AM Best Revises Outlooks to Positive and Affirms Credit Ratings of Aseguradora General, S.A.

Business Wire

MEXICO CITY--(BUSINESS WIRE)--
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Aseguradora General, S.A. (AGen) (Guatemala).

The Credit Ratings (ratings) reflect AGen’s balance sheet strength, which AM Best assesses as strongest, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The positive outlooks reflect AM Best’s expectation that AGen will continue the positive trend in bottom-line results, reflective of underwriting adjustments, while maintaining supportive balance sheet strength.

AGen was established in 1967 and is the sixth-largest insurer operating in Guatemala. As of year-end 2025, the company reported USD 105 million in direct premium, with a market share of 7.3%. The company underwrites a mixed portfolio of life and non-life business, with its retained premium distributed among major medical expenses, auto, life and a mix of property/casualty (P/C). AM Best assesses AGen’s business profile as neutral, supported by its importance within its domestic market, but limited by its geographic and product concentration.

AGen’s majority shareholder is a pure holding company privately held by investors that bought a 51% stake of the company in May 2017 from Assicurazioni Generali S.p.A.

AM Best assesses AGen’s balance sheet strength as strongest. The company’s well-structured reinsurance program supports its capital base by properly limiting its exposure to catastrophe events. AM Best assesses AGen’s ERM as appropriate as its management capabilities are sufficient to meet its risk appetite.

AM Best assesses AGen’s operating performance as marginal, The result posted for 2025 reflects the company’s improved underwriting in particular lines, while challenges persist in its competitive insurance segments and in expense management. AM Best also recognizes the positive development of AGen’s P/C lines of business. Net income has remained positive for the past five years; and 2025 results improved in comparison with 2024, to USD 9.5 million from USD 7.5 million.

Positive rating actions could take place if AGen’s operating performance maintains a consistently positive trend underpinned by underwriting quality improvements and premium sufficiency. Negative rating actions could take place if operating performance deteriorates and losses erode the company’s capital base to a point where its risk-adjusted capitalization is no longer supportive of the ratings.

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.