Qualitas Controladora S.A.B. de C.V. And Subsidiaries Ratings Affirmed; Outlook Stable

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1 Research Update: Qualitas Controladora S.A.B. de C.V. And Subsidiaries Ratings Affirmed; Outlook Stable Primary Credit Analyst: Jesus Palacios, Mexico City (52) ; Secondary Contact: Peggy H Poon, CFA, New York (1) ; peggy.poon@spglobal.com Research Assistant: Javier Lopez, Mexico City Table Of Contents Overview Rating Action Rationale Outlook Ratings Score Snapshot Related Research Ratings List MARCH 24,

2 Research Update: Qualitas Controladora S.A.B. de C.V. And Subsidiaries Ratings Affirmed; Outlook Stable Overview We're affirming our ratings on Mexico-based Qualitas Controladora and its subsidiaries, Qualitas Compañia de Seguros and Qualitas Insurance. Our ratings reflect the group's satisfactory business risk profile and lower adequate financial risk profile. The outlook is stable. Rating Action On March 24, 2017, S&P Global Ratings affirmed its 'BB+' global scale counterparty credit rating on Qualitas Controladora S.A.B. de C.V. (QualCon). We also affirmed our 'mxaa+/mxa-1+' counterparty credit and financial strength national scale ratings on Qualitas Compañia de Seguros S.A. de C.V. y Subsidiarias (Qualitas). In addition, we affirmed our 'BBB-' counterparty credit and financial strength ratings on Qualitas Insurance Co. (Quic). The outlook for all ratings remains stable. Rationale Our ratings on Qualitas reflect its satisfactory business risk profile and lower adequate financial risk profile. Qualitas is a monoline auto insurance company with operations primarily in Mexico, although Quic is licensed and operates in the U.S. We consider Quic a highly strategic subsidiary to the group because it primarily serves the Qualitas' customer base in the U.S. The group also has some operations in El Salvador and Costa Rica, although these and the U.S. operations are small compared with the size of the Mexican business, which generates more than 90% of premiums. QualCon serves as the ultimate non-operating holding company, which owns the other Latin American international operations in addition to Qualitas and Qic, and our rating on QualCon reflects its subordination to, and dependence on, the insurance operating companies for dividends. Our business risk profile on the group reflects its adequate competitive position due to its reliance upon a single business line. Operating performance has been stable over the past few years, and we consider it neutral to the rating. In 2016, revenue rose significantly due to an accounting change that resulted in a reserve release as well as due to increased sales of a multiyear auto insurance product that provides guaranteed premiums to policyholders. As a result of the longer duration of these MARCH 24,

3 Research Update: Qualitas Controladora S.A.B. de C.V. And Subsidiaries Ratings Affirmed; Outlook Stable policies, we consider them higher risk than those of the more traditional single-year policies. We will continue to monitor the operating performance of this product line as its share of Qualitas' sales and business rises. We consider the group's financial risk profile lower adequate due to its prospective capital adequacy (according to our model) slightly below the 'BBB' benchmark. Qualitas has a relatively aggressive dividend policy, in our view, although the group maintains a solvency ratio well in excess of regulatory requirements (about 172% solvency ratio as of the end of 2016). Financial flexibility is adequate. Qualitas has no leverage, which we consider positive, but the company's track record of accessing multiple sources of external capital (including debt capital markets) is limited. We revised our view of Qualitas' risk position to intermediate from moderate. We had previously considered sources of capital and earnings volatility as negative as a result of the group's monoline concentration in auto insurance, but we have revised our opinion given the relatively short-term (compared with, for example, certain life insurance products) nature of the risk. In our view, Qualitas' management and governance (M&G) is fair and enterprise risk management (ERM) is adequate, and we consider both factors neutral to the ratings. Our assessment of M&G reflects our negative view of management's risk tolerances, which stems from our concerns about Qualitas' aggressive growth strategy, particularly in the multiyear policy line. While the group has made investments in its ERM program over the last few years as part of compliance requirements for the Mexican regulator, we're still concerned about risk controls, given Qualitas' significantly lower return on investment in Outlook The outlook on Qualitas reflects our expectation that it will maintain its leadership position in the Mexican auto insurance market and that the rating fundamentals--including operating performance and capital adequacy levels--will remain at the current levels, with a combined ratio in the 97%-98% range and risk-based capital moderately below the 'BBB' benchmark in the next two years. The stable outlook on both QualCon and Quic parallels Qualitas' outlook. Downside scenario We could downgrade Qualitas in the next two years if its capital falls below our expectations as a result of weak operating performance or due to an aggressive dividend policy that erodes capitalization levels over time. We could also lower the ratings if operating performance deteriorated, resulting in our revision of the company's competitive position. Upside scenario We could upgrade Qualitas if it strengthens its capitalization ratios to levels consistently above our benchmark for the 'BBB' levels and the group MARCH 24,

4 Research Update: Qualitas Controladora S.A.B. de C.V. And Subsidiaries Ratings Affirmed; Outlook Stable maintains sound risk management practices with adequate operating performance. Ratings Score Snapshot Holding Company Rating Business Risk Profile IICRA* Intermediate Risk Competitive Position Financial Risk Profile Capital & Earnings Risk Position Financial Flexibility BB+/Stable/-- Satisfactory Intermediate Risk Adequate Lower Adequate Lower Adequate Intermediate Risk Adequate Modifiers 0 ERM and Management 0 Enterprise Risk Management Adequate Management & Governance Fair Holistic Analysis 0 Liquidity Strong Support 0 Group Support 0 Government Support 0 *Insurance Industry And Country Risk Assessment. Related Research General Criteria: S&P Global Ratings' National And Regional Scale Mapping Tables, June 01, 2016 General Criteria: National And Regional Scale Credit Ratings, Sept. 22, 2014 General Criteria: Group Rating Methodology, Nov. 19, 2013 Criteria - Insurance - General: Insurers: Rating Methodology, May 07, 2013 Criteria - Insurance - General: Enterprise Risk Management, May 07, 2013 General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities And Insurers, Nov. 13, 2012 Criteria - Insurance - General: Refined Methodology And Assumptions For Analyzing Insurer Capital Adequacy Using The Risk-Based Insurance Capital Model, June 07, 2010 General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, MARCH 24,

5 Research Update: Qualitas Controladora S.A.B. de C.V. And Subsidiaries Ratings Affirmed; Outlook Stable Ratings List Ratings Affirmed Qualitas Controladora S.A.B. de C.V. Counterparty Credit Rating BB+/Stable/-- Qualitas Compania de Seguros, S.A. de C.V. y Subsidiarias Counterparty Credit Rating CaVal (Mexico) National Scale mxaa+/stable/ mxa-1+ Financial Strength Rating Local Currency mxaa+/stable/-- Qualitas Insurance Company Counterparty Credit Rating Local Currency Financial Strength Rating Local Currency BBB-/Stable/-- BBB-/Stable/-- Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at for further information. Complete ratings information is available to subscribers of RatingsDirect at and at All ratings affected by this rating action can be found on the S&P Global Ratings' public website at Use the Ratings search box located in the left column. MARCH 24,

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