FINANCIAL INSTITUTIONS

CREDIT OPINION12 June 2018

Update

RATINGS

Liberty Fianzas, S.A. de C.V.Domicile Mexico

Long Term Rating Baa1

Type Insurance FinancialStrength - Dom Curr

Outlook Stable

Please see the ratings section at the end of this reportfor more information. The ratings and outlook shownreflect information as of the publication date.

Contacts

Jose Angel Montano +52.55.1253.5722VP-Senior Analystjoseangel.montano@moodys.com

Marcelo De Gruttola +54.11.5129.2624AVP-Analystmarcelo.degruttola@moodys.com

Diego Nemirovsky +54.11.5129.2627VP-Sr Credit Officer

Marc R. Pinto, CFA +1.212.553.4352MD-Financial Institutions

Daniel Arosemena +52.55.1555.5308Associate Analystdaniel.arosemena@moodys.com

CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

Liberty Fianzas, S.A. de C.V.Semiannual update

SummaryLiberty Fianzas, S.A. de C.V.'s (Liberty Fianzas) insurance financial strength (IFS) ratings, atBaa1 (global local currency) and Aa1.mx (Mexican national scale), take into considerationthe company's (1) established niche position in the Mexican surety industry, (2) portfolioconcentrated in investment-grade credit quality, (3) adequate capitalization, and (4) soundprofitability. In addition, the ratings reflect support and oversight from its leading US-basedaffiliate, Liberty Mutual Insurance Company (LMIC, IFS at A2 stable), as well as its ultimateparent company Liberty Mutual Group Inc (LMGI, senior unsecured debt at Baa2 stable).Liberty Fianzas is a subsidiary of LMIC, which is also a market leader in surety in the US.

These credit strengths are counterbalanced by Liberty Fianzas' relatively limited businessdiversification, as well as by its relatively modest scale in this industry sector.

Exhibit 1

Net income and return on capital (one-year average)

From 2016, figures take into consideration new accounting practices for Mexican insurance companies, which in some cases arenot comparable with those of previous years.Sources: Moody’s Investors Service, company filings.

LMGI also operates throughout Latin America, with significant subsidiaries, especially inBrazil, Colombia and Chile.

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Credit strengths

» Ownership and strength of its ultimate parent, as well as reinsurance protection from LMIC

» Good-quality investment portfolio

» Solid capitalization and low underwriting leverage

» Reliable profitability

Credit challenges

» Relatively modest market share and size in the Mexican insurance and surety industry

» Limited business and product diversification, given the monoline nature of the Mexican surety sector

OutlookThe outlook on Liberty Fianzas’ ratings is stable, reflecting the continued support from its parent company, and its sound profitabilityand good asset quality. We highlight that the entry of a surety bond (seguro de caución) business could alter the competitive landscapeof the sector.

Factors that could lead to an upgrade

» Increase in its market share to 10% of the surety business

» Improved profitability track record, with a return on capital (ROC) ratio consistently above 20%

» Upgrade of Mexico's sovereign rating (A3, stable), coupled with an improvement in the country's operating environment, reflectedin positive developments in the insurance industry

Factors that could lead to a downgrade

» Significant increase in gross underwriting leverage (GUL) above 2.5x shareholders' equity

» Deterioration in profitability (for example, ROC consistently below 5% and an increase in earnings volatility)

» Reduction in ownership of or support from the parent company, or a rating downgrade of LMIC or LMGI

» Significant deterioration in the quality of the company's investment portfolio (for example, if high-risk assets account for over 30%of the portfolio)

» Substantial deterioration in Mexico's operating environment or a downgrade of the Mexican government bond rating

