Friday 29 March 2024

TAIWAN'S NAN SHAN GENERAL RATED EXCELLENT - AM BEST



KUALA LUMPUR, March 29 (Bernama) -- Global credit rating agency, AM Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) of Taiwan’s Nan Shan General Insurance Co Ltd (Nan Shan General).

The outlook of these credit ratings (ratings) is stable, reflecting Nan Shan General’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

Nan Shan General’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, has significantly improved and is assessed as being at the very strong level as of year-end 2023, according to the credit rating agency in a statement.

The result is underpinned by the capital contribution of NT$1.5 billion in cash in 2023, from the company’s immediate parent, Nan Shan Life Insurance Co Ltd (Nan Shan Life), to restore Nan Shan General’s capital strength, following the large claims arising from pandemic insurance since 2022. (NT$100 = RM14.78)

Nan Shan General reported positive operating results last year, partially supported by the release of reserves provisions for pandemic insurance claims and positive investment performance, while its return on equity has been restored to a high single-digit level.

Having achieved double-digit growth on gross premiums written in 2023, mainly driven by expansions in voluntary motor, travel insurance and commercial lines, Nan Shan General has increased premium retention in the major voluntary motor line since 2023, which continues to be a major driver of the overall underwriting results.

With its bond portfolio continuing to contribute stable streams of interest income, which helped to partially offset volatility in equity investments during 2023, AM Best expects Nan Shan General to continue to focus on domestic fixed-income securities and maintain moderate exposure to equity securities with an aim to boost overall investment returns.

A wholly owned subsidiary of Nan Shan Life, the third-largest life insurance company in Taiwan in terms of total assets, Nan Shan General benefits from parental support in terms of the shared brand recognition, strong distribution support and operating and capital commitments.

-- BERNAMA

Wednesday 27 March 2024

CHINESE SMART EV MAKER XPENG STEERS TOWARD GLOBAL MARKET VIA ASEAN PARTNERSHIPS

KUALA LUMPUR, March 26 (Bernama) -- A Chinese smart electric vehicle (Smart EV) company, XPENG Motors (XPENG), has announced its latest long-term strategic partnership with Neo Mobility Asia Co Ltd, a joint venture between Arun Plus Mobility Holdings Co Ltd, a subsidiary of PTT and MGC-Asia GreenTech Co Ltd, in Thailand.

According to a statement, the partnership marks XPENG's international footprint as it has entered ASEAN and led to the official launch of XPENG at the 45th Bangkok International Motor Show.

“By entering new markets strategically and offering a range of EV models tailored to local customer needs, we aim to solidify our brand position as a leading player in the smart EV sector on a global scale,” said its Vice President of Finance & Overseas Strategic Support Office, James Wu.

As part of its international expansion plans, a growing list of new partners from XPENG's strategic markets have joined the company in bringing the brand’s latest smart EVs to local consumers, including Premium Automobiles from Singapore and Bermaz Auto from Malaysia.

The XPENG global market strategy focuses on establishing partnerships with local importers/dealers to create a first-class distribution, sales, and service network in various regions.

The company will offer the G6 SUV in Thailand, Singapore as well as Malaysia, and start delivering from third quarter of this year.

Developed for global markets, the G6 is underpinned by XPENG’s evolutionary Smart Electric Platform Architecture (SEPA) 2.0 platform, which sets the foundation for future production models while shortening development cycles and reducing manufacturing costs.

-- BERNAMA

Tuesday 26 March 2024

AIM SYSTEMS DRIVES FACTORY AUTOMATION WITH GEN 2 AI-INTEGRATED MES, MCS PLATFORMS

KUALA LUMPUR, March 26 (Bernama) -- A smart factory solution provider, aim Systems announced it is spearheading the development of next-generation factory automation with the upcoming releases of its Gen 2 Manufacturing Execution Systems (MES) and Material Control Systems (MCS) platforms in May and September this year, respectively.

The upcoming second-generation MES and MCS products are being developed not only to actively utilise artificial intelligence (AI) but also to enhance operation and monitoring systems, making it significantly easier for customers to improve yield and establish intelligent factory automation.

