HONG KONG Sept 30 (Bernama-BUSINESS WIRE) -- AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to BEA Life Limited (BEA Life) (Hong Kong). The outlook assigned to these Credit Ratings (ratings) is stable.
BEA Life is a wholly owned subsidiary of The Bank of East Asia, Limited (BEA), a Hong Kong financial services group that offers a comprehensive range of corporate banking, personal banking, wealth management and investment services to its customers, mainly in Hong Kong and Mainland China. Incorporated in 2006, BEA Life has provided a range of life insurance solutions for individual and corporate customers in Hong Kong since 2008.
The ratings reflect BEA Life’s balance sheet strength, which AM Best categorizes as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the implicit and explicit support from BEA including capital, brand recognition, business development, product distribution, risk management and operational support.
BEA Life’s balance sheet strength is supported by its risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s capital and surplus has benefited from full profit retention over the past five years. AM Best considers investment risk to be a key offsetting rating factor, mainly attributed to the high investment leverage. Volatility in the capital market may induce higher uncertainty to its capital and earnings. Other supportive factors to the balance sheet include prudent reserving practices and a well-diversified investment portfolio with strong liquidity.
BEA Life’s operating performance has remained consistently positive with a five-year average return on equity of 15.5% and a 1.3% return on assets. The company maintains prudent controls over its expenses. Net expense to premium written remains relatively low and stable. The positive operating performance is supported further by the participating feature of the policies sold, which offers some buffer to partially mitigate the impact from underwriting and investment volatility.
BEA Life is a medium-sized company in Hong Kong’s life insurance market, which exhibits a high level of market concentration. BEA Life utilizes the parent group’s long-established bank network and digital platforms to distribute its products, which are mainly short-term saving-type policies. Notwithstanding, AM Best believes the company’s bancassurance model may post challenges in terms of product diversification.
The stable outlooks reflect AM Best’s expectations that the company’s rating fundamentals will remain unchanged over the intermediate term.
BEA Life is well-positioned at its current rating level. Negative rating actions could occur if the company experiences a material deterioration in its risk-adjusted capitalization or exhibits a material and consistently worsening trend in operating profitability, for example, due to adverse investment results.
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.
AM Best is a global credit rating agency and information provider with an exclusive focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190927005403/en/
Contact
Paul Lam
Financial Analyst
+852 2827 3402
paul.lam@ambest.com
James Chan
Senior Financial Analyst
+852 2827 3418
james.chan@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source : AM Best
Monday 30 September 2019
Credit ratings of Petrolimex Insurance Corporation affirmed - AM Best
KUALA LUMPUR, Sept 30 (Bernama) – AM Best has affirmed the Financial Strength Rating of B+ (good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of ‘bbb-’ of Petrolimex Insurance Corporation (PJICO) Vietnam. The outlook of these ratings is stable.
The ratings reflect PJICO’s balance sheet strength, which AM Best categorises as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
PJICO’s balance sheet strength assessment is underpinned by risk-adjusted capitalisation that remains at the strongest level, as measured by Best’s Capital Adequacy Ratio. Despite the company having exhibited a moderate dividend payout ratio over recent years, retained earnings over this period along with a capital injection in 2017, have been sufficient to support business expansion.
AM Best views the company’s operating performance as adequate, evidenced by five-year average operating and combined ratios of 91 per cent and 98 per cent, respectively (2014-2018).
Underwriting performance reflects a combination of favourable profitability on cargo and miscellaneous lines of business, typically exhibiting low net loss ratios and good reinsurance commission income.
Overall earnings are supported by a stable stream of investment income, which is generated largely from interest on cash and deposit holdings.
AM Best assesses PIJCO’s business profile as neutral, and considers the company’s ERM approach as appropriate.
AM Best is a global credit rating agency and information provider with exclusive focus on the insurance industry. Visit www.ambest.com for more information.
-- BERNAMA
The ratings reflect PJICO’s balance sheet strength, which AM Best categorises as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
PJICO’s balance sheet strength assessment is underpinned by risk-adjusted capitalisation that remains at the strongest level, as measured by Best’s Capital Adequacy Ratio. Despite the company having exhibited a moderate dividend payout ratio over recent years, retained earnings over this period along with a capital injection in 2017, have been sufficient to support business expansion.
