Best’s News & Research Service - December 18, 2025 12:19 PM (EST)
AM Best Affirms Credit Ratings of Pacífico Compañía de Seguros y Reaseguros S.A.
- December 18, 2025 12:19 PM (EST)
//BestWire// - AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Pacífico Compañía de Seguros y Reaseguros S.A. (PCS) (Lima, Perú). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect PCS’ balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The stable outlooks reflect PCS’ ability to maintain a profitable operation, which continues to strengthen its capital base.
The ratings of PCS also reflect the company’s significant market share in Perú’s insurance industry, as well as its comprehensive and well-diversified reinsurance program.
PCS is Perú’s second largest insurer with a market share of 22%, as of October 2025. Life insurance comprises over half of the company’s business portfolio, with non-life insurance making up the rest. The company’s ultimate parent is Perú’s largest financial holding company, Credicorp Ltd. [NYSE: BAP], which had more than USD 75 billion in assets as of December 2024.
PCS’ risk-adjusted capitalization stands at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR); significant positive bottom-line results have allowed the company to widen its capital base in recent years. PCS continues to benefit from risk mitigation, achieved through diversification in its business and investment portfolios, as well as a robust and comprehensive reinsurance program with highly rated reinsurers.
PCS has maintained an adequate level of operating performance. Underwriting adjustments made by the company in its sensitive pension-fund related business lines such as life, health and pension insurance to counter stress from the effects of the pandemic, resulted in visible improvements that have translated into stronger profitable results each year; the company posted USD 219 million in profits during 2024, and the positive trend has continued as of October 2025.
Positive rating actions could occur if the company is able to maintain a favorable, consistent trend in underwriting results that is supportive of a strong assessment for operating performance. Negative rating actions may occur if the company experiences a shift in risk appetite or significant capital outflows that impact the company’s 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)
- 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: Dec. 11, 2024
- Initial Rating Date: Sept. 15, 2016
- Date Range of Financial Data Used: December 31, 2019 - October 31, 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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