This development aims to clearly differentiate from the existing first-generation products which were localised in the early 2000s, according to aim Systems in a statement.

In particular, the defence industry is currently shifting towards incorporating AI to enhance yield and hence the market anticipates that products similar to the company’s new MES/Equipment Automation Systems (EAS)/MCS will benefit from such trend.

With the advent of the intensified competition in high-tech industry, investments and expansions in display and semiconductor factories have become essential.

To efficiently manage large display and semiconductor factories, core software such as MES, EAS and MCS also need to evolve to keep abreast with technological changes including AI.

Established in 1996, aim Systems has significantly reduced costs for domestic hi-tech companies through localisation of MES for semiconductor/display factories, and retains over 30 research and development experts who are the key for its advanced technological expansion.

-- BERNAMA

Saturday 23 March 2024

R. DANE MAULDIN TAKES THE HELM AS NIQ CHIEF TRANSFORMATION OFFICER

KUALA LUMPUR, March 22 (Bernama) -- A pioneering force in consumer intelligence, NIQ has appointed R. Dane Mauldin as its Chief Transformation Officer effective March 18.

Mauldin will take over from Curtis Miller, who held the role most recently, and was named Chief Strategy Officer, accountable for Strategy and Corporate Development.

According to NIQ in a statement, Mauldin reports to the company’s Chief Operating Officer, Tracey Massey, and also is a member of its Executive Committee.

“Dane will lead our go-to-market strategy and sales enablement teams, to continue our journey of putting our retailer and manufacturer customers at the centre of everything we do.

“With his strong customer focus and deep proficiency in applying data and analytics to solve business problems, Dane brings a distinct set of qualifications that will complement our leadership team’s capabilities and help us reach our ambitious growth targets,” said Massey.

Meanwhile Mauldin said: “I am thrilled to join NIQ at this exciting time. I have had the chance to get to know many of NIQ’s senior leaders, and I am truly impressed with the quality of leadership, their focus on putting customers at the heart of all they do, and their inclusive and collaborative culture.”

Mauldin’s diverse skillsets include expertise in operations, strategy, sales enablement, product development, analytics, customer service and compliance.

He joins NIQ from TransUnion, where he was Executive Vice President (EVP) and Chief Operations Officer, and previously EVP and Chief Product Officer.

-- BERNAMA

Friday 22 March 2024

AM BEST AFFIRMS CREDIT RATINGS OF SUN HUNG KAI PROPERTIES INSURANCE LIMITED



HONG KONG, March 22 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Sun Hung Kai Properties Insurance Limited (SHKPI) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect SHKPI’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

SHKPI’s very strong balance sheet strength assessment is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s higher-risk financial assets, including unlisted investments and non-investment-grade bonds, exposed its risk-adjusted capitalisation to considerable market and credit risks. Nonetheless, the company has de-risked the majority of its bond exposure to mainland China’s real estate sector in fiscal year 2023, with its bond portfolio demonstrating an improvement in the credit quality with higher diversification level. AM Best considers SHKPI’s capital level provides a sufficient buffer to absorb investment risks. Other supporting factors include the company’s strong liquidity position and appropriate reinsurance programme, with a diversified panel of financially sound reinsurers.

SHKPI has consistently delivered a strong operating performance over the past few years. Its net profit in fiscal year 2023 was a combined result of a recovery in investment performance and stable underwriting profit. SHKPI continues to benefit from its parent company’s support, both in distribution channels with minimal gross acquisition expenses as well as in access to better quality group business, leading to its favourable underwriting results. The company’s investment returns turned positive in fiscal year 2023, mainly driven by favourable interest income owing to a high interest rate environment.

SHKPI is a wholly owned subsidiary of Sun Hung Kai Properties Limited, one of the largest property development and investment conglomerates in Hong Kong. It benefits from its parental network to write a major part of its business from associated and subsidiary companies. The company continues to operate in a low acquisition cost business model while seeking new business opportunities within the market. SHKPI maintains a small albeit profitable presence in Hong Kong’s general insurance market, focusing on employees’ compensation insurance on a net premiums written basis.

