AM Best


JANUARY 13, 2023 05:01 PM (EST)

AM Best Withdraws Credit Ratings of Aserta Seguros Vida, S.A. de C.V., Grupo Financiero Aserta


CONTACTS:
 Inger Rodríguez
Associate Financial Analyst
+52 55 1102 2720, ext. 108
inger.rodriguez@ambest.com

Elí Sánchez
Associate Director, Analytics
+52 55 1102 2720, ext. 122
eli.sanchez@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

FOR IMMEDIATE RELEASE

MEXICO CITY - JANUARY 13, 2023 05:01 PM (EST)
AM Best has affirmed the Financial Strength Rating (FSR) of B++ (Good), the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” (Good) and the Mexico National Scale Rating (NSR) of “aa+.MX” (Superior) of Aserta Seguros Vida, S.A. de C.V., Grupo Financiero Aserta (ASV) (Mexico City, Mexico). The outlook of the FSR is stable, and the outlook of the Long-Term ICR and NSR is negative. Concurrently, AM Best has withdrawn these Credit Ratings (ratings) as the company has requested to no longer participate in AM Best’s interactive rating process.

The ratings reflect ASV’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

The negative Long-Term ICR and Mexico NSR outlooks reflect ASV’s trend in premium contraction and its effect on operating performance.

The ratings also reflect ASV’s integration into Controladora Aserta S.A.P.I. de C.V. (CA) in terms of operations, capital support, business infrastructure and ERM.

ASV started operations in 2012, focusing on life microinsurance, group life and accident and health insurance. In 2013, CA acquired a majority stake in the company and subsequently received regulatory approval for ASV to become a member of the financial group. ASV has a market share of less than 1% as of September 2022, as the company continues to focus on prioritizing underwriting quality over premium growth.

Risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), stands at the strongest level, reflecting capital support from its parent. The last capital contribution took place in 2021 so that ASV could maintain its regulatory requirements within compliance levels.

The methodology used in determining these ratings is Best’s Credit Rating Methodology (Version Nov. 13, 2020), which provides a comprehensive explanation of AM Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Key insurance criteria reports utilized:


  • Evaluating Country Risk (Version Oct. 13, 2017)

  • Understanding Global BCAR (Version June 30, 2022)

  • Available Capital & Holding Company Analysis (Version Oct. 13, 2017)

  • AM Best’s Ratings on a National Scale (Version Oct. 13, 2017)

  • Scoring and Assessing Innovation (Version March 5, 2020)

View a general description of the policies and procedures used to determine credit ratings. For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, please refer to Guide to Best’s Credit Ratings.


  • Previous Rating Date: Dec. 16, 2021

  • Date Range of Financial Data Used: Dec. 31, 2016-Sept. 30, 2022

This press release relates to rating(s) that have been published on AM Best’s website. For additional 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.

AM Best does not validate or certify the information provided by the client in order to issue a credit rating.

While the information obtained from the material source(s) is believed to be reliable, its accuracy is not guaranteed. AM Best does not audit the company’s financial records or statements, or otherwise independently verify the accuracy and reliability of the information; therefore, AM Best cannot attest as to the accuracy of the information provided.

AM Best’s credit ratings are independent and objective opinions, not statements of fact. AM Best is not an Investment Advisor, does not offer investment advice of any kind, nor does the company or its Ratings Analysts offer any form of structuring or financial advice. AM Best’s credit opinions are not recommendations to buy, sell or hold securities, or to make any other investment decisions. View our entire notice for complete details.

AM Best receives compensation for interactive rating services provided to organizations that it rates. AM Best may also receive compensation from rated entities for non-rating related services or products offered by AM Best. AM Best does not offer consulting or advisory services. For more information regarding AM Best’s rating process, including handling of confidential (non-public) information, independence, and avoidance of conflicts of interest, please read the AM Best Code of Conduct. 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.


Related Companies

For information about each company, including the Best's Credit Reports, group members (where applicable) and news stories, click on the company name. An additional purchase may be required.

AMB# Company Name
092888 Aserta Seguros Vida, S.A. de C.V.