Athora gets second upgrade in 12M on ‘strong’ financials
Fitch Ratings has upgraded the insurer financial strength ratings of Athora, a specialised re/insurance group focused on the European market with assets under administration of €79 billion ($83 billion).
Fitch has lifted the FSR of Athora Life Re, Athora Ireland and SRLEV from A- to A. Issuer default ratings for Athora Holding (Athora) and Athora Netherlands have also been upgraded from BBB+ to A-. The rating outlook for Athora and its subsidiaries has been revised from positive to stable.
The upgrade to A follows a similar upwards revision in its ratings in 2021 and “evidences the progress” Athora has made in the last two years, Fitch said. Reasons for the upgrade include Athora's “very strong” business profile, capitalisation and leverage, and “strong” financial performance. The upgrade places Athora “comfortably within” it’s A-range rating target.
Michele Bareggi (pictured), Athora chief executive officer, said: "We are determined to deliver an attractive value proposition to all stakeholders of which robust ratings are a key aspect. We have now had two upgrades in 12 months with Fitch, in addition to the AM Best upgrade last year. This demonstrates Athora’s commitment to building a strong financial profile underpinned by solid risk management and a focus on long term sustainability.”
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