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

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Key indicators

Exhibit 2Liberty Fianzas, S.A. de C.V. [1][2] 2017 2016 2015 2014 2013As Reported (Mexican Peso Millions)Total Assets 1,772 1,549 1,440 1,374 1,201Total Shareholders' Equity 616 526 455 395 330Net income (loss) attributable to common shareholders 90 73 61 93 77Gross Premiums Written 529 438 443 442 421Net Premiums Written 386 347 337 328 295Moody's Adjusted RatiosHigh Risk Assets % Shareholders' Equity 4.4% 5.6% 9.1% 15.3% 22.5%Reinsurance Recoverable % Shareholders' Equity 22.6% 23.0% 32.1% 36.8% 38.1%Goodwill & Intangibles % Shareholders' Equity[3] 47.5% 42.6% 44.1% 41.6% 45.0%Gross Underwriting Leverage 0.5x 0.5x 0.6x 0.6x 0.7xReturn on avg. capital (1 yr. avg ROC) 9.3% 8.6% 8.2% 14.2% 13.4%Sharpe Ratio of ROC (5 yr. avg) 377.2% 308.2% 361.6% 704.2% 719.4%Adv./(Fav.) Loss Dev. % Beg. Reserves (1 yr. avg) NA NA NA NA NAFinancial Leverage[3] 33.9% 31.7% 31.6% 31.1% 28.5%Total Leverage[3] 35.3% 33.1% 33.2% 32.6% 30.2%Earnings Coverage (1 yr.)[3] 1.1x 3.7x 3.3x 6.0x 6.0xCash Flow Coverage (1 yr.)[3] 0.0x 4.3x 4.2x 4.4x 3.9x[1] Information based on LOCAL GAAP financial statements as of fiscal year-end December 31.[2] Certain items may have been relabeled or reclassified for global consistency.[3] Information based on US GAAP financial statements of Liberty Mutual Group Inc as of fiscal year-end December 31.From 2016, figures take into consideration new accounting practices for Mexican insurance companies, which in some cases are not comparable with those of previous years.Sources: Moody’s Investors Service, company filings.

ProfileLiberty Fianzas, S.A. de C.V. (Liberty Fianzas) is a subsidiary of LMIC, with a 5% share in the Mexican surety market as of December2017. Liberty Fianzas benefits from its parent company's international experience and oversight, as well as leadership and expertise inthe US surety sector. Liberty Fianzas has a relevant market presence in certain surety segments in which the company has specializedfor many years, such as surety for gasoline distributors.

Detailed credit considerationsWe rate Liberty Fianzas Baa1 for IFS, which is one notch higher than the adjusted aggregate credit profile (Baa2) indicated by theMoody's Insurance Financial Strength Rating Scorecard. Liberty Fianzas' ratings receive one notch of rating uplift owing to thecombination of explicit and implicit support from LMIC and its ultimate parent company, LMGI.

Insurance financial strength ratingThe key factors influencing the rating and outlook are the following:

Market position, brand and distribution: Ba - Established position in the niche specialty segment of the Mexican insurance marketLiberty Fianzas has a niche market participation in the Mexican surety industry. As of December 2017, the company had a 5% sharein the surety market based on gross premiums written, larger than 4.6% as of December 2016. The increase in market share wasderived from 21% growth in gross premiums written in 2017, around 14% in real terms. Liberty Fianzas has a relevant market presencein certain surety segments in which the company has specialized for many years, such as surety for gasoline distributors; however, inrecent years, the company has entered into new surety market segments associated with high-profile clients. The ratings take intoconsideration the fact that Liberty Fianzas benefits from its parent company's international experience and oversight, as well as theparent's leadership and expertise in the US surety sector, the largest in the world. We believe that the integration with its parent hasenabled Liberty Fianzas to maintain its local experience and disciplined general underwriting approach while strengthening its corporategovernance. Liberty Fianzas maintains a relatively high underwriting expense ratio (72.7% as of December 2017, higher than 65% in2016); the increase is associated with commissions paid by the new high-profile business. Given the niche monoline focus of the suretysector in Mexico, and the company's position within this sector, we consider Liberty Fianzas' market position to be consistent with theexpectations at the Ba level for this factor on a global basis.

