AM Best Assigns Credit Ratings to Aseguradora Suiza Salvadoreña, S.A. and Asesuisa Vida, S.A., Seguros de Personas

AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of "bbb+" (Good) to Aseguradora Suiza Salvadoreña, S.A. (Asesuisa) (San Salvador, El Salvador) and Asesuisa Vida, S.A., Seguros de Personas (Asesuisa Vida). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings of Asesuisa and Asesuisa Vida reflect the companies' balance sheet strength, which AM Best assesses as very strong, as well as their adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The ratings of Asesuisa and Asesuisa Vida also reflect their affiliation, since 2023, to Grupo Financiero Ficohsa, S.A. (GFF), a conglomerate with operations in banking, insurance, pensions, brokerage and other financial services across Central America. GFF provides operations in El Salvador with corporate governance framework, technological capabilities, and access to customer and distribution networks.

Asesuisa is a multiline insurer incorporated in 1969. As the second-largest carrier in the country it holds a market share of 16.7% as of December 2025 per gross premium written. The company also ranks as the market leader in auto coverage. Asesuisa Vida was incorporated in 2001 and is engaged predominantly in underwriting life/health insurance, ranking among the top five companies in this segment. Historically, distribution has been positioned mainly with agents and direct/digital channels.

Asesuisa and Asesuisa Vida's balance sheet strength assessments of very strong reflect their continuously growing capital base, with adequate asset-liability management and proper reinsurance structures being placed among counterparties with a strong credit quality. However, balance sheet strength is pressured by asset risk, which is an important component of the required capital for both companies, due to exposure to non-investment-grade fixed-income securities driven by the country's macro-economic fundamentals, despite gradual signs of improvements. Historically, Asesuisa has operated with above-average underwriting leverage for a domestic multiline insurance provider, according to net premiums written to surplus ratio, due to the nature of individual business. AM Best expects capital expansion in conjunction with stable premium growth targets and prudent dividend payouts to support a favorable trend in underwriting leverage.

The operating performance of both companies is considered adequate with manageable loss and benefits paid ratios, reflecting consistent positive bottom-line results. Investment income has historically contributed to the companies' overall profitability, nevertheless technical results in main business lines rendered premium sufficiency levels as of 2025, resulting from consistent adjustments in underwriting practices.

AM Best assesses Asesuisa and Asesuisa Vida's ERM as appropriate given their well-established practices and defined risk appetites.

Negative rating actions for Asesuisa and Asesuisa Vida could occur if their risk-adjusted capitalization levels deteriorate to levels no longer supportive of the current ratings, because of significant dividends or capital outflows, which diminish AM Best's view of the companies' balance sheet strength, respectively. Negative rating actions also could take place as a result of a sustained deterioration in the companies' operating performance metrics to levels that are no longer supportive of their adequate assessment. Positive rating actions for Asesuisa and Asesuisa Vida could take place, in the medium term, as a result of the continued reinforcement of their capital bases in conjunction with sustained improvements in the macroeconomic conditions of El Salvador, or due to improvements in their underwriting performance.

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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