MMI Group Limited receives Aaa.za credit rating from newly appointed credit rating agency Moody’s

MMI Holdings’ newly appointed credit rating agency Moody’s Investors Service (Moody’s) has assigned MMI Holdings’ long-term insurance subsidiary MMI Group Limited a Aaa.za national scale insurance financial strength (IFS) rating and a Aaa.za national scale long-term issuer rating. A rating of Aaa.za is the highest credit rating that can be assigned to a company on the national scale. Moody’s also assigned a Aa2.za rating to MMI Group Limited’s unsecured subordinated notes on the national scale.

Moody’s commented that MMI Group Limited’s rating reflects its top tier market position in South Africa, its solid capital position and its flexible product characteristics.

Moody’s further assigned Aaa.za national scale IFS ratings to MMI Holdings’ subsidiaries Guardrisk Insurance Company Limited and Guardrisk Life Limited, while a Baa2 global scale IFS rating was assigned to Guardrisk International Limited PCC, incorporated in Mauritius. The ratings of Guardrisk reflect its good market position as the largest cell captive insurer in the South African market, its low underwriting risk due to its fee based model, its diverse product mix across life insurance and short-tailed non-life insurance lines, and strong and consistent profitability.

Lotz Mahlangeni, Head of Group Balance Sheet Management at MMI Holdings says he is pleased with the ratings from Moody’s. “The ratings confirm our strong financial position and our ability to continue to realise our purpose to enhance the financial wellness of clients in this challenging economic environment,” says Mahlangeni.