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Product focus and diversification: Baa - High product concentration, given the monoline nature of the Mexican surety sectorLiberty Fianzas' operations are highly concentrated in one single product, given the monoline nature of the Mexican surety sector.That said, the company has some diversity within its underwritten portfolio. In the next three years, we expect the segment associatedwith high-profile clients to increase up to 10% of gross premiums. As of December 2017, administrative coverage represented 76% oftotal surety products including around 40% related to gasoline distributors. Portfolio composition remains in line with the company'sDecember 2016 and historical product portfolio distribution, which was in line with the sector average. Administrative surety insuranceproducts are largely correlated with local economic conditions, and thus, the company's performance is subject to deterioration underadverse economic scenarios; however, given the stability experienced in the country, this credit negative is mitigated. We expectLiberty Fianzas to benefit from the new product seguro de caución and expand its potential product offerings in the medium to longterm. That said, we have adjusted this factor to Baa from Ba to better reflect the company's product portfolio and diversification, aswell as the fact that the Mexican surety business overall maintains collateral protections incorporated into the coverages.

Asset quality: Baa - A largely investment-grade credit-quality portfolioIn line with Mexico's tight insurance regulatory investment guidelines, Liberty Fianzas' investment portfolio is largely made up ofMexican government securities (around 47% of total investments as of December 2017), as well as Mexican banks' time depositsand bonds (49% of investments considering both items). A similar distribution pattern in investments is expected to be maintainedthrough year-end 2018. Additionally, the company invests in corporate bonds, most of them in widely held investment-grade corporateissuers. In addition, the reinsurance agreement between Liberty Fianzas and its parent company offers a good quality of reinsurancerecoverables, and we consider this a source of further asset-quality strength and ongoing balance-sheet support. The company hasno meaningful goodwill on its balance sheet, which represents 6.45% of shareholder's equity, but the ratio presented in our scorecardmetrics, in accordance with our global methodology, is from the parent's consolidated balance sheet. Given the average credit qualityof the company's investment portfolio and the low exposure to illiquid assets, we consider its asset quality to be in line with theexpectations at the Baa level rather than the Aa unadjusted factor score indicated in the scorecard.

Capital adequacy: A - Adequate capital adequacy compared with that of its local and regional peersLiberty Fianzas' historically profitable operations and its relatively good investment portfolio quality have maintained the company'sgood risk-adjusted capitalization profile. The company's capital adequacy, as measured by the adjusted gross underwriting leverage(GUL) ratio, was 0.5x as of December 2017, the same as that in December 2016 and almost similar to the 2014 and 2015 ratios of0.6x. The improving trend in GUL, has resulted from a large shareholders' equity base from accumulated earnings with the growth incontingency reserves both balancing the potential increase in operating leverage from business growth.

Exhibit 3

Shareholders' equity and gross underwriting leverage

0.0x

0.1x

0.2x

0.3x

0.4x

0.5x

0.6x

0.7x

0.8x

0

100

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700

2013 2014 2015 2016 2017

Gro

ss underw

riting leverage

Shar

ehold

ers'

equit

y (M

XN

mill

ion)

Total shareholders' equity Gross underwriting leverage

From 2016, figures take into consideration new accounting practices for Mexican insurance companies, which in some cases are not comparable with those of previous years.Sources: Moody’s Investors Service, company filings.

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Liberty Fianzas' GUL ratio has shown an improving trend over the last five years and is low compared with that of the company's localand regional peers; we expect a minor fluctuation in GUL in the next three years. Furthermore, and as required by local regulation,Mexican surety companies carry specific contingency reserves, which — together with surety collateral protection — mitigate thecompanies' net risk exposures.

Regarding other relevant metrics, the company maintains a good solvency capital requirement coverage, with 2.17x indicating an excessof roughly 117% of the solvency capital required as of December 2017.

Considering the risk profile of the surety sector in Mexico, as well as Liberty Fianzas' specific risk portfolio characteristics, which takeinto consideration exposures to contracts that could lead to relevant deviations in its results and also the mitigant of contingencyreserves and surety collateral protections, we view the company's capital adequacy factor in line with the expectations at the A level ona global basis rather than the Aaa level indicated by the unadjusted factor score.

