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%.
State farm life insurance
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.
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