Fitch affirms Metropolitan Life

Fitch Ratings said it affirmed Metropolitan Life Ltd.'s national insurer financial strength rating at AA-(zaf), national long-term A+(zaf) and subordinated debt at A(zaf). The agency also said it affirmed subsidiary Metropolitan Holdings Ltd.'s national long-term rating at A(zaf).

The outlook is negative.

The affirmation reflects the Metropolitan group's strong and established business position in its chosen market of clients with low-to-mid incomes, good capitalization levels, its continued focus on expansion within Africa and strong black economic empowerment credentials that have contributed to it winning important government business, Fitch said.

The ratings are constrained by the group's lack of affiliation with a bank to distribute its products, ongoing reform discussions in the contractual savings market, strong competitive pressures and a challenging operating environment in the near term, the agency said.

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