Profitability: A - Good historical profitability metrics reflect solid underwritingLiberty Fianzas has generated consistently solid earnings in recent years, primarily reflecting a favorable underwriting track record insurety, as shown by the three-year average combined ratio of 71.5%, supported by good underwriting internal controls. Combinedratios have increased in the last three years, reflecting the higher general and acquisition expenses, which were incurred first with theadoption of solvency II standards and then with the opening of the new business. As of December 2017, the year-to-date combinedratio was 76.7% compared with 70.6% as of December 2016. We expect this ratio to fluctuate slightly above the historical average.Despite the historically low interest rates in Mexico, Liberty Fianzas was able to generate solid investment returns, measured as netinvestment income/net earned premiums, of 12.1% as of December 2016, which improved from 7.8% in 2015. In 2017, the increasein reference rates triggered a positive effect for the company's investment income to net earned premiums to reach 19.8%. Thecompany's five-year average adjusted ROC is strong compared with that of its local and international peers, recording 10.75% as ofDecember 2017; the company's one-year ROC was 9.26% as of December 2017.

Exhibit 4

Shareholders' equity and ROC (one-year average)

0%

2%

4%

6%

8%

10%

12%

14%

16%

0

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2013 2014 2015 2016 2017

Retu

rn o

n cap

ital (1 yr. avg.)

Shar

ehold

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equit

y (M

XN

mill

ion)

Total shareholders' equity Return on avg. capital (1 yr. avg ROC)

From 2016, figures take into consideration new accounting practices for Mexican insurance companies, which in some cases are not comparable with those of previous years.Sources: Moody’s Investors Service, company filings.

Given the exposure of the surety business to severity losses, and also considering that further growth in other surety products coulderode profitability metrics, we consider Liberty Fianzas' profitability to be in line with the expectations at the A level rather than the Aaindication provided by the unadjusted scorecard.

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Reserve adequacy: Baa - Adequate level of reserves; risk further mitigated by collateral protectionIn addition to insurers' claim reserves, Mexican insurance regulations require that surety companies carry specific contingency reserves.As of September 2017, Liberty Fianzas held MXN411.6 million of contingency reserves, which increased 13% from that as of September2016. These reserves can serve as an additional capital buffer under exceptional circumstances and with the regulator's approvals. Thecompany establishes its claim reserves based on historical and actuarial losses, and the input of claims from the Mexican insuranceregulator. Also, the reserves are revised by an independent auditor and have concluded Liberty Fianzas' adequacy. In the first quarterof 2017, the regulatory claims ratio (omega) increased, triggering increases in reserves; we expect contingency reserves to growjust moderately by year-end 2018. We consider Liberty Fianzas' reserves to be consistent with the risk undertaken by the company.Surety companies' reserves take into consideration the extent and quality of the underwriting credit evaluation. Additionally, reservesare supported by collateral protections embedded in contracts, which mitigate the risk of losses and adverse reserve development.Therefore, we view Liberty Fianzas' reserve adequacy profile as adequate and in line with the expectations at the Baa level on a globalbasis.

Financial flexibility: Baa - Takes into consideration benefit of support from the parent, as well as the insurer's modest subsidiary statusLiberty Fianzas does not have any debt on its balance sheet, and the financial flexibility metrics appearing on our scorecard are those ofthe consolidated financials of LMGI. We view the company's ownership and operational integration with its ultimate parent companyas credit positive. However, we also view Liberty Fianzas' intrinsic financial flexibility as limited on a standalone basis, given its relativelysmall subsidiary status. Another consideration for this factor's assessment is the Mexican capital markets' relatively modest degree ofdevelopment. Therefore, we view the company's financial flexibility as being more appropriately positioned at the Baa level, just belowthe level of the sovereign rating, and consistent with the highest Financial Flexibility score published for insurers in the Latin Americanregion.

Operating environment: Baa - Modest penetration of insurance in Mexico's economy, but supported by high economic strengthIn addition to the company's business and financial fundamentals, we take into consideration Mexico's operating environment inarriving at our final rating indication for the company. Our overall Baa-level Operating Environment score, which carries a 20% weightin the scorecard, is based on an A-range score for systemic risk (reflecting the consideration of our Sovereign Risk Group's assessmentof the country's economic strength [high], institutional strength [moderate] and susceptibility to event risk [low+]) and a B-range scorefor insurance market development (reflecting the very low degree of penetration of insurance in the Mexican economy and low percapita insurance utilization compared with that of other countries worldwide). In our view, the country's operating environment exertsa minor influence on Liberty Fianzas' overall credit profile.

