KUALA LUMPUR, Aug 26 (Bernama) -- AM Best has affirmed the Financial Strength Rating of A (excellent) and the Long-Term Issuer Credit Rating of ‘a’ for Hanwha General Insurance Company Limited (HGI) in South Korea.
The stable outlook of these credit ratings reflect HGI’s balance sheet strength, which AM Best categorised as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
It also reflects various forms of implicit and explicit support the company receives from its parent, Hanwha Life Insurance Co Ltd (Hanwha Life), according to a statement.
HGI’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio is assessed as very strong, backed by strong growth of capital and surplus, driven by net profit retention and the issuance of new shares and hybrid bonds in recent years.
Its underwriting and asset leverage, which used to be among the highest in the industry, have improved gradually over the past five years to a level that is now in line with the company’s peers as a result of its improved capitalisation.
Based on its long-term strategic plan, HGI has been focusing increasingly on digital innovation through the use of new technologies. It is also in the process of setting up South Korea’s first digital non-life insurer in 2019.
-- BERNAMA
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