Best’s News & Research Service - December 04, 2025 03:34 PM (EST)
AM Best Affirms Credit Ratings of Seguros Inbursa, S.A. Grupo Financiero Inbursa
- December 04, 2025 03:34 PM (EST)
//BestWire// - AM Best has affirmed the Financial Strength Rating of A (Excellent), the Long-Term Issuer Credit Rating of “a+” (Excellent) and the Mexico National Scale Rating of “aaa.MX” (Exceptional) of Seguros Inbursa, S.A. Grupo Financiero Inbursa (Seguros Inbursa) (Mexico). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Seguros Inbursa’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
Seguros Inbursa’s balance sheet strength is underpinned by its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The ratings also reflect the company’s strong operating performance, driven by consistent profitability and mainly supported by a stable flow of investment income, as well as low underwriting leverage, a diversified business profile and the company’s affiliation with Grupo Financiero Inbursa, S.A.B. de C.V. (Grupo Financiero Inbursa), one of the largest financial groups in Mexico.
Seguros Inbursa underwrites life and non-life business and remains one of the largest domestic insurance companies in Mexico. The company has shown disciplined underwriting in a highly competitive market, consistently reporting sufficient premium levels that compare positively with its closest competitors. This discipline also is reflected in its stable profitability metrics, which have remained in line with historical trends.
The company posted a return on capital of 16.1% for 2024. In addition, investment results continue to be an important source of profitability for the company.
As of June 2025, the company posted MXN $2.5 billion in profit, showing resilience against current market conditions with no significant deviations from past operating performance metrics. This profitability reflects the efficiencies achieved in the operating expenses, as well as Seguros Inbursa’s efforts to contain its loss ratio despite headwinds resulting from weather-related events.
Historically, Seguros Inbursa has operated with low underwriting leverage. The company’s risk-adjusted capitalization remains supportive of its current ratings. The company’s capital base has increased at a compound annual growth rate of 8.7% during the past five years, and AM Best expects this trend to continue as a result of sound underwriting, conservative reserving and prudent dividend and investment policies, as well as an effective cost containment strategy. Furthermore, Seguros Inbursa continues to benefit from significant operating efficiencies afforded by Grupo Financiero Inbursa’s vast financial and system networks.
Partially offsetting these positive rating factors is the strong competition in Mexico’s insurance market, which AM Best believes could pressure the company’s profitability and market share, as well as the challenging state of the economy and volatile capital markets.
While unlikely, positive rating actions could take place if Seguros Inbursa achieves a successful consolidation of the business strategy in the medium term. Negative rating actions could occur if the company experiences sustained deterioration in operating results or a significant weakening of its risk-adjusted capitalization.
The methodology used in determining these ratings is Best’s Credit Rating Methodology (Version Aug. 29, 2024), 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 June 6, 2024)
- Understanding Global BCAR (Version Sept. 18, 2025)
- Catastrophe Analysis in AM Best Ratings (Version Feb. 8, 2024)
- Available Capital and Insurance Holding Company Analysis (Version Sept. 18, 2025)
- Best's National Scale Ratings (Version July 31, 2025)
- Scoring and Assessing Innovation (Version Feb. 20, 2025)
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, relevant sources of information and the frequency for updating ratings, please refer to Guide to Best’s Credit Ratings.
- Previous Rating Date: Nov. 1, 2024
- Initial Rating Date: Dec. 14, 2007
- Date Range of Financial Data Used: Dec. 31, 2018-June 30, 2025
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
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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.