The ratings reflect EIC’s balance sheet strength, which AM Best rates as very strong, as well as the company’s reasonable operational performance, neutral business profile and risk management. The ratings take into account EIC’s strategic importance to EssilorLuxottica as well as the comprehensive operational support provided by the parent company.
The ratings also reflect EIC’s risk-adjusted capitalization at very strong levels, as measured by Best’s capital adequacy ratio (BCAR). The company’s assessment of its balance sheet strength is supported by a highly liquid investment portfolio and solid liquidity measures. The ratings also take into account the company’s reliance on reinsurance programs and history of dividend payments.
EIC reported consistently positive operating performance through 2021 and the second half of 2022. Based on its five-year average return on equity, EIC continues to outperform its peer group. Additionally, the company continues to experience strong premium growth, reflecting its positive brand awareness and affiliation
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Source: AM Best