KUALA LUMPUR, March 29 (Bernama) -- A.M. Best has affirmed the financial strength rating of B++ (good) and the long-term issuer credit rating of 'bbb+' of Malayan Insurance Co Inc. (MICO) Philippines.
A.M. Best, in a statement said that the outlook of these credit ratings is stable.
The ratings reflect MICO's balance sheet strength, which A.M. Best categorised as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
As measured by Best's Capital Adequacy Ratio, MICO's risk-adjusted capitalisation is very strong and supported by low underwriting leverage.
Management also expects to reduce the amount of reinsurance recoverables substantially in 2018.
While the company has a large amount of reinsurance assets, it manages credit risk by maintaining a panel of strongly rated reinsurance counterparties.
MICO has a strong presence in the corporate segment of the Philippines' non-life market and is the country's largest insurer based on premium and second largest in terms of capital and surplus.
A.M. Best is the world's oldest and most authoritative insurance rating and information source.
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