AM Best affirms the financial strength rating of 'A-' (Excellent) and the long-term issuer credit rating of 'a-' (Excellent) of Greenval Insurance Designated Activity Company (Greenval), based in Ireland. The outlook of the ratings is 'stable'. The ratings reflect Greenval's balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. Greenval is the captive motor insurer for Arval Service Lease (Arval), a vehicle-leasing company wholly owned by BNP Paribas, the global banking group headquartered in France. As a captive providing motor covers for Arval, its underwriting portfolio is concentrated in motor insurance but well-diversified geographically, and the neutral business profile assessment reflects its strategic importance to Arval as the group's only affiliated motor insurer. The balance sheet strength assessment is underpinned by risk-adjusted capitalisation, which remains at the very strong level at year-end 2025 as measured by Best's Capital Adequacy Ratio, and is expected to remain at least at the strong level. AM Best also cites prudent reserving, an appropriate reinsurance programme and a liquid investment portfolio. Greenval has a track record of strong operating performance, with a return on equity of 31.0 per cent and a combined ratio of 88.8 per cent in 2025 under IFRS 17, as calculated by AM Best. Underwriting results benefit from the captive's privileged access to Arval's business.
