On 9 November 2015 Standard and Poor’s (S&P) assigned a financial credit rating of A with a stable outlook to Ageas Insurance Limited.
|S&P||A||Stable||9 November 2015|
|Fitch||A+ 'Strong'||Stable||30 March 2015|
Ageas Insurance Limited (AIL) has been assigned the A+ ‘Strong’ Insurer Financial Strength (IFS) rating by Fitch, with a ‘Stable’ outlook and A rating by S&P with a a 'Stable' outlook.
The decision reflects AIL’s strategic importance and materiality to Ageas, where the UK business is a key contributor to its parent’s targets, and aligns AIL’s IFS rating with the other ‘core’ operating entities.
As the largest company by Non-Life premiums for Ageas, AIL accounts for over 40% of consolidated non-life inflows and 17% of Ageas’s total consolidated inflows,* with a Combined Operating Ratio of less than 100% at 99.8%.
Long-Term International IFS Rating – A: Strong:
'A' IFS Ratings denote a low expectation of ceased or interrupted payments. They indicate strong capacity to meet policyholder and contract obligations. This capacity may, nonetheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings.
“+” is applied to a rating to indicate the relative position of a credit within the rating category.
* Ageas UK 2014 results https://www.ageas.co.uk/newsroom/ageas-uk-delivers-profitable-performance-in-2014/
Ageas UK is a leading provider of award-winning insurance solutions in the United Kingdom. It distributes Personal and Commercial products underwritten by Ageas Insurance Limited through brokers, intermediaries, affinity partners, the internet and through its own wholly or part-owned companies trading as Ageas Retail, which also distributes products of other providers. Ageas Retail’s brands include Castle Cover, Kwik Fit Insurance Services and RIAS. Ageas UK also holds a 50.1% share in Tesco Underwriting, providing home and motor insurance to Tesco Bank customers.
Insuring around nine million customers and working with a range of partners, Ageas UK is recognised for delivering consistent and high-quality customer experiences. It employs around 5,500 people with offices based across the UK.
The international Ageas group has a heritage spanning 190 years and is ranked among the top 20 insurance companies in Europe. Its business activities are concentrated in Europe and Asia - which together make up the largest share of the global insurance market. It has grouped its business into four segments; Belgium, United Kingdom, Continental Europe and Asia: served through a combination of wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the world. Ageas operates successful partnerships in Belgium, the UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand and has subsidiaries in France, Hong Kong and the UK. In Belgium, through AG Insurance, Ageas is the market leader for individual life and employee benefits and is also a leading non-life player. In the UK, Ageas Insurance Limited is the seventh largest non-life insurer, ranked third for the number of cars insured and has a strong presence in the over 50s market. Worldwide, Ageas employs more than 13,000 people in the consolidated entities and over 30,000 in the non-consolidated partnerships, and has annual inflows of more than EUR 25.8 billion.