AM Best Affirms Credit Ratings of Seguros e Inversiones, S.A.

MEXICO CITY--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Seguros e Inversiones, S.A. (SISA) (El Salvador). The outlooks of these Credit Ratings (ratings) is stable.

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

The ratings also reflect SISA’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which is supported by consistent profitability, a diversified business profile and its market-leading position, as well as its appropriate reinsurance program. The company’s affiliation with Inversiones Financieras Grupo Cuscatlíán S.A. (IFGC) provides synergy and operating efficiencies.

SISA initiated operations in 1962. At year-end 2025, the company was El Salvador’s market leader with 23.4% of gross premiums written covering mainly domestic exposures. Since 2023, the company has gradually diversified into other Latin American geographies through assumed reinsurance business. Life insurance products comprise 42% of SISA’s business portfolio, with the balance being property/casualty products (43%) and health (15%). Historically, SISA’s distribution channels have been positioned mainly with brokers, pension funds, bancassurance and the government. In 2020-21, IFGC led the acquisition of Seguros SISA SV, S.A. (Seguros SISA SV) in order to support SISA’s growing domestic and regional expansions.

Additionally, SISA’s balance sheet strength assessment is supported by a comprehensive reinsurance program placed with reinsurers that have excellent security. However, the company’s strongest balance sheet strength assessment continues to be pressured by the country’s macro fundamentals, as SISA’s exposure to non-investment grade fixed income securities have eased as El Salvador continues to reflect signs of improvements.

SISA historically has shown disciplined underwriting, consistently reporting overall premium sufficiency levels, which compare positively with its competitors, as reflected by a combined ratio of 93%, as of year-end 2025. AM Best expects SISA to maintain a stable forward-looking operating performance as previous impacts derived from the pension funds business and fireman’s tax no longer linger.

A sustained deterioration in operating performance or further pressure on SISA’s balance sheet strength resulting from capital outflows or driven by El Salvador´s macroeconomic conditions, could lead to negative rating actions. While highly unlikely, key rating factors that could lead to positive rating actions for SISA include enhancements to its current balance sheet strength assessment resulting from sustained improvements in El Salvador’s macroeconomic conditions, while maintaining its strongest level of risk-adjusted capitalization.

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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