmation of the IFS ratings of
As
Despite heavy competition,
Notwithstanding a drop in financial income as of 3Q'12, performance ratios have remained favourable. Unlike most of its competitors,
In 3Q'12
In Fitch's view,
Operating leverage, as measured by the liabilities-to-capital ratio at 7.3x, remains relatively high, despite a drop in the first half of 2012 (1H'12). This is explained by the large share of the life and pension segments in the total portfolio, whose technical reserves made up 91 percent of gross reserves at 3Q'12. These reserves are constituted up-front and correspond to 100 percent of the net present value of the future payments.
The adjusted capital remains high in relation to the minimum capital requirement (5.9x at 1H'12). Furthermore, during the same period, liquid assets corresponded to an adequate 1.13x of net technical reserves.
Contact:
Additional information available at 'fitchratings.com' or 'fitchratings.com.br'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
--'Insurance Rating Methodology' (
Insurance Rating Methodology Amended
http://fitchratings.com/creditdesk/reports/ report_frame.cfm?rpt_id=692293
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