Support and structural considerationsImplicit and explicit supportLiberty Fianzas benefits from the ownership and intercompany reinsurance support from LMIC, as well as from the overall support fromand strategic commitment of its ultimate parent company, LMGI. The support is provided through reinsurance arrangements (quotashare and excess of loss), as well as the parent's expertise and experience in and oversight of its local operations. The combined implicitand explicit parental support results in a one-notch uplift to Baa1 from Liberty Fianzas' indicated Baa2 standalone credit profile, asindicated on the accompanying scorecard.

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Rating methodology and scorecard factors

Exhibit 5

Liberty Fianzas S.A. de C.V. Scorecard (year-end 2017)

[1] Information based on LOCAL GAAP financial statements as of fiscal year-end December 31.[2] The scorecard rating is an important component of the company's published rating, reflecting the standalone financial strength before other considerations (discussed above) areincorporated into the analysis.[3] Information based on US GAAP financial statements of LMGI as of fiscal year-end December 31.Sources: Moody’s Investors Service, company filings.

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Ratings

Exhibit 6Category Moody's RatingLIBERTY FIANZAS, S.A. DE C.V.

Rating Outlook STAInsurance Financial Strength Baa1Insurance Financial Strength--National Scale Aa1.mx

LIBERTY MUTUAL GROUP INC

Rating Outlook STABACKED Senior Unsecured Baa2BACKED Junior Subordinate Baa3 (hyb)

Source: Moody's Investors Service

Global local currency and national scale insurance financial strength ratingsMoody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuerswithin a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratingsin that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debtissues and issuers within the same country. NSRs are designated by a “.nn” country modifier signifying the relevant country, as in“.za” for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Creditrating Methodology published in May 2016, entitled “Mapping National Scale Ratings from Global Scale Ratings”. While NSRs haveno inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSRcan be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default ratesassociated with different global scale rating categories over different investment horizons, please see https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_189530.

Liberty Fianzas’s Aa1.mx national scale IFS rating is based on the application of Moody's mapping criteria for a Baa1 global localcurrency IFS rating to the Mexican national scale. At the Baa1 global local currency rating level, Liberty Fianzas’s Aa1.mx rating is theonly possible outcome on the Mexican national scale.

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Moody's related publicationsCredit Opinions

» Liberty Mutual Group Inc, July 2017

Sector Comment

» Mexico’s new fintech law is credit positive for insurers and asset managers

» Mexico: High dependence on trade with the US amplifies risks from NAFTA renegotiations

» Insurance - Mexico: Industry Scorecard 2017-18

» Mexican Insurers and Banks Have Mitigants to Handle Earthquake Losses, September 2017

» Insurance - Mexico: 2016 Financial Performance and Statistical Supplement, August 2017

» Mexico Oil and Gas Auctions Are Credit Positive for Local Surety Companies, July 2017

» Accelerating Car Thefts in Mexico Threaten Auto Insurers' Profitability, May 2017

» Mexican Regulator Confirms that Virtually All Insurers Comply with Solvency II Standards, a Credit Positive, April 2017

» Insurance - Mexico: 2016 Profits Benefit from One-Time Gains Stemming from Regulatory Changes, April 2017

» Cross Sector - Mexico: Mexican Gas Price Hike is Negative for Consumer Companies and Positive for Sub-Sovereigns and OtherCompanies, February 2017

» Mexico's Construction Contraction is Credit Negative for Surety Insurers, November 2016

» Mexico's Surprise Rate Hike Will Benefit Insurers and Pension Funds, Feb 2016

Outlook

» Insurance - Mexico: Solid profits, strong liquidity and capital support stable outlook, August 2017

Rating methodology

» Property and Casualty Insurers, May 2018 (1094172)

To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of thisreport and that more recent reports may be available. All research may not be available to all clients.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferredstock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it feesranging from JPY200,000 to approximately JPY350,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

REPORT NUMBER 1116330

10 12 June 2018 Liberty Fianzas, S.A. de C.V.: Semiannual update

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Japan 81-3-5408-4100

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11 12 June 2018 Liberty Fianzas, S.A. de C.V.: Semiannual update