Fitch, affirmed Mapfre Genel Sigorta s rating at AA

Fitch Ratings has affirmed Mapfre Genel Sigorta’s national insurer financial strength rating at ‘AA’ and its outlook stable.

The affirmation reflects Mapfre Genel Sigorta’s ‘important’ subsidiary status within Mapfre SA (BBB/Stable), its strong positioning and franchise despite its focus on the highly competitive Turkish non-life insurance market. The rating also reflects its prudent asset allocation and solid underwriting performance. The stable outlook reflects Fitch’s expectation that MGS’s capital will remain adequate to meet its policyholders’ obligations and that its profitability should improve in the next 12 to 24 months.