Fitch英国信贷研究报告100322.pdf

Insurance  United Kingdom  UK Non‐Life Outlook Revised Special Report  to Stable  Credit Focus Remains on Profitable Underwriting  Analysts  Summary  Martyn Street Fitch Ratings has revised its rating Outlook on the UK non‐life insurance sector to +44 20 7682 7208 Stable from Negative. The revision reflects the agency’s expectation that earnings martyn.street@ for the sector will stabilise during 2010 through a combination of less volatile Chris Waterman investment returns and improving technical pricing across a broad range of product +44 20 7417 6328 chris.waterman@  lines. The revision also reflects Fitch’s belief that macroeconomic conditions, while still weak by many measures, have stabilised enough to support a Stable rating Outlook. Related Research  Applicable Criteria The agency does not foresee a material number of rating changes for the sector Insurance Rating Me thodology over the next 12 to 18 months and anticipates that the predominant rating action is (December 2009) likely to be affirmation, and that a number of individual companies’ Outlooks will Non‐Life Insurance Rating Criteria migrate to Stable. Exceptions to this trend are likely to include the ratings of (Global) (March 2007) Other Research companies that form a