Last update 22 December 2021
S&P Research (952 KB)
Market leader in Austria and several Central and Eastern European (CEE) markets with a well-diversified insurance portfolio enhanced by strong distribution capabilities, which are amplified by an exclusive bancassurance contract with Erste Bank.
Relatively high capital sensitivity to market movements, in particular interest rates.
Sizable capital buffer at the 'AAA' level as per our risk-based capital model, supported by the group's underwriting discipline.
Exposure to comparably higher country risk in Poland and Hungary; high development risks in Romania, Turkey, and other developing markets; and somewhat higher earnings concentration than higher-rated peers.
Sound reinsurance protection that limits the group's natural catastrophe losses from diverse perils in Austria and CEE.
Excerpt from the S&P rating report of 22/12/2021.
Detailed definitions of the rating categories can be found on the rating agency's website: