Fitch assigns ‘A+ rating with stable outlook’ to Achmea’s insurance operating entities
Fitch Ratings has assigned Achmea’s core insurance operating entities an Insurer Financial Strength Rating (IFSR) of A+ with a stable outlook. The credit rating agency bases its views among others on Achmea’s ‘market leading position in the Dutch Non-life and Health insurance market’. Fitch assesses Achmea’s capital position to be ‘very strong’. It expects Achmea to realize in the medium-term a structurally higher return on equity supported by further cost reductions and implemented improvement measures.
In line with the IFSR of A+, Fitch has assigned a ‘A-‘ rating to Achmea B.V.’s senior unsecured debt instruments and a ‘BBB’ rating on the Achmea B.V.’s subordinated debt instruments, all with a stable outlook.
Willem van Duin, chairman of the Executive Board of Achmea: “Fitch’s A+ credit rating for our insurance operating entities with a stable outlook indicate that we are regarded as a solid insurance company with a robust solvency level. A healthy financial position is also in the interest of our customers who should at all times be able to rely on us. Having Fitch’s rating, supports us to target a broader investment community for our debt securities.”
Established in 1811, today Achmea is the largest insurance group in the Netherlands. In its home market, Achmea is market leader in non-life and health insurance. Gross written premiums for the group totalled approximately 20 billion euros over 2016, while the group’s solvency ratio remained strong at 185% at the end of June 2017. The group also offers income protection insurance, life insurance, pensions services and mortgages. Asset manager Achmea Investment Management, oversees over 117 billion euros in assets under management. Internationally, Achmea is active in Turkey, Greece, Ireland, Australia, Slovakia and Canada. Each insurer has deep understanding of its local market and customers.