AM Best Affirms Credit Ratings Of AXA Mansard

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AXA Mansard Insurance Plc has said that its rating outlook by the global insurance rating agency, A.M. Best as stable and its Financial Strength Rating of “B+” (Good) and “bbb-” (Good) for the Issuer Credit Rating has been affirmed.

It said this in a statement on Tuesday titled ‘AM Best affirms credit ratings of AXA Mansard Insurance’.

According to the statement, A.M. Best stated “The ratings reflect AXA Mansard’s balance sheet strength, which AM Best categorises as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

“The ratings also reflect rating enhancement from AXA Mansard’s ultimate parent, AXA S.A. (AXA Group).”

It stated that AXA Mansard Insurance remained an outstanding insurer with strong financial strength and excellent underwriting capabilities.

The organisation stated that it had demonstrated this over the years through its financial and technical competencies.

It stated that AXA Mansard had achieved measurable results through the effective implementation of sound risk management principles and business innovation.

Commenting on the rating, the Chief Financial Officer, Mrs Ngozi Ola-Israel, said, “The affirmation of our ratings lends credence to the significant improvement in our internal capital generation abilities with strong focus on continuously improving our underwriting performance through technical excellence.”

Also commenting on the rating, the Chief Executive Officer, Mr Kunle Ahmed, said that, “We are pleased that our continued effort to build a resilient non-bank financial services institution is yielding positive results.

“We are committed to acting for human progress by protecting what truly matters.”

– Punch

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