Senior life insurance. Top 10 Mexican life, P C insurers by premiums - BNamericas

A ranking by rating agency Moody's of the top 10 life and P&C companies in Mexico has placed the local unit of MetLife (NYSE: MET) in top spot by gross written premiums (GWP) and market share. Top 10 life insurance companies.

MetLife Mexico's leading market position with a 12.6% share as of end-2011 translated into 36.4bn pesos (US$2.95bn) in GWP.

In second place was locally owned Grupo Nacional Provincial ( GNP ), with premiums of 31.5bn pesos and a market share of 10.9% as of that same date. The company operates in both the life and non-life markets with its core business segments being life, health and auto insurance.

Third place went to the local subsidiary of French insurer AXA with GWP of 28.1bn pesos and a market share of 9.7%.

Last year, AXA strengthened its position in the Mexican market through the acquisition of HSBC's (NYSE: HBC) local P&C unit.

In fourth place was Seguros Inbursa - a unit of part of the Inbursa financial group - with GWP of 19.3bn pesos and a market share of 6.7%.

In fifth place with 15.9bn pesos in GWP and a market share of 5.5% came Seguros BBVA Bancomer, followed in sixth place by Seguros Monterrey New York Life with a 4.7% market share, or 13.6bn pesos in GWP.

The insurers are units of Spanish bank BBVA (NYSE: BBVA) and of the New York Life Insurance Company.

In seventh place with 12.4bn pesos in GWP and a 4.3% market share was Seguros Banamex, a unit of Citi's (NYSE: C) Grupo Financiero Banamex, followed by Mexico's leading vehicle insurer Quálitas with 11.2bn pesos in GWP and a market share of 3.9%.

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In ninth place with just 10.2bn pesos in premiums and a market share of 3.5% came Seguros Banorte Generali, the joint venture between local financial holding Banorte and Italian insurer Generali.

Tenth was Mapfre Tepeyac - a unit of Spain's Mapfre, one of the largest insurers in Latin America - with GWP of 9.94bn pesos and a market share of just over 3.3%.

The l Moody's list follows the recent passing of the insurance and finance solvency bill in the Mexican congress that reinforces the industry's legal, regulatory and capital rules and is expected to lead to increased consolidation in the industry.

Definitions

Projects covered include state-owned and private projects in the Infrastructure, Electric Power, Oil & Gas (excluding upstream), Water and Waste, and Mining sectors.

Where applicable, a project is considered as such until the end of construction and ramp-up to full capacity (with the exception of mining projects, where the date of commissioning signifies the end of the project). Projects must have a:

b) Estimate for completion

c) Initial investment estimate

For state-owned projects, initial information about the start date and estimates for completion and investment are taken from original signed contracts, along with addendums and annexes.

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If original contracts cannot be obtained, information is taken from public documents, presentations, news articles from BNamericas archives, and external sources.

In cases where contracts are subject to approval by legislators, the start date is the date of the law or legislative approval.

In the case of private projects, information is taken from public sources, such as stock exchange filings, annual reports, company presentations, third party research and press releases.

In judging the timing of investment decisions for private projects, great care was taken to differentiate between large projects receiving environmental approval and proceeding directly to construction, and smaller projects where the investment decision hinges on securing financing.

Best care is taken to ensure that recorded data is correct at the time of entry and that each entry is backed with a relevant source.

The greatest care possible was taken to ensure consistency of information in order make a like-for-like comparison in project costs. Insofar as the figures rely on disclosure by the organization or company responsible, the figures can be considered to be conservative in nature.

No attempt was made to adjust figures for inflation during the course of research or for consideration of the time value of money.

Validation

In the case of state-owned projects, validation is carried out where possible with either a member of the consortium, EPC contractor, a relevant state agency or advisors to either party.

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Currency

Projects costs are measured in US dollars. Where project costs are measured in a local currency, amounts are converted to US dollars at the date of the relevant announcement, signature or report.

Severity of deviation from original estimates

The severity of deviation from original estimates is defined according to set criteria.

Timing
Budget
Changes in Scope

Changes in scope beyond the start date are not accounted for.

Language definitions

Where guidance is non-specific as to dates for completion, the following is used.

Project to be completed by 2018 = December 31, 2017

Project to be completed in 2018 = December 31, 2018

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