According to the rating agency, the ratings reflect Compensa's ownership by its parent Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG), a leading insurance group in central and eastern Europe.
Fitch sees Compensa as strategically 'Very Important' to VIG, which results in a two-notch uplift to Compensa's 'bbb+' implied IFS Rating. Fitch does not maintain public ratings on VIG, but monitors the group's consolidated creditworthiness, which Fitch considers to be superior to Compensa's standalone credit quality.
Compensa's standalone strength reflects its primary role in the Polish insurance market, adequate capitalisation and leverage, and strong financial performance and earnings.
The Negative Outlook mirrors that on Poland's Long-Term Issuer Default Rating (IDR), given the insurer's high exposure to Polish sovereign debt.
"The rating assigned by Fitch Ratings confirms that Compensa is developing responsibly and thoughtfully. Since the merger with Wiener two years ago, we have consistently built a stronger and more modern organization, and the rating agency's high rating confirms that we are on the right track", said Anna Włodarczyk-Moczkowska, CEO of Compensa.
"The results recognized by Fitch come from Compensa's consistent growth and increasingly strong capital position. We are improving profitability, increasing the scale of our operations, and maintaining a high level of solvency, making us a reliable partner for both our clients and the financial institutions and reinsurance partners with whom we work daily", commented Wolfgang Stockmeyer, Compensa's Management Board member responsible for Finance and IT.
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