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APRIL 20, 2021 11:45 AM (EDT)

Best's Market Segment Report: AM Best Maintains Negative Outlook on Spanish Life Insurance Segment


CONTACTS:
 Giannina Carbajal Ortiz
Financial Analyst
+31 20 308 5428
giannina.carbajal@ambest.com

Victoria Ohorodnyk
Associate Director
+31 20 308 5432
victoria.ohorodnyk@ambest.com

Richard Banks
Director, Industry Research – EMEA
+44 20 7397 0322
richard.banks@ambest.com

Edem Kuenyehia
Director, Market Development & Communications
+44 20 7397 0280
edem.kuenyehia@ambest.com

FOR IMMEDIATE RELEASE

AMSTERDAM - APRIL 20, 2021 11:45 AM (EDT)
AM Best has maintained its negative market segment outlook on the Spanish life insurance segment.

A new Best’s Market Segment Report, “Market Segment Outlook: Spain Life Insurance”, notes that the Spanish life sector, along with other European life segments, continues to face significant headwinds in 2021, exacerbated by the COVID-19-driven economic downturn.

However, in AM Best’s view, the segment’s strong capitalisation level provides a buffer to absorb a degree of pressure from negative factors, such as the decline in demand for savings products, the persistent low interest rate environment and the potential for asset impairments and investment volatility.

AM Best will continue to monitor the situation going forward and may revise the segment outlook to stable if Spanish life insurers demonstrate their continued ability to generate strong profits and maintain stable capitalisation, even in these tough conditions.

To access a complimentary copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=307812 .

AM Best is a global credit rating agency, news publisher and data analytics provider specialising 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.