Covea Group Core And Guaranteed Companies Outlooks Revised To Positive; 'A' Ratings Affirmed
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1 Research Update: Covea Group Core And Guaranteed Companies Outlooks Revised To Positive; 'A' Ratings Affirmed Primary Credit Analyst: David D Anthony, London (44) ; david.anthony@standardandpoors.com Secondary Contact: Virginie Crepy, Paris (33) ; virginie.crepy@standardandpoors.com Table Of Contents Overview Rating Action Rationale Outlook Ratings Score Snapshot Related Criteria And Research Ratings List DECEMBER 1,
2 Research Update: Covea Group Core And Guaranteed Companies Outlooks Revised To Positive; 'A' Ratings Affirmed Overview France-based Covéa group (Covéa) has become increasingly integrated and its strategies for its main subgroups--which use the brand names MMA, GMF, and MAAF--are closely aligned. Covéa has also improved its satisfactory operating performance in the non-life segment. We are therefore revising to positive our outlooks on the rated core and guaranteed operating entities within Covéa. At the same time, we are affirming the 'A' ratings on the core entities within the group, based on our view of the Covéa group's very strong financial risk profile and its strong business risk profile. The positive outlook indicates that we could raise the rating over the next months if Covéa continues to grow prudently and profitably while maintaining its very strong capital adequacy. Rating Action On Dec. 1, 2014, Standard & Poor's Ratings Services revised to positive from stable its outlook on various core operating entities within the France-based Covéa group--mma IARD Assurances Mutuelles (MMA-AM), MMA IARD S.A., Covéa Fleet, Covéa Risks, and Assurances Mutuelles de France. We also affirmed the counterparty credit and financial strength ratings on each of these Covéa group companies at 'A'. We also revised to positive the outlook on U.K.-based subsidiary, Covéa Insurance PLC, whose policyholder obligations are fully guaranteed by MMA-AM, and affirmed the 'A' financial strength rating on this entity. Rationale The rating actions reflect our opinion that management across the combined Covéa group of companies is successfully building on the group's already strong business risk profile and very strong financial risk profile. Under our criteria, the combination of these risk profiles produces a dual outcome anchor of either 'a+' or 'a'. We have opted to maintain the anchor at 'a', mainly because Covéa's strategy and earnings resilience will be tested by strong competition in France. In addition, Covéa faces a difficult investment environment, given low interest rates; and important regulatory changes that affect solvency (Solvency II) and the French health insurance sector (Accord National Interprofessionnel; ANI), where Covéa remains keen to develop its existing activities. DECEMBER 1,
3 Research Update: Covea Group Core And Guaranteed Companies Outlooks Revised To Positive; 'A' Ratings Affirmed Our assessment of Covéa's business risk profile as strong derives from its member companies' leading combined position in the French non-life insurance sector, supplemented by a more modest but nonetheless significant position in French individual health insurance and life protection and savings. The group also has various small but profitable cross-border operations, principally in Italy and the U.K. Covéa's main exposure is to the French life and non-life insurance sectors, which we regard as having low insurance industry and country risk. We expect the combined group's business risk profile to remain stable at a strong level. Our current and prospective view of Covéa's operating performance has improved as the group has demonstrated what we consider to be satisfactory earnings in the non-life segment over the past three years. Its average net combined ratio was 99.6% and its non-life return on revenue was 6.1% over this period. Covéa's life businesses also bring some earning diversification benefits, with life-related earned premiums representing 31.3% of the total in 2013, and 27.6% of gross earnings before tax, exceptional items, and minorities. The very strong financial risk profile is principally based on our view that Covéa's capital adequacy will remain very strong according to our risk-adjusted capital model, and that its risk position will remain neutral to the current ratings at an intermediate level. We also expect financial flexibility to remain at least adequate; currently, it has low financial flexibility needs. Covéa's capital adequacy is likely to remain a strength to the ratings, in our view, because we anticipate that management will maintain prudent investment policies while growing its substantial capital base through retained earnings. In addition, premium growth is likely to be limited and based on internal growth and only modest acquisitions, so we expect the increase in capital requirements to be manageable. Our view of Covéa's management and governance has improved to satisfactory from fair. Covéa's management structure has been successfully reorganized following the creation of an intermediate holding company, Covéa Coopérations. Meanwhile, the group's operations have also been streamlined. We therefore conclude that group management has adopted stable and appropriate strategies and is successfully converting these into effective action across the whole group. Other potential modifying factors are neutral to the ratings, our view being that enterprise risk management remains adequate, albeit of relatively low importance to the maintenance of the group's financial strength, and that liquidity remains exceptional. Outlook The positive outlook indicates that we could raise the ratings over the next months if Covéa continues to grow prudently and profitably while maintaining its very strong capital adequacy. DECEMBER 1,
4 Research Update: Covea Group Core And Guaranteed Companies Outlooks Revised To Positive; 'A' Ratings Affirmed Upside Scenario We could raise the ratings if: Covéa reinforces its ability to maintain or improve its earnings in the highly competitive French marketplace, while successfully managing the challenges arising from local and wider European regulation changes. If this occurred, we would expect to see the group posting non-life net combined ratios at or below 100%, and return on equity of 7% or more on reported capital, while maintaining prudent technical reserves; and The group's strategies remain consistent, promoting effective integration of its variously branded operations, while preserving the current risk profile, and sustaining capital adequacy at very strong levels according to our model. Downside Scenario We could revise the outlook to stable if Covéa's capital adequacy declined below very strong levels, or if the group's combined earnings were to weaken because its non-life net combined ratio was consistently above 100%. Ratings Score Snapshot To From Financial Strength Rating A/Positive/-- A/Stable/-- Anchor a a Business Risk Profile Strong Strong IICRA Low Risk Low Risk Competitive Position Strong Strong Financial Risk Profile Very Strong Very Strong Capital and Earnings Very Strong Very Strong Risk Position Intermediate Risk Intermediate Risk Financial Flexibility Adequate Adequate Modifiers 0 0 ERM and Management 0 0 Enterprise Risk Management Adequate Adequate Management and Governance Satisfactory Fair Liquidity Exceptional Exceptional Support 0 0 Group Support 0 0 Government Support 0 0 Related Criteria And Research DECEMBER 1,
5 Research Update: Covea Group Core And Guaranteed Companies Outlooks Revised To Positive; 'A' Ratings Affirmed Related Criteria Group Rating Methodology, Nov. 19, 2013 Insurers: Rating Methodology, May 7, 2013 Enterprise Risk Management, May 7, 2013 Management And Governance Credit Factors For Corporate Entities And Insurers, Nov. 13, 2012 Refined Methodology And Assumptions For Analyzing Insurer Capital Adequacy Using The Risk-Based Insurance Capital Model, June 7, 2010 Use Of CreditWatch And Outlooks, Sept. 14, 2009 Ratings List Ratings Affirmed; CreditWatch/Outlook Action To From MMA IARD Assurances Mutuelles MMA IARD S.A. Covea Risks Covea Fleet Assurances Mutuelles de France Counterparty Credit Rating A/Positive/-- A/Stable/-- Financial Strength Rating A/Positive/-- A/Stable/-- Covea Insurance PLC Financial Strength Rating A/Positive/-- A/Stable/-- Additional Contact: Insurance Ratings Europe; Complete ratings information is available to subscribers of RatingsDirect at and at spcapitaliq.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at Use the Ratings search box located in the left column. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) ; London Press Office (44) ; Paris (33) ; Frankfurt (49) ; Stockholm (46) ; or Moscow 7 (495) DECEMBER 1,
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