Covea Group Core And Guaranteed Companies Upgraded To 'A+'; U.K. Subsidiary Sterling Life Rated 'A+'; Outlook Stable
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1 Research Update: Covea Group Core And Guaranteed Companies Upgraded To 'A+'; U.K. Subsidiary Sterling Life Rated 'A+'; Outlook Stable Primary Credit Analyst: David D Anthony, London (44) ; david.anthony@standardandpoors.com Secondary Contact: Marc-Philippe Juilliard, Paris +(33) ; m-philippe.juilliard@standardandpoors.com Table Of Contents Overview Rating Action Rationale Outlook Ratings Score Snapshot Related Criteria And Research Ratings List NOVEMBER 23,
2 Research Update: Covea Group Core And Guaranteed Companies Upgraded To 'A+'; U.K. Subsidiary Sterling Life Overview The Covéa Group continues to streamline its structure while maintaining its position as the largest non-life group of insurers in France. In our view, the combined group has improved its operating performance while so far successfully adapting to regulatory changes, including the EU's Solvency II directive to be implemented in 2016, and other changing regulations in France. Consequently, we are raising the ratings on the core and guaranteed companies within the Covéa Group to 'A+' from 'A'. We are also assigning our 'A+' financial strength rating to Covéa's recently acquired U.K. subsidiary Sterling Life Ltd., on the basis of a guarantee. The stable outlook on all the ratings reflects our expectation over the next two to three years that the group's strong brands, large scale, client and product diversity are likely to shelter it from potential negative impact of changing regulations, while its prudent underwriting and reserving, and long-term driven investment strategy are likely to sustain its very strong capital buffers. Rating Action On Nov. 23, 2015, Standard & Poor's Ratings Services raised to 'A+' from 'A' the insurer financial strength and counterparty credit ratings on rated core operating companies within the France-based Covéa Group, notably MMA IARD Assurances Mutuelles (MMA-AM), MMA IARD S.A., Covéa Fleet, Covéa Risks, and Assurances Mutuelles de France (AMF). We also raised to 'A+' from 'A' the financial strength rating on a U.K.-based subsidiary, Covéa Insurance PLC, and assigned our 'A+' financial strength rating to another U.K. subsidiary, Sterling Life Ltd. The outlook on all the ratings is stable. Rationale The rating actions reflect ongoing improvements in operating performance at Covéa, as well as our view that the multiple recent regulatory changes are unlikely to negatively affect the group. In addition, we believe the steady progress being made in the implementation of the planned reorganization of the NOVEMBER 23,
3 group's extensive operations in France under the three principal brands of MMA, GMF/AMF, and MAAF will have a positive impact on capital management, and that the existence of Covéa Coopérations as a downstream holding company has significantly improved the fungibility of capital between group members. The Covéa Group's business risk profile is strong, in our view, reflecting the combined group's leading position in the French non-life insurance sector, supplemented by a more modest but still significant position in French individual health insurance and in the life protection and savings market segments. Some 13% of group revenues also derive from cross-border subsidiary operations, principally in Italy and the U.K. We also consider that the Covéa Group benefits from a very strong financial risk profile. This is based on our view that current and prospective capital and earnings will likely remain very strong over the outlook period to Reported capital at the end of 2014 was 11.6 billion (2013: 10.6 billion), before taking into account tax-adjusted unrealized capital gains on investments for own account as well as other equity-like reserves. These additional equity-like items are of lesser quality than pure capital, but we consider that they still represented supplementary economic capital of approximately 8 billion over the published amount. This level of capitalization currently leads to extremely strong capital adequacy outcomes under our model. Our assessment is that the currently extremely strong capital adequacy will remain, along with overall capital and earnings, at least very strong. This takes into account our view that successful business growth, combined with normal operational volatility, could increase the demands made on capital. Future capital adequacy may therefore vary, depending upon actual business growth, the investment strategies that Covéa adopts, and the contribution to capital and earnings of those investments. We expect premium income across the combined group to increase at or slightly above French sector norms, by around 2%-3% annually. Gross written premiums (GWP) grew in 2014 by 6.5% to reach 16.6 billion (67.2% non-life, 32.8% life) over 2013 GWP of 15.6 billion (68.9% non-life, 31.1% life). Over the outlook horizon to 2017, we consider that annual earnings are likely to be 950 million- 1,000 million, having reached million in 2014 (2013: million). Non-life net combined ratios are