KUALA LUMPUR, July 12 (Bernama) -- AM Best has affirmed the Financial Strength Rating of A (excellent) and the Long-Term Issuer Credit Rating of ‘a+’ of DB Insurance Co Ltd (DBI) South Korea.
In a statement, the global rating agency focused on the insurance industry described the outlook of these credit ratings as stable.
The ratings reflect DBI’s balance sheet strength, which AM Best classified as very strong, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management.
DBI’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio is assessed as strongest, supported by the steady growth of its capital and surplus on the back of a solid net income stream.
The insurance company operating performance has outperformed its domestic peers over the past five years, as shown by its strong investment performance and having the lowest combined ratio among its domestic peers.
DBI is the third largest non-life insurer in South Korea in terms of direct premium written, a longstanding position that the company has maintained successfully amid increasing competition.
Negative rating actions can occur if the company’s operating performance or risk-adjusted capitalisation deteriorates significantly.
-- BERNAMA
-- BERNAMA
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