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Rating Action:

Moody's upgrades El Pacífico -- Peruano Suiza (insurance financial strength to Baa2); rating to be subsequently withdrawn

02 Aug 2017

Action follows merger of group's principal insurance subsidiaries.

New York, August 02, 2017 -- Moody's Investors Service (Moody's) has upgraded -- to Baa2, from Baa3 -- the global local-currency insurance financial strength (IFS) rating of El Pacífico Peruano Suiza Compañía de Seguros y Reaseguros ("PPS") . The outlook for the company's rating was changed to stable from positive. Immediately following this rating action, Moody's will withdraw PPS' rating.

These rating actions follow the completion of the merger of PPS into its life insurance subsidiary - El Pacífico Vida Compañía de Seguros y Reaseguros S.A. ("EPV", unrated), whereby PPS has been absorbed by EPV.

RATINGS RATIONALE

Moody's said that the upgrade of PPS' rating reflects the merger of PPS and EPV, effective yesterday, following the final regulatory approval provided by the Peruvian insurance regulator on July 19. According to Moody's, the merger enhances PPS' credit profile, primarily given greater product and risk diversification for the newly combined entity across property and casualty (P&C) and life and annuity businesses, strengthened capitalization, and improved asset quality. The rating agency went on to say that expected synergies from the merger should bring about cost reductions and increased efficiencies, with a positive impact on the combined company's prospective profitability.

Moody's mentioned that PPS' rating is also underpinned by its sustained leadership share of the Peruvian P&C market, its improving underwriting results in the P&C segment, and its affiliation with the Credicorp group, which includes the largest Peruvian bank - Banco de Crédito del Perú (Baa1, stable). Furthermore, PPS' integration and identification with its majority-owned life and health subsidiaries, Pacífico Vida and Pacífico Salud, respectively, strengthen the company's presence and diversification in the Peruvian insurance marketplace, especially after the merger. The rating agency also noted Pacífico Vida's financial and operational management, as well as its governance and commitment to financial transparency, as positive credit characteristics.

Moody's pointed out, however, that these strengths remain tempered by several credit challenges for the company, including the following: 1) high underwriting exposures to natural catastrophes (which are partly reinsured); 2) EPV's potential spread-compression and reinvestment risk on its long-term annuities; 3) geographic business concentration; and 4) Peru's still weak (Ba-level) insurance operating environment.

Following PPS' rating upgrade, Moody's has withdrawn the rating due to the reorganization of the company following its merger into EPV. Please refer to the Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on its website www.moodys.com.

Headquartered in Lima, Perú, PPS reported net income of PEN 134 million and gross premiums written of PEN 685 million for the first six months of the 2017 fiscal year. As of 30 June 2017, the company reported total assets of PEN 3.8 billion and shareholders' equity of PEN 1.8 billion.

The principal methodology used in this rating was Global Property and Casualty Insurers published in May 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Diego Nemirovsky
VP - Senior Credit Officer
Financial Institutions Group
Moody's Latin America ACR
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: 800 666 3506
Client Service: 1 212 553 1653

Marc R. Pinto, CFA
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
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