Managing director John O’Roarke ‘satisfied’ with BBB+ rating
Standard and Poor’s has awarded LV= a BBB+ rating for its general insurance business.
LV= managing director John O’Roake said he was ‘satisfied’ with the rating.
He said: “This is the first time that S&P has prepared a formal financial strength rating on the general insurance business of LV=.
“Given the current economic environment, with rating agencies recently downgrading both major financial institutions and sovereign territories, we are satisfied with a BBB+ rating. The rating reflects our strong capital position and competitive strengths in the general insurance market.
“Within the wider analysis, S&P noted the turnaround in LV=’s market position since 2006 and commented on our strong strategic positioning and brand awareness.
“Our focus continues to be on combining growth in market share with healthy profitability and Standard and Poor’s ‘stable outlook’ rating confirms the sustainability of this strategy.”
The rating is based on LV= general insurance as a whole, including the Highway and ABC brands.