SINGAPORE, Feb 18 (Bernama-BUSINESS WIRE) -- AM Best has maintained the under review with negative implications status for the Financial Strength Rating of C++ (Marginal) and the Long-Term Issuer Credit Rating of “b” of National Insurance Company Limited (National) (India).
The under review with negative implications status has been extended pending the receipt of an expected capital injection by India’s government, as communicated by National's management, as well as the review of operating results for the financial year ending March 31, 2019.
On Aug. 17, 2018, the ratings of National were downgraded, following a significant reduction in National’s capital position. The ratings were placed under review with negative implications pending the progress of initiatives to improve risk-adjusted capitalization. These initiatives are still ongoing, and the company’s management expects significant capital injections by India’s government. Therefore the under review with negative implications status is extended. National is a fully owned government company and the third-largest non-life insurer in India.
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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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Contact
Tran Nhat Trung
Financial Analyst
+65 6303 5019
trung.tran@ambest.com
Chi Yeung Lok
Director, Analytics
+65 6303 5016
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Source : AM Best
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