AM Best Affirms Credit Ratings of Auna Seguros, S.A.

MEXICO CITY--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb” (Good) and the Mexico National Scale Rating of “aa.MX” (Superior) of Auna Seguros, S.A. (Auna Seguros) (formerly Dentegra Seguros Dentales S.A.) (Mexico). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Auna Seguros’ balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

Auna Seguros is a dental insurance company, which initiated operations in Mexico in 2007, and successfully implemented its growth strategy to achieve its break-even point within five years. The company continues to be ranked as a market leader, holding over a 60% share of Mexico’s dental insurance market. Auna Seguros operates through a network of independent agents, local brokers and other insurance companies as a complement to its medical expense plans. Auna Seguros holds commercial relationships with more than 4,000 dentists throughout Mexico. These positive factors are offset by the company’s concentration in dental and vision insurance and the niche nature of these markets.

Auna Seguros is ultimately owned by Auna S.A. (Auna), a Peruvian-based health-focused company founded there in 1989, which acquired 100% ownership of Auna Seguros in February 2023. Auna offers oncology treatments and other healthcare plans in Mexico, Peru and Colombia. The acquisition of Auna Seguros is part of Auna’s expansion strategy, adding dental and vision insurance to its products in Mexico.

Auna Seguros’ risk-adjusted capitalization stands at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company is susceptible to underwriting risk as it retains 100% of its premiums, followed by investment risks. Auna Seguros follows a conservative investment strategy, in line with domestic guidelines, which provides a steady flow of revenue.

Auna Seguros’ operating performance is considered adequate, given its track record of positive bottom-line results over the years. The company has demonstrated strong underwriting practices, as well as the ability to build a more efficient operation, and these have resulted in positive technical performance, further strengthened by investment income.

AM Best considers the company’s ERM assessment as appropriate for its risk appetite and as being strongly supported by its ERM infrastructure and practices, as well as the expertise from its management team.

The stable outlooks reflect AM Best's expectations that Auna Seguros will continue strengthening its capital base, working under its established practices and guidelines, which have historically rendered positive bottom-line results.

Positive rating actions could take place if Auna Seguros is able to demonstrate a consistent trend of profitable results underpinned by premium sufficiency and investment income. Negative rating actions could take place should the financial position of Auna Seguros’ holding company decline, causing volatility in the company's capital base from significant capital withdrawals.

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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. For more information, visit www.ambest.com.

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