Fitch Ratings affirms Provinzial NordWest Lebensversicherung AG's Ratings at 'AA-'.
Frankfurt: Fitch Ratings, a nationally recognized statistical rating organization (NRSRO) designated by the U.S. Securities and Exchange Commission, has affirmed life insurer Provinzial NordWest Lebensversicherung AG's (PNWL) and non-life insurer Westfaelische Provinzial Versicherung AG's (WPV) Insurer Financial Strength (IFS) Ratings at 'AA-' (Very Strong).
With Outlooks Stable, the ratings reflect Fitch's view of WPV and PNWL as core entities of the German Provinzial NordWest (PNW) insurance group, which we consider an integral part of the German savings bank group Sparkassen-Finanzgruppe (Sparkassen) (SFG: Issuer Default Rating (IDR) A+/Stable). WPV's and PNWL's unadjusted IFS Ratings each benefit from a two-notch uplift due to their ultimate ownership by SFG. We align their implied IDRs with SFG's IDR.
PNW is fully owned by SFG and public-sector institutions. PNW's insurance activities form a core part of SFG's product offering to the parent's customers in a specified large geographical area. SFG's network is the main distribution channel for PNWL as 58% of its life business is sold by SFG. PNW's brand and agency network is closely linked to SFG banks. Although PNW is not part of SFG's mutual protection scheme, Fitch sees a high probability that SFG would provide support for PNW, in case of need, as the latter is SFG's insurance arm in its region of operations.
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|Publication:||Daily the Pak Banker (Lahore, Pakistan)|
|Date:||Dec 29, 2018|
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