AM Best Upgrades Issuer Credit and National Scale Ratings of Auna Seguros, S.A.

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

The rating upgrades of the Long-Term ICR and NSR reflect Auna Seguros’ 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 (ERM).

The rating upgrades reflect Auna Seguros’ constant leadership in Mexico’s dental insurance market, its strong capital adequacy underpinned by consistent profitability, and its extensive nationwide provider network that reinforces its market position.

Auna Seguros is a dental insurance company that 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.

Auna Seguros is ultimately owned by Auna S.A. (Auna), a Peru-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, vision and oncology insurance to its product line 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, and also 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. In 2025, the company reported a profit of MXN 112.2 million, and as of August 2026, Auna Seguros continues to report positive net income. The company continues to demonstrate strong underwriting practices, as well as the ability to build a more efficient operation, both of which 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 occur if Auna Seguros is able to demonstrate a consistent trend of profitable results underpinned by premium sufficiency and investment income. Negative rating actions could occur if the financial position of Auna Seguros’ holding company declines, 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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