Business Editors
LONDON--(BUSINESS WIRE)--May 6, 2003
Standard & Poor's--Standard & Poor's Ratings Services said today it affirmed its 'BBBpi' public information-based insurer financial strength rating on Denmark-based International Health Insurance Danmark A/S (IHI).
"The rating reflects very strong earnings and good levels of capitalization and technical reserves, despite a very significant exposure to reinsurance support," said Standard & Poor's credit analyst Paul Oates. The rating is based only on published financial information and additional information in the public domain.
IHI specializes in providing health insurance to Danes and non-Danes outside Denmark, in particular in the independent high-income segment, the corporate sector, and for expatriates and international travelers. It is represented in many countries, primarily in South America and Europe, with 59% of gross premium income derived from the Americas in 2001 and 30% from Denmark and other European countries. The company was bought by the Scandinavian investment company, EQT, in January 2001 and is held through an intermediate holding company, IHI Holding A/S.
"Earnings are considered to be very strong," said Mr. Oates. "Increased reinsurance cessions changed the profile of IHI's technical account in 2001 and 2002, but the technical result recorded was a significantly increased profit. Investment returns, although lower than in 2001, remained at an adequate level, and as a consequence, a very strong level of bottom-line profitability was again recorded."
Complete ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. Alternatively, call one of Standard & Poor's Ratings Desks: London (44) 20-7847-7400; Paris (33) 1-4420-6705; Frankfurt (49) 69-33-999-223; or Stockholm (46) 8-440-5916. Members of the media may contact the Press Office Hotline on (44) 20-7826-3605 or via media_europe@standardandpoors.com.
ANALYST E-MAIL ADDRESSES
paul_oates@standardandpoors.com
david_laxton@standardandpoors.com
InsuranceInteractive_Europe@standardandpoors.com
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