Fitch Ratings revised the outlook on the insurer financial strength rating of Helia Group's (ASX:HLI) operating subsidiary, Helia Insurance, to negative from stable, while affirming the rating at "A," according to a Wednesday statement.
The revision was attributed to "heightened pressure" on Helia Group's competitive positioning in the lenders' mortgage insurance market and earnings amid a "reasonable likelihood" that the Commonwealth Bank of Australia (ASX:CBA) will not renew its contract with the company. CommBank is Helia Group's main lender customer and accounted for 44% of gross written premiums in 2024.
Meanwhile, the affirmation reflects Fitch Ratings' expectation that Helia Group's capitalization will remain "very strong" over the medium term, according to the statement.
Helia Group's shares were up over 1% in recent Thursday trade, while Commonwealth Bank of Australia's shares slipped almost 1%.
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