AM Best Revises Issuer Credit Rating Outlook to Stable for Bupa Insurance Company
AM Best has revised the outlook for the Long-Term Issuer Credit Rating (Long-Term ICR) to stable from negative and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of
The Credit Ratings (ratings) reflect BIC’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The revision of the Long-Term ICR outlook to stable from negative reflects the reduced pressure on BIC from the sale of BUPA México, Compañía de
BIC’s balance sheet strength remains assessed as strongest. The company’s assessed level of risk-adjusted capitalization at year-end 2022, as measured by Best’s Capital Adequacy Ratio (BCAR), was very strong, which represents a downward revision from strongest in the prior year. However, the BCAR is projected to improve in 2023 and return to the strongest level. The company has a conservative investment portfolio, composed of fixed-income securities and cash and short-term deposits. Additionally, the company benefits from the implicit and explicit support of its ultimate parent organization, The
BIC has experienced a trend of improving operating performance over the last three years and through the second quarter of 2023 owing to underwriting income in its international private medical insurance business and net investment income.
Partially offsetting factors include the company’s premium concentration in the highly competitive international private medical insurance market in
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.
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Source: AM Best
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