AM Best Affirms Credit Ratings of Chubb Seguros de Vida Chile, S.A.

Business Wire

MEXICO CITY--(BUSINESS WIRE)--
AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of Chubb Seguros de Vida Chile, S.A. (Chubb Vida Chile) (Chile). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Chubb Vida Chile’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The stable outlooks reflect AM Best’s expectation that the company’s risk-adjusted capitalization will remain at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by positive operating performance through prudent underwriting and investment income, and sustained by the support from the Chubb group.

The ratings also reflect Chubb Vida Chile’s affiliation with its parent company, Chubb Limited [NYSE: CB], in terms of capital support, reinsurance protection and its ERM framework.

Chubb Vida Chile started operations in 2005 and is the Chilean life and accident & health subsidiary of the Chubb group. Chubb Vida Chile’s sister company, Chubb Seguros Chile, S.A., focuses on property/casualty businesses. Chubb Vida Chile’s business portfolio is well-diversified but principally composed of credit life. The company’s operations grew in terms of premium volume, business lines and market share after its strategic alliance with Banco de Chile and acquisition of Banchile Seguros de Vida, S.A. in previous years.

Chubb Vida Chile’s balance sheet strength is at the strongest level given its strongest level of risk-adjusted capitalization, as measured by BCAR, and a capital base that is supported by positive net income, a conservative investment strategy and a highly rated reinsurance panel.

The company’s operating performance is considered adequate as it displays sound underwriting results, which are characterized by low claims and improving operational expenses, and further strengthened by consistent investment income. In 2024, the company’s business volume started to show signs of stabilization after the positive impact from the aforementioned strategic alliance and acquisition. This trend continued during 2025, with adequate levels of premium sufficiency reported.

Chubb Vida Chile’s ERM is appropriate given its adherence to the framework of the Chubb group by sharing policies and procedures, as well as risk appetites and tolerances. An affiliate, Chubb Tempest Reinsurance Ltd., is in the company’s reinsurance program.

Negative rating actions could take place if AM Best determines that the strategic importance of Chubb Vida Chile to its group has diminished. Negative rating actions could also take place if the company's balance sheet strength deteriorates due to significant losses or excessive dividend payments that ultimately erode the capital base to a point that no longer supports the current ratings. Positive rating actions could occur if the company's profit generation remains supported by technical results, showing a consistent upward trend that compares favorably to the strong assessment.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.