LONDON–(BUSINESSWIRE)–AM Best is revising its outlook for the United Kingdom’s life insurance segment to stable from negative.
A new Best’s Market Segment Report, “Market Segment Outlook: United Kingdom Life Insurance,” points in particular to strong opportunities for pension-related products, which continue to dominate the business mix of the segment. In AM Best’s view, the UK life segment is well-capitalized to fund medium-term expansion, and there are opportunities to tailor prudential regulation to the specifics of the sector following Brexit.
The report also notes that COVID-19 and Brexit-related economic uncertainty is subsiding, although inflation concerns persist, and that the UK economy is expected to recover with the removal of pandemic-related restrictions.
However, the potential burden on management from the implementation of IFRS 17 and the heightened geopolitical tensions that are increasing economic uncertainty and investment market volatility moderate the outlook.
To access a complimentary copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=319305.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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