11.9.2024 – S&P has confirmed the “A” rating for the Gothaer Group. The Munich Re Group was upgraded to “AA”. Fitch continues to rate Alte Leipziger and Nürnberger at “A+”. Mylife Leben and Kieler Rück again received an “A” from Assekurata. In the Assekurata corporate rating, the ratings for Gartenbau-Versicherung, Württembergische Kranken and Mylife Leben remained unchanged.
The agency Standard & Poor´s Global Ratings (S&P) has announced its intention to merge with Deutsche Bank Barmenia Insurance Group (VersicherungsJournal 4.9.2024, 26.8.2024) again awarded the grade “A” for the Gothaer Group confirmed (November 29, 2023). The outlook for the three core companies Gothaer Allgemeine Versicherung AG, Gothaer Krankenversicherung AG and Gothaer Lebensversicherung AG is positive.
Gothaer: Standard & Poor’s announces rating increase
In its report, S&P assumes that the merger will further increase the group’s competitiveness due to the even more diverse product portfolio, the expanded distribution network and the broader customer base. S&P also acknowledged the very strong financial risk profile.
The agency therefore continues to expect to be able to raise the ratings by one level to “A+” in the next twelve to 24 months.
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Munich Re Group rating raised
At the end of July, S&P upgraded the long-term issuer credit and financial strength rating for Munich Reinsurance Company AG in Munich (Munich Re) including important subsidiaries, including Ergo Insurance AGfrom “AA-” to “AA”. The outlook is stable. Overall profitability and earnings diversification have improved significantly in recent years.
The agency expects the group’s strong and well-diversified earnings over the next two years to be in line with its AA-rated peers such as Allianz SEdie Zurich Insurance Group AG and Chubb European Group SE A net profit of 4.6 billion euros and a return on equity (ROE) of 16.1 percent were reported for 2023.
Fitch continues to rate Alte Leipziger and Nürnberger at “A+”
The rating agency Fitch has assessed the financial stability of Old Leipzig Life Insurance aG and its property subsidiary as well as the three core companies of Nuremberg Insurance Group – Nürnberger Allgemeine Versicherungs-AG, Nürnberger Lebensversicherung AG, Nürnberger Krankenversicherung AG − again rated “A+” (November 17, 2021). The outlook is stable.
The strong corporate profile and the very strong capital base are highlighted in each case. Fitch also attests that Alte Leipziger has an advantageous competitive position in the life insurance sector, supported by the highly profitable product range in the areas of occupational disability and company pension schemes (bAV).
Nürnberger’s leading market position in occupational disability insurance (BU insurance) and unit-linked life insurance (FLV) is highlighted. The company is one of the five largest providers of BU and FLV products in the German market, the report states.
Mylife Leben and Kieler Rück again receive “A” from Assekurata
After six consecutive “A-” results, the Assekurata Insurance Rating Agency GmbH last year, the credit rating of Mylife Life Insurance AG raised to “A” with a stable outlook (31 July 2023).
This assessment was confirmed in the current follow-up rating. The company regularly generates positive annual profits, which have been used to strengthen equity for several years.
At the Kiel Reinsurance Association aG This year, Assekurata saw no reason to deviate from the rating “A” with a stable outlook (July 31, 2023). The equity and other security resources are sufficient, the report states. Dynamic growth is expected for the current year.
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Horticultural insurance retains top rating in company rating
To the Horticultural Insurance VVaG Assekurata awarded the top grade “excellent” in three of the four partial qualities and thus also in the overall grade (July 31, 2023). In the partial quality “success”, the club was downgraded from “very good” to “good” last year. It stayed that way.
The agency takes into account the association’s focus on mutual interests and the interests of its members. Profit maximization is not the main focus, according to the report. Nevertheless, due to high natural hazards in recent years, economic success is below the market average.
Württembergische Kranken has a grade ahead of Mylife Life
Mylife Lebensversicherung AG, which commissioned an Assekurata company rating for the first time last year (July 31, 2023), continued to receive an overall rating of “good”. The top rating was again given in the “growth” category, although this only accounts for ten percent of the overall result.
One level better and again rated “very good” (31.10.2023) was the Württemberg Health Insurance AG. “Security” and “customer orientation” received the top rating of “excellent”. The company manages to process customer benefit applications within 0.8 days. Assekurata otherwise observes processing times of between two and twelve days.
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