KUALA LUMPUR, April 4 (Bernama) -- A.M. Best has assigned a financial strength rating of A- (excellent) and a long-term issuer credit rating of 'a-' to LIG Insurance (China) Co Ltd (LIG China) China.
A.M. Best, in a statement said the outlook assigned to these ratings is stable.
"The ratings reflect LIG China'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.
"The ratings also reflect the implicit support the company receives from its parent, KB Insurance Co Ltd (KB Insurance)," the statement said.
LIG China's very strong balance sheet strength is supported by risk-adjusted capitalisation, at the strongest level and by very low underwriting leverage relative to its peers.
Overall operating performance is adequate, underpinned by a stable stream of interest income that is significant in size compared with its net earned premium.
The insurance company occupies a niche market by focusing on Korean companies that operate in China. LIG China has a competitive advantage in the market due to its long-term relationships with those companies.
LIG China is a property-casualty insurer in China, established in 2009. The company is wholly owned by KB Insurance, a Korea-based company that is a wholly owned subsidiary of KB Financial Group Inc.
A.M. Best is the world's oldest and most authoritative insurance rating and information source.
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