The rating upgrade benefits the Longterm Counterparty Credit Rating as well as the Insurer Financial Strength Rating of Helvetia Swiss Insurance Company Ltd. and Helvetia Swiss Life Insurance Company Ltd. S&P has given an "A" rating to both of these core companies of the Helvetia Group. S&P also raised the Insurer Financial Strength Rating of Helvetia Assurances S.A. from "A-" to "A" due to the guarantee from Helvetia Swiss Insurance Company Ltd. The ratings have a "stable" outlook.
S&P's gave several reasons for their decision. They acknowledge, among others, Helvetia's sustainable profitability as well as its strong capitalisation and financial flexibility. The improved competitive position also contributed to the upgrade of the ratings.
Paul Norton, Helvetia Group CFO, is pleased with the S&P decision. "The upgrade of the ratings reflects our strategy to grow profitably, whilst maintaining a focus on solid capitalisation."
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