Negative rating actions could occur if there is significant deterioration in SHKPI’s operating performance; for example, due to lower investment returns or weakened underwriting results. Negative rating actions also could arise if there is a significant deterioration in SHKPI's risk-adjusted capitalisation, for example, due to material investment losses. Although it is unlikely in the near term, positive rating actions could arise if there is significant improvement in SHKPI's risk-adjusted capitalisation, for example, due to further improvements in asset quality and capital size.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240321317665/en/

Contact

Aaron Li
Associate Financial Analyst
+852 2827 3426
aaron.li@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Lucie Huang
Senior Financial Analyst
+852 2827 3414
lucie.huang@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 439 2318
al.slavin@ambest.com

Source : AM Best

Wednesday 20 March 2024

Stellar Cyber Regional Success Attributable Largely From DXC Technology Partnership

KUALA LUMPUR, March 19 (Bernama) -- Stellar Cyber, the innovator of Open extended detection and response (XDR) for security operations, announced DXC Technology as its 2023 Asia Pacific GSI Partner of the Year.

According to a statement, Stellar Cyber has seen significant growth in awareness and adoption of Open XDR throughout the Asia Pacific region, since partnering with DXC.

“DXC’s commitment to providing managed security services that help organisations keep their sensitive information secure aligns perfectly with the Stellar Cyber philosophy for delivering comprehensive security coverage.

“With DXC, we knew we had the right partner to deliver Open XDR effectively for customers in Asia Pacific, and we look forward to a long-lasting, mutually-productive relationship,” said Stellar Cyber Vice President of Sales, ASEAN and ANZ, Dominic Neo.

DXC is a Fortune 500 information technology service provider committed to delivering world-class services for its enterprise and government customers, and with six differentiated offerings, DXC enables organisations to meet a wide range of technology challenges.

Meanwhile, DXC Security, one of the six offerings, focuses on helping organisations deliver comprehensive security across the enterprise.

Based in Silicon Valley, Stellar Cyber delivers comprehensive, unified security without complexity, empowering lean security teams of any skill to secure their environments successfully.

-- BERNAMA


Friday 15 March 2024

NEW ZEALAND’S FIDELITY LIFE ASSURANCE RATINGS AFFIRMED EXCELLENT - AM BEST

KUALA LUMPUR, March 15 (Bernama) -- Global credit rating agency, AM Best has affirmed New Zealand’s Fidelity Life Assurance Company Limited (Fidelity Life Assurance) financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent).

These credit ratings (ratings), which have a stable outlook reflect Fidelity Life Assurance’s balance sheet strength, that AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

Fidelity Life Assurance’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which is at the strongest level as of fiscal year ending June 30, 2023, as measured by Best’s Capital Adequacy Ratio.

The company has a robust capital management strategy that supports a solid regulatory solvency position, as well as the maintenance of risk-adjusted capitalisation at the strongest level over the medium term.

In a statement, AM Best said the ratings partially offsetting balance sheet strength factor is Fidelity Life Assurance’s high reliance on third-party reinsurance.

AM Best also views Fidelity Life Assurance as having good financial flexibility, supported by its two largest shareholders, NZ Superannuation Fund and Ngāi Tahu Holdings Corporation Limited.

Over the past two fiscal years, operating earnings were dampened due to elevated integration and transaction costs associated with the acquisition of Westpac Life-NZ- Limited (subsequently renamed to Fidelity Insurance Limited [Fidelity Insurance]).

However, AM Best expects operating performance metrics to improve prospectively, supported by scale efficiencies arising from the group’s increased operational size, as well as enhanced technological capabilities.

Fidelity Life Assurance ranks among the largest life insurance companies in New Zealand, recording significant premium growth following the acquisition of Fidelity Insurance in fiscal year 2022.

The insurance policies are distributed predominantly through financial advisers and Westpac New Zealand Limited’s banking network, with an exclusive 15-year distribution arrangement with the bank.

-- BERNAMA