Fitch Ratings, the International Credit Rating Agency, affirms MAPFRE Sigorta’s IFS at AA+(Tur).
Fitch Ratings, the International Credit Rating Agency, affirms MAPFRE Sigorta’s National Insurer Financial Strength at AA+(Tur), and rates the outlook as stable. The rating included comments that MAPFRE Sigorta had a strong position in the insurance market of Turkey and that its credit profile was rather resilient in the face of financial pressures caused by the coronavirus pandemic.
Fitch highlighted MAPFRE Sigorta's success in reducing the combined interest rate to 99% in the first half of 2020, its strong capital and reinsurance capacity as factors contributing to its positive rating forecasting that the company would keep its spot in the top 10 insurance companies in 2020 and 2021 in Turkey.
Stefan Jensen, Chief Executive Officer of MAPFRE Sigorta, made a statement on the rating saying: "MAPFRE Sigorta values the affirmation of its credit rating as AA+(Tur) despite the current headwinds in the industry. We regard this rating as a reflection of MAPFRE Sigorta's strong position in the highly competitive Turkish insurance industry. As the report states, the success of the MAPFRE Group at an international level and the special attention it pays to the Turkish market underpin the sustainable growth of our business. The MAPFRE Group fully supports us in corporate governance, operational support and risk management. MAPFRE Sigorta, a stalwart in the industry, maintains its solid-rock position despite the coronavirus pandemic. And we have our global know-how to thank for it. That is how we continue to contribute to the global success of our business."