Best’s News & Research Service - January 08, 2026 10:44 AM (EST)
AM Best Affirms Credit Ratings of Insignia Life S.A. de C.V.
- January 08, 2026 10:44 AM (EST)
//BestWire// - AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb+” (Good) and the Mexico National Scale Rating of “aa+.MX” (Superior) of Insignia Life S.A. de C.V. (Insignia) (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Insignia’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The stable outlooks reflect Insignia’s ability to return to positive bottom-line results and maintain a consistent performance that benefits from increased operational and financial flexibility by being a subsidiary of MAPFRE S.A. (MAPFRE).
The ratings also reflect MAPFRE’s commitment to support Insignia’s financial position in the form of capital contributions to help it withstand adverse situations and preserve its risk-adjusted capitalization at a level supportive of the current assessment.
Insignia was established in Mexico City in 2008, as a life insurance company that underwrites individual and group life through a commercial network of more than 3,000 agents and 10 offices distributed throughout Mexico. Insignia ranks within the top 25 companies within the life segment in the country, with a market share of less than 1% as of September 2025.
Insignia’s balance sheet strength assessment reflects the stabilization of its risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), with underwriting and investments risks standing as the main components of required capital. A key factor going forward for AM Best’s assessment of Insignia’s balance sheet strength will be financial support from MAPFRE.
Insignia has improved its performance since it recovered from COVID-19 losses, achieving stabilization of its loss and acquisition ratios in recent periods. Technical results are stabilizing and consistent over the years, being diminished by administrative expenses, which are expected to decrease given the new synergies obtained by being part of MAPFRE. Profitability has been backed by investment income, as Insignia’s investment strategy continues to be conservative and provides a steady flow of revenue to back its underwriting results.
Negative rating actions could take place if Insignia’s underwriting and bottom-line results deteriorate to a level not supportive of the adequate operating performance assessment. Positive rating actions may occur if there is additional demonstrated support from Mapfre Group.
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)
· 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: Oct. 25, 2024
· Initial Rating Date: Jan. 11, 2016
· Date Range of Financial Data Used: Dec. 31, 2019-Sept. 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.