According to AM Best, the outlook of these credit ratings is stable.
The ratings reflect Malaysian Re’s balance sheet strength, which AM Best described as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
Malaysian Re’s balance sheet strength assessment is underpinned by risk-adjusted capitalisation that remains comfortably at the strongest level, as measured by Best’s Capital Adequacy Ratio.
The company’s capital and surplus has exhibited a strong growth over recent years from retained earnings.
In fiscal year 2019, a capital injection of RM100 million from its holding company, MNRB Holdings Bhd has strengthened its capital position to support business growth.
In addition, the company has a conservative investment portfolio, with focus on good quality fixed-income securities.
AM Best views the company’s underwriting leverage as low compared with its peers.
The rating agency views the company’s operating performance as adequate and assesses Malaysian Re’s business profile as neutral.
Malaysian Re is a dominant market leader in Malaysia’s non-life reinsurance market. More details on the ratings at http://www.ambest.com/
-- BERNAMA
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