expected to be in the range of 95%-99%. We expect all earnings to be retained within the group as it is wholly owned by its founder mutual companies and consequently has no external shareholders. Covéa is a combination of previously separate mutual insurance groups, and therefore the organizational structure still remains somewhat complex, with multiple entities, brands, and cross-shareholdings. Crucially, however, managerial reporting lines are reasonably clear, in our view. In essence, three independent mutualist groups of similar size--mma, AMF-GMF, and MAAF--began to pool their operations in 2003 under the French legal structure of a "Société de Groupe d'assurance Mutuelle" (SGAM), which serves to bind member mutuals together as a group. In 2012, these three founder groups subsequently created Covéa Coopérations (unrated) as a downstream holding NOVEMBER 23,
4 company to act as parent to the main operating subsidiaries of the Covéa Group, while other smaller mutual insurers also periodically opt to join the Covéa SGAM. We understand that Covéa Coopérations has now obtained an operating licence in France that will change its legal status from unregulated holding company to that of a regulated operating company that will, in practice, likely start to underwrite business for its own account. In our opinion, the existence of Covéa Coopérations greatly increases the potential fungibility of capital across the combined Group. Covéa Coopérations will continue to be wholly owned by the mutual parent companies of the three founder groups within the Covéa SGAM. For the purposes of our analysis, we regard the combined operations of Covéa as an indissoluble group. This is primarily due to the SGAM structure but also because the actual operations and working assets of the Group have been inextricably downstreamed from the mutual parent companies to the subsidiary operating companies controlled by Covéa Coopérations. Although an increasing proportion of the group's underwriting is done at the subsidiary level, we do not expect any weakening of the security of policyholder interests. In addition, we understand that Covéa Fleet and Covéa Risks will be merged into a core operating subsidiary, MMA IARD SA, on Dec. 31, However, in our opinion, this reorganization will similarly have no adverse impact on policyholder interests. The combination of a strong business risk profile and very strong financial risk profile lead to an anchor--our initial analytical outcome--of 'a' or 'a+'. For Covéa Group, we now select the higher anchor of 'a+' to reflect our view of its substantial capital buffers versus peers, improving operating performance, the increasing efficiency of the changing group structure, and management's satisfactory handling of ongoing regulatory changes and of group restructuring. Outlook The stable outlook reflects our expectation that the group's strong brands, large scale, client and product diversity are likely to shelter it from potential negative impact of changing regulations. It also reflects our opinion that Covéa's prudent underwriting and reserving, and long-term investment strategies are likely to sustain its very strong capital buffers. Upside scenario We consider raising the rating as a remote scenario over the next two years. This would however rely upon an improvement in our view of the group's business risk profile to very strong, which would most likely be due to significantly greater diversification of premium and earnings sources, all other factors remaining unchanged. NOVEMBER 23,
5 Downside scenario We could potentially lower the ratings by one notch if: Operating performance were to deteriorate relative to peers for a protracted period, indicated for example by a sustained increase in combined ratios to above 99%; or Our assessment of capital and earnings were to decline to less than very strong. This could happen if the group shifts its investments to riskier policies, if it experiences severe investment or underwriting losses, or if growth strategy leads to reduced capital strength. Ratings Score Snapshot Financial Strength Rating A+/Stable/-- A/Positive/-- 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 Intermediate Financial Flexibility Adequate Adequate Modifiers 0 0 ERM and Management 0 0 Enterprise Risk Management Adequate Adequate Management and Governance Satisfactory Satisfactory Liquidity Exceptional Exceptional Support 0 0 Group Support 0 0 Government Support 0 0 Related Criteria And Research 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 Group Rating Methodology, Nov. 19, 2013 Use of CreditWatch And Outlooks, Sept. 14, NOVEMBER 23,
6 Ratings List Upgraded; Outlook Action To From MMA IARD Assurances Mutuelles MMA IARD S.A. Covea Risks Covea Fleet Assurances Mutuelles de France Counterparty Credit Rating A+/Stable/-- A/Positive/-- Financial Strength Rating A+/Stable/-- A/Positive/-- Covea Insurance PLC Financial Strength Rating A+/Stable/-- A/Positive/-- New Rating; Outlook Action Sterling Life Ltd. Financial Strength Rating 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) NOVEMBER 23,
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