AM Best Comments on Credit Ratings of Anthem, Inc.and ItsSubsidiaries Following MMM Holdings, LLC Acquisition Announcement
AM Best Comments on Credit Ratings of Anthem, Inc.and ItsSubsidiaries Following MMM Holdings, LLC Acquisition Announcement
AM Besthas commented that the Credit Ratings (ratings) of Anthem, Inc. (Anthem) (Indianapolis, IN) [NYSE: ANTH] and its insurance subsidiaries remain unchanged following the announcement that the group will acquire MMM Holdings, LLC, including its Puerto Rico-based insurance subsidiaries: MMM Healthcare, LLC (MMM Healthcare), a Medicare Advantage (MA) plan; and MMM Multi Health, LLC (MMM Multi Health), a Medicaid plan. The outlook of these ratings is stable.
AM Best已經評論説，的信用評級(評級)國歌公司(國歌)(印第安納波利斯，In)[紐約證券交易所：安思]在宣佈集團將收購MMM Holdings，LLC，包括其在波多黎各的保險子公司：MMM Healthcare，LLC(MMM Healthcare)，Medicare Advantage(MA)計劃；以及MMM Multi Health，LLC(MMM Multi Health，MMM Multi Health)，醫療補助計劃後，該集團及其保險子公司保持不變。這些評級展望為穩定。
The acquisition, if consummated, will further enhance Anthem’s business profile by expanding its footprint and geographic diversification, as the group currently does not have any presence in the Puerto Rico market. Furthermore, it would strengthen Anthem’s position in the MA segment, which has been one of the fastest growing and generally profitable for the health insurance industry over the last several years. Anthem historically was more focused on the commercial segment and somewhat lagged its peers in building a strong presence in government programs, including MA. MMM Healthcare is a market leader in the Puerto Rico MA segment with approximately 267,000 MA members and revenue of $2.7 billion in 2019.
此次收購如果完成，將通過擴大足跡和地理多樣化進一步提升國歌的業務形象，因為該集團目前在波多黎各市場沒有任何業務。此外，這將加強國歌在MA細分市場的地位，這一地位已經一這是過去幾年醫療保險業增長最快、總體上盈利最多的公司之一。國歌歷史上更專注於商業領域，在建立包括併購在內的政府項目中的強大影響力方面有點落後於同行。MMM Healthcare是波多黎各MA細分市場的領先者，擁有約267,000名MA會員，2019年收入為27億美元。
MMM Healthcare recorded about 80% premium growth over the past five years, while maintaining a good level of underwriting profitability. MMM Healthcare is the only MA plan in Puerto Rico with 4.5 star rating from Center for Medicare and Medicaid Service (CMS), a factor that enhances profitability. MMM Multi Health generated smaller revenue of about $613 million in 2019; however, the premium has more than tripled since 2015. Profitability of the Medicaid business has been more volatile compared with MA, and the company posted underwriting losses in three of the last five years. Anthem has a good track record of integrating the newly acquired subsidiaries into the group’s operations, achieving the benefits of greater scale.
MMM Healthcare在過去五年中實現了約80%的保費增長，同時保持了良好的承保盈利水平。MMM Healthcare是波多黎各唯一獲得醫療保險和醫療補助服務中心(CMS)4.5星級評級的併購計劃，這是一個提高盈利能力的因素。MMM Multi Health在2019年產生的收入較少，約為6.13億美元；然而，自2015年以來，保費增加了兩倍多。與MA相比，醫療補助業務的盈利能力更加不穩定，該公司在過去五年中有三年出現了承保虧損。國歌在將新收購的子公司整合到集團運營方面有着良好的記錄，實現了更大規模的效益。
The financial terms of transaction were not disclosed; however, AM Best expects the financial leverage of Anthem, which was close to 39% at year-end 2020, to remain within the tolerance level for its current rating. Similar to other recent acquisitions, this transaction is likely to increase the level of goodwill at Anthem, which was about 94% at year-end 2020 and is considered high.
交易的財務條款沒有披露；然而，AM Best預計國歌的財務槓桿(2020年底接近39%)將保持在其目前評級的容忍水平內。與最近的其他收購類似，這筆交易可能會提高國歌的商譽水平，2020年底時國歌的商譽約為94%，被認為是很高的。
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