AM Best Affirms Credit Ratings of Euro Accident Livförsäkring AB

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Euro Accident Livförsäkring AB (Euro Accident) (Sweden). The outlook of these Credit Ratings (ratings) is stable. The ultimate parent of Euro Accident is Impilo AB, a Swedish investment firm focused on Nordic healthcare investments.

The ratings reflect Euro Accident’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

Euro Accident’s balance sheet strength assessment of strong is supported by its strongest level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), along with its conservative and liquid investment portfolio, prudent reserving and robust reinsurance programme. AM Best expects the company’s risk-adjusted capitalisation to remain at the strongest level prospectively, underpinned by good earnings generation; this also considers projected dividend payments to service the debt held by one of the insurer’s intermediate parent holding companies.

Euro Accident has delivered robust results since 2019, which was its first full year of operation in its current capacity as a Sweden-domiciled insurance company. In 2024, the company’s technical performance was positively impacted by reserve releases and the solid performance of the Swedish business; however, this was partly offset by weaker results from the Danish and Norwegian businesses. The company reported robust non-technical results in 2024, driven by investment income and realised investment gains.

Euro Accident was first established as a Swedish agency in 1996, and through its role as an agency and later as an insurer, it has a long-established position as a provider of life and health insurance in its core market of Sweden, where it benefits from strong broker and partner relationships. Additionally, the company expanded its operations into Denmark in 2018 and Norway in 2020, anticipating material growth in these markets. These expansions are expected to benefit Euro Accident’s business profile by increasing its geographic diversification. However, these expansions do carry with them a moderate level of operational and execution risks.

AM Best considers Euro Accident’s ERM to be developed and appropriate for the company’s risk profile and operational scope.

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.

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