KUALA LUMPUR, Aug 23 -- AM Best has affirmed the Financial Strength Rating of A- (excellent) and Long-Term Issuer Credit Rating of ‘a-’ of Korea P&I Club (KP&I) in South Korea.
The stable outlook of these credit ratings reflects KP&I’s balance sheet strength, which AM Best has categorised as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
The ratings also reflect the wide range of support the company has received from the South Korea Government, a statement said.
The company has demonstrated a track record of healthy capital growth over the past five years. Last year, KP&I’s capital and surplus grew by 7.4 per cent, supported by its strong operating performance and full retention of net income.
It has achieved highly profitable underwriting results over the five-year period, although its performance in 2018 declined due to a drop in the gross premium written and increased expenses.
Aside from KP&I’s strategic role in the long-term development of the country’s marine infrastructure, it has benefitted from various support measures accorded by the South Korea Government, including corporate tax exemption and government subsidies.
AM Best is a global rating agency and information provider with unique focus on the insurance industry. More information at www.ambest.com.
-- BERNAMA
-- BERNAMA
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