KUALA LUMPUR, March 13 (Bernama) -- A.M. Best has affirmed the financial strength rating of A (Excellent) and the issuer credit rating of “a” of Sun Hung Kai Properties Insurance Limited (SHKPI) (Hong Kong). The outlook for both ratings remains stable.
The rating affirmations reflect SHKPI's favorable risk-adjusted capitalization, as measured by the Best Capital Adequacy Ratio (BCAR), and strong operating performance that supports organic growth in capitalization. The ratings also recognize SHKPI’s business profile as being a wholly-owned subsidiary of the much larger Sun Hung Kai Properties Limited (SHKP), a leading property development and investment conglomerate based in Hong Kong. SHKPI has a relatively secure and stable source of premium income derived from the construction and non-construction business activities undertaken by SHKP that requires minimal acquisition costs. The company's investment portfolio is managed under the investment arm of SHKP, which has demonstrated a track record of consistently good investment returns for SHKPI over the past five years.
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