AM Best Affirms Credit Ratings of General de Salud, Compañía de Seguros, S.A.

MEXICO CITY--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A- (Excellent), the Long-Term Issuer Credit Rating of “a-” (Excellent) and the Mexico National Scale Rating (NSR) of “aaa.MX” (Exceptional) of General de Salud, Compañía de Seguros, S.A. (Gsalud) (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) is negative.

The ratings reflect Gsalud’s 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).

The ratings also recognize Gsalud’s affiliation and strategic importance to its ultimate parent, Peña Verde, S.A.B., the leading group in Mexico’s insurance and reinsurance industries, which provides synergies and operating efficiencies.

The negative outlooks reflect the negative trend in the company’s operating performance, which is partially offset by the support received from its group.

Gsalud is a fully owned subsidiary of General de Seguros, S.A. (Genseg) and is focused solely on health insurance. The company provides products mainly in the individual and collective health segments, as well as for major medical expenses. Gsalud has used the same distribution channels as Genseg, which involve agents, brokers and commercial offices. The limited assessment level for its business profile recognizes the concentration in a single line of business in Mexico’s highly competitive health insurance market.

Gsalud’s balance sheet strength is supported by its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Gsalud’s risk-adjusted capitalization and capital base have been strengthened through capital contributions and risk exposure management. AM Best expects risk-adjusted capitalization to remain stable.

Historically, the company’s strong underwriting practices have resulted in positive technical performance with no dependence on investment revenue to achieve positive bottom-line results. However, since 2021, the combined ratios have stood above the 100% threshold, influenced by high loss ratios, producing negative bottom-line results. In 2024, Gsalud began implementing a strategy focused on recovering profitability by strengthening underwriting, containing claims and enhancing business operations, which rendered improved technical results in comparison to the previous year. However, the company’s bottom-line results remained negative. AM Best will continue to monitor the developments in the company’s operating performance.

Gsalud continues with its comprehensive transformation project, which includes implementing a new core system, pricing and risk-assessment tools, digital platforms and products for agents and policyholders, as part of its strategy to strengthen its underwriting practices and increase market scope. The company benefits from being integrated into the Peña Verde, S.A.B. group, gaining operational advantage through common systems, procedures and ERM practices.

Negative rating actions could take place if the negative trend in operating performance is not reversed by Gsalud’s efforts to improve underwriting, or by any deterioration in risk-adjusted capitalization either by higher risk undertakings or depletion of its capital base. Positive rating actions are not expected in the medium term; however, the balance sheet strength assessment could benefit from a revised risk appetite and growing capital base. Negative rating actions could also take place if in AM Best view, the support that Gsalud receives from its group decreases significantly.

The methodology used in determining these ratings is Best’s Credit Rating Methodology (Version Aug. 29, 2024), which provides a comprehensive explanation of AM Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Key insurance criteria reports utilized:

• Evaluating Country Risk (Version June 6, 2024)
• Understanding Global BCAR (Version Sept. 18, 2025)
• Available Capital and Insurance Holding Company Analysis (Version Sept. 18, 2025)
• Best’s National Scale Ratings (Version July 31, 2025)
• Scoring and Assessing Innovation (Version Feb. 20, 2025)

View a general description of the policies and procedures used to determine credit ratings. For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, relevant sources of information and the frequency for updating ratings, please refer to Guide to Best’s Credit Ratings.

• Previous Rating Date: Nov. 8, 2024
• Initial Rating Date: Nov. 30, 2016
• Date Range of Financial Data Used: Dec. 31, 2019-June 30, 2025

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