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 AM Best’s expectation of 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 agents and brokers via 10 offices located throughout Mexico. Insignia ranks within the top 25 companies in the life insurance segment in the country, with a market share of less than 1% as of June 2026.

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-related claims of previous years, recently achieving stabilization of its loss and acquisition ratios. Technical results are stabilizing and have been consistent over the years, albeit 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, which provides a steady flow of revenue to back its underwriting results. Insignia’s investment strategy continues to be conservative.

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 a continuation of 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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