Munich Re insurer ERGO ratings affirmed
Fitch Ratings has affirmed Germany-based insurer ERGO Lebensversicherung AG's (ERGO Life) and DKV Deutsche Krankenversicherung AG's insurer financial strength ratings at 'AA-'.
The agency has simultaneously affirmed Vorsorge Lebensversicherung AG's (Vorsorge) and Europaeische Reiseversicherung AG's IFS ratings at 'A+'. The outlooks on all the ratings are stable.
ERGO Life, DKV, Vorsorge and ERV are operating insurance companies and 100% subsidiaries of the holding company, ERGO Versicherungsgruppe AG. Fitch has also affirmed ERGO's long-term issuer default rating at 'A+' with a stable outlook.
The rating actions follow the agency's affirmation of Munich Re's IFS rating at 'AA-.'Munich Re is ERGO's 100% shareholder.
ERGO's ratings reflect its core status within Munich Re's operations. ERGO Life and DKV are viewed by Fitch as core to ERGO in terms of their size and strategic importance. Vorsorge and ERV are viewed by Fitch as important to ERGO as defined within Fitch's group rating methodology.
Key rating drivers for all ratings are the strategic importance of the companies within the Munich Re group and the fact that any change of Munich Re's rating would result in a change of ERGO's and its subsidiaries' ratings.
ERGO is the primary insurance group of Munich Re. At end-2010, ERGO had total assets of €139.3bn (2009: €135.5bn) and reported net income of €355.2m (2009: €172.7m). The significant increase in net income was mainly due to an improved investment result.
Gross written premiums increased to €18.5bn (2009: €17.5bn) in 2010. In non-life insurance, ERGO reported an increased net combined ratio of 97.0% (2009: 93.5%) in 2010. German life insurance GWPs were €5.0bn (2009: €4.9bn) in 2010.
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