AM Best Affirms Credit Ratings of ASSA Compañía de Seguros S.A.

APRIL 23, 2026 02:32 PM (EDT)

AM Best Affirms Credit Ratings of ASSA Compañía de Seguros S.A.

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FOR IMMEDIATE RELEASE

MEXICO CITY - APRIL 23, 2026 02:32 PM (EDT)
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a+" (Excellent) of ASSA Compañía de Seguros S.A. (ASSA) (Panama City, Panama). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect ASSA's balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

The stable outlooks reflect AM Best's expectation that ASSA will maintain its overall balance sheet strength assessment of strongest, supported by risk-adjusted capitalization at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), while ongoing strategic initiatives implemented by the management will maintain operating performance supportive of the current ratings over the intermediate term.

ASSA is a subsidiary of ASSA Compañía Tenedora, S.A. and is owned ultimately by Grupo ASSA, S.A., a financial service holding company publicly traded on the Panama Stock Exchange.

The ratings reflect ASSA's balance sheet strength, which is underpinned by its strongest level of risk-adjusted capitalization, as measured by BCAR, sound underwriting quality and profitability, solid capital management, an adequate reinsurance program and an ERM framework that is supportive of its risk profile.

ASSA is a Panama-based insurer established in 1980 and ranks as the country's largest insurer in terms of market share, based on premiums. The company is diversified geographically and in its portfolio of products and investments, with net premiums written mainly composed of health, fire, auto, individual and group life and other types of insurance. ASSA operates through a network of brokers, agents and direct distribution channels.

The company's capital base has grown consistently through reinvestment of earnings.

A diversified reinsurance program placed among a high-quality panel of reinsurers reinforces the company's growth strategy; consequently, counterparty credit risk exposures are minimized.

A 13% year-over-year increase in gross written premiums and a well-contained expense structure, mainly driven by improvements in auto, fire, health and life business lines, led to ASSA achieving profitable underwriting results in 2025. The company maintains a sound risk profile and financial income continues to support its results; however, it is not dependent on this type of revenue to achieve positive bottom-line results. ASSA maintains a well-defined underwriting strategy that adheres to a disciplined risk selection and risk transfer philosophy consistently; the company regularly reviews its underwriting guidelines to improve the performance of business segments that are deviating from targets.

Negative rating actions could result if the company's available capital no longer supports its risks, either because of capital outflows or a greater risk appetite, or higher financial leverage or lower interest coverage metrics at the holding company level. Additionally, negative rating actions could also occur if operating performance deteriorates to levels no longer supportive of the current ratings. Positive rating actions are unlikely but could take place if ASSA achieves material improvements in its ERM framework.

The methodology used in determining these ratings is Best's Credit Rating Methodology (Version Aug. 29, 2024), which provides a comprehensive explanation of AM Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Key insurance criteria reports utilized:

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• Evaluating Country Risk (Version June 6, 2024)
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• Understanding Global BCAR (Version Sept. 18, 2025)
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• Catastrophe Analysis in AM Best Ratings (Version Feb. 27, 2026)
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• Available Capital and Insurance Holding Company Analysis (Version Sept. 18, 2025)
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• Scoring and Assessing Innovation (Version Feb. 20, 2025)
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View a general description of the policies and procedures used to determine credit ratings. For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, relevant sources of information and the frequency for updating ratings, please refer to Guide to Best's Credit Ratings.

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• Previous Rating Date: April 3, 2025
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• Initial Rating Date: Nov. 7, 2007
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• Date Range of Financial Data Used: Dec. 31, 2019-Dec. 31, 2025
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Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to rating(s) that have been published on AM Best's website. For additional rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page.

If the ratings referred in this press release do not indicate a specific country suffix, it is understood that they are granted globally and not on a national scale.

AM Best does not validate or certify the information provided by the client in order to issue a credit rating.

While the information obtained from the material source(s) is believed to be reliable, its accuracy is not guaranteed. AM Best does not audit the company's financial records or statements, or otherwise independently verify the accuracy and reliability of the information; therefore, AM Best cannot attest as to the accuracy of the information provided.

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AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.