AM Best has affirmed the Financial Strength Rating of A (Excellent), the Long-Term Issuer Credit Rating of “a+” (Excellent) and the Mexico National Scale Rating of “aaa.MX” (Exceptional) of Seguros Inbursa, S.A. Grupo Financiero Inbursa (Seguros Inbursa) (Mexico). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Seguros Inbursa’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

Seguros Inbursa’s balance sheet strength is underpinned by its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The ratings also reflect the company’s strong operating performance, driven by consistent profitability mainly supported by a stable flow of investment income, as well as low underwriting leverage, a diversified business profile and its affiliation with Grupo Financiero Inbursa, S.A.B. de C.V. (Grupo Financiero Inbursa), one of the largest financial groups in Mexico.

Seguros Inbursa underwrites life and non-life businesses and remains one of the largest domestic insurance companies in Mexico. The company has shown disciplined underwriting in a highly competitive market, consistently reporting sufficient premium levels, which compare positively with its closest competitors, as reflected by a 96% combined ratio as of year-end 2025. This discipline also is reflected in its stable profitability metrics, which have remained in line with historical trends.

The company posted a return on capital of 11.8% for 2025. In addition, investment results continue to be an important source of profitability.

As of June 2026, Seguros Inbursa posted MXN $2,800 million in profit, showing resilience against current market conditions with no significant deviations from past operating performance metrics. This profitability reflects the efficiencies achieved in the operating expenses, as well as Seguros Inbursa’s efforts to contain its loss ratio despite headwinds resulting from weather-related events.

Historically, Seguros Inbursa has operated with a low underwriting leverage. The company’s risk-adjusted capitalization remains supportive of its current ratings. The company’s capital base has increased at a compound annual growth rate of 14% during the last five years, and AM Best expects this trend to continue as a result of sound underwriting, conservative reserving and prudent dividend and investment policies, as well as an effective cost containment strategy. Furthermore, Seguros Inbursa continues to benefit from significant operating efficiencies afforded by Grupo Financiero Inbursa’s vast financial and system networks.

Partially offsetting these positive rating factors is the strong competition in Mexico’s insurance market, which AM Best believes could pressure Seguros Inbursa’s profitability and market share, as well as the challenging state of the economy and volatile capital markets.

Negative rating actions could take place as a result of deterioration in operating results or significant weakening of the company’s risk-adjusted capitalization. While highly unlikely, positive rating actions could take place as a result of a successful consolidation of the business strategy in the intermediate term.

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