AM Best Affirms Credit Ratings of Insignia Life S.A. de C.V.

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 Insignia Life S.A. de C.V. (Insignia) (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Insignia’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The stable outlooks reflect Insignia’s ability to return to positive bottom-line results and maintain a consistent performance that benefits from increased operational and financial flexibility by being a subsidiary of MAPFRE S.A. (MAPFRE).

The ratings also reflect MAPFRE’s commitment to support Insignia’s financial position in the form of capital contributions to help it withstand adverse situations and preserve its risk-adjusted capitalization at a level supportive of the current assessment.

Insignia was established in Mexico City in 2008, as a life insurance company that underwrites individual and group life through a commercial network of more than 3,000 agents and 10 offices distributed throughout Mexico. Insignia ranks within the top 25 companies within the life segment in the country, with a market share of less than 1% as of September 2025.

Insignia’s balance sheet strength assessment reflects the stabilization of its risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), with underwriting and investments risks standing as the main components of required capital. A key factor going forward for AM Best’s assessment of Insignia’s balance sheet strength will be financial support from MAPFRE.

Insignia has improved its performance since it recovered from COVID-19 losses, achieving stabilization of its loss and acquisition ratios in recent periods. Technical results are stabilizing and consistent over the years, being diminished by administrative expenses, which are expected to decrease given the new synergies obtained by being part of MAPFRE. Profitability has been backed by investment income, as Insignia’s investment strategy continues to be conservative and provides a steady flow of revenue to back its underwriting results.

Negative rating actions could take place if Insignia’s underwriting and bottom-line results deteriorate to a level not supportive of the adequate operating performance assessment. Positive rating actions may occur if there is additional demonstrated support from Mapfre Group.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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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