Up to date: Might 28, 2024 08:10 PM
Athora Life Re is headquartered in Ideation Home on Pitts Bay Highway in Pembroke (File {photograph})
AM Greatest has affirmed the monetary power score of A- (Glorious) and the long-term issuer credit score rankings of “a-” (Glorious) of Bermudian-based Athora Life Re Ltd and Athora Eire plc.
Each entities are wholly owned subsidiaries of Athora Holding Ltd, the Bermudian-based non-operating holding firm of the group.
The outlook of those credit score rankings is steady.
The rankings mirror Athora’s consolidated stability sheet power, which AM Greatest assesses as very robust, in addition to its satisfactory working efficiency, impartial enterprise profile, and applicable enterprise threat administration. The rankings issue within the strategic significance of Athora Re and Athora Eire to Athora.
Athora’s risk-adjusted capitalisation, as measured by Greatest’s capital adequacy ratio, was on the strongest stage at year-end 2023, the rankings company stated.
AM Greatest stated: “Athora’s BCAR scores are anticipated to remain comfortably above the minimal required for the strongest evaluation over the forecast interval, supported by natural capital technology in addition to capital drawdowns when wanted to fund any potential acquisitions.
“Athora’s stability sheet power evaluation takes under consideration its stable monetary flexibility, having demonstrated good entry to debt markets and financial institution services. The evaluation additionally considers Athora’s refined asset-liability administration, which permits the group to regulate its publicity to rate of interest threat arising from its life insurance coverage liabilities and credit score threat arising from its personal credit score portfolio.”
The rankings company added: “Athora reported a sturdy working lead to 2023, evidenced by a return on fairness of 18 per cent. Potential working efficiency will depend upon the group’s capability to ship on its enterprise plans, which is topic to the profitable implementation of its funding and hedging methods, in addition to the execution of enormous transactions.
“Because it was spun off from Athene Holding Ltd in 2018, Athora has established a sturdy place as a European life insurance coverage consolidator, in addition to a financial savings and pensions supplier.
“At year-end 2023, the group had €73 billion (roughly $79.2 billion) of belongings below administration and administration by operations in Belgium, Bermuda, Germany, Eire, Italy and the Netherlands.
“The group has an urge for food for additional enlargement, particularly in geographies the place it already has a presence.”