S&P Global Ratings upgrades Crédit Agricole Assurances, its operating subsidiaries and subordinated debts by 1 notch
On November 29th 2023, S&P Global Ratings announced that it had upgraded the financial strength ratings of Crédit Agricole Assurances, its operating subsidiaries Predica and Pacifica, and its subordinated debts issues by one notch. The outlook for all entities is stable.
According to S&P Global Ratings: "The implementation of revised criteria has a positive impact on the financial strength of the Credit Agricole Assurances (CAA) group. We raised our long-term issuer credit and financial strength Ratings to 'A+' from 'A' on CAA's main operating subsidiaries Predica and Pacifica. The stable outlook reflects our view that, over the next two years, CAA group will consolidate its profitable leadership in French life insurance and continue to strengthen its French P/C insurance position, posting a P/C combined ratio (loss and expense) well below 100%. We also forecast capital adequacy will remain at the 99.95% confidence level, under our model."