KUALA LUMPUR, Sept 3 (Bernama) -- A.M. Best -- a global rating agency and information provider -- has affirmed the financial strength rating of B+ (good) and the long-term issuer credit rating of “bbb-” of Royal Insurance Corporation of Bhutan Limited (RICB) Bhutan.
The outlook of these credit ratings is stable, a statement said.
The ratings reflect the company’s balance sheet strength, which A.M. Best categorised as strong, as well as its strong operating performance, neutral business profile and marginal enterprise risk management.
The company’s strong risk-adjusted capital position is supported by its investment portfolio, which mainly comprises loans and deposits. RICB’s earnings have been consistently positive, derived primarily from its sizable portfolio of loans and advances.
The neutral business profile reflects RICB’s market-leading position in the relatively small life and non-life markets of Bhutan as the larger of two insurance companies in the country and holds a monopoly position in the life insurance sector in its domestic market.
Negative rating pressure could result if risk-adjusted capitalisation deteriorates as a result of adverse operating performance. More details at www.ambest.com.
-- BERNAMA
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