KUALA LUMPUR, Sept 3 (Bernama) -- A.M. Best has affirmed the financial strength rating of A- (excellent) and the long-term issuer credit rating of “a-” of Macau Insurance Company Limited (MIC) Macau. The outlook of these credit ratings is stable.
The ratings reflect MIC’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.
MIC's balance sheet strength is supported by its risk-adjusted capitalisation being at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), a statement said.
Following the sale of a life insurance subsidiary and a capital infusion from Dah Sing Financial Holdings Limited, the company's capital base has strengthened significantly, resulting in a level of underwriting capacity that is generally higher than its peers.
MIC’s loss ratios were generally higher than its peers, but underwriting profits have been consistent and its interim results for 2018 also have shown a significant improvement after the company implemented various measures to remediate the performance of its in-force business.
The stable outlooks reflect A.M. Best’s expectation that MIC will maintain positive underwriting and operating results, supported by steady revenue growth, stable claims ratios and an expense ratio that will decline gradually over time.
MIC is a major insurer in Macau that underwrites non-life personal and commercial insurance products while A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. More details at www.ambest.com.
No comments:
Post a Comment