KUALA LUMPUR, Oct 31 (Bernama) – A.M. Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of ‘a-’ to Dah Sing Insurance Company (1976) Limited (DSI) Hong Kong.
The global rating agency A.M. Best said the outlook assigned to these credit ratings is stable.
According to a statement, DSI is a wholly owned subsidiary of Dah Sing Financial Holdings Limited (DSFH) – a Hong Kong based financial holding company and also listed on the Hong Kong Stock Exchange since 1987.
The ratings reflect DSI’s balance sheet strength, which A.M. Best said as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
A.M. Best added that the ratings also reflect the parental support from DSFH in terms of capital, brand recognition, business development, product distribution, risk management and operational support.
DSI received a material capital injection of HKD 1.35 billion (US$173 million) from DSFH in 2017. The company has also grown its capital base gradually from a full retention of net profits over the past five years. (US$1 = RM4.18)
A.M. Best expects the company’s risk-adjusted capitalization to remain robust over the short to intermediate term, supporting the anticipated increase in asset and underwriting risks driven by business expansion.
As a small-sized player with limited market share in Hong Kong’s non-life segment, DSI’s underwriting portfolio remains skewed toward motor and employees’ compensation businesses.
A.M. Best is a global rating agency and information provider, focused on the insurance industry. More details at www.ambest.com
-- BERNAMA
-- BERNAMA
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