DIVINA PASTORA SEGUROS, MUTUA DE SEGUROS

Ethifinance Ratings affirms Divina Pastora Seguros, Mutua de Seguros "BBB+" rating maintaining its "stable" outlook. Divina Pastora Seguros, Mutua de Seguros (hereinafter referred to as Divina Seguros) is a Spanish insurance group that operates in various types of insurance covering the basic needs of families, including auto, health, life, accidents, home, commercial, savings, funeral, and legal. The credit rating is based on high solvency, no financial debt, stable and recurring profit generation, and a very conservative investment policy. Additionally, the company's presence in various insurance segments with different dynamics is positively valued. However, the credit rating is constrained by a very small market share, geographic concentration in Spain, potential asset devaluations in the event of further interest rate hikes, and macroeconomic risks such as high inflation affecting the mutual's claims experience and lower economic development.