AM Best views the company’s operating performance as adequate, evidenced by five-year average operating and combined ratios of 91 per cent and 98 per cent, respectively (2014-2018).
Underwriting performance reflects a combination of favourable profitability on cargo and miscellaneous lines of business, typically exhibiting low net loss ratios and good reinsurance commission income.
Overall earnings are supported by a stable stream of investment income, which is generated largely from interest on cash and deposit holdings.
AM Best assesses PIJCO’s business profile as neutral, and considers the company’s ERM approach as appropriate.
AM Best is a global credit rating agency and information provider with exclusive focus on the insurance industry. Visit www.ambest.com for more information.
-- BERNAMA
AM Best affirms Youi NZ Pty Limited Credit Ratings
KUALA LUMPUR, Sept 30 (Bernama) -- AM Best has affirmed the Financial Strength Rating of B++ (good) and the Long-Term Issuer Credit Rating of ‘bbb’ of Youi NZ Pty Limited (Youi NZ) New Zealand.
In a statement, the global credit rating agency which focused on the insurance industry said the outlook of these credit ratings was stable.
The ratings reflect Youi NZ’s balance sheet strength, which AM Best described as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
In addition, the ratings factor in a neutral holding company impact from the company’s ultimate majority ownership by Rand Merchant Investment Holdings Limited.
Youi NZ’s balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, which remains at the strongest level.
This reflects its low underwriting leverage, prudent reinsurance programme and conservative investment strategy.
Youi NZ is a non-life insurer focused on residential home and motor insurance in New Zealand. The company’s limited business profile assessment is largely a result of its small-scale operations and geographical concentration in New Zealand.
-- BERNAMA
KEIO PLAZA HOTEL TOKYO COLLABORATES WITH THE NATIONAL NOH THEATRE TO INTRODUCE JAPAN'S NOH CULTURE TO THE WORLD
"Noh" Japanese Traditional Performing Art, performed by Yoshiyuki Kanze of the Kanze School of Noh. (Photo: Business Wire)
TOKYO, Sept 30 (Bernama-BUSINESS WIRE) -- Keio Plaza Hotel Tokyo (KPH), one of Japan’s most prestigious international hotels located in Shinjuku, Tokyo, will host a special event and exhibition of the Japanese traditional performing art called “Noh” from September 27 to November 27, 2019. This exhibition is held in cooperation with The National Noh Theatre and marks the fourth time that this event will be held. This year’s exhibition is based upon the “Tale of the Heike” historical epic poetry that portrays the battle between the Heike and the Minamoto clans for control of Japan and the rise and fall of the Taira Family (Heike). Also, various precious props, art and literary works, including masks carved from wood, costumes and other items, associated with Noh plays from the Tale of the Heike will be for display. Complimentary shortened performances of Noh programs will be held in our Lobby on October 15 and 28, 2019 by Tsunao Yamai of the Komparu School of Noh, who will also provide a lecture on the art of Noh.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190927005110/en/
“Nohgaku” (Term used to describe both Noh and Kyougen) is a traditional form of Japanese theater and dance that has been performed for over 600 years since the Muromachi Period (1336 to 1573). In 2008, “Nohgaku” was registered as an Intangible Cultural Heritage of Humanity in Japan by UNESCO because of its high levels of artistry which have come to be recognized around the world. The Keio Plaza Hotel Tokyo hosts the “Noh” Event and Exhibition as part of our “Japanese Cultural Experience Program”, designed to disseminate various aspects of Japanese culture to both our Japanese and overseas guests.
Archive of Press Release
About the Keio Plaza Hotel
Keio Plaza Hotel Tokyo (KPH), located in Shinjuku at the very heart of the nation’s capital Tokyo, is one of Japan’s leading international hotels. Our hotel boasts of over 15 restaurants and bars, and we host a wide range of local and international guests who visit us for our welcoming facilities, warm hospitality and unique services that allow them to experience Japanese culture, including wedding kimono experience, tea ceremony and many others. For more information about us, please visit our website, YouTube, Facebook or Instagram.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190927005110/en/
Contact
Keio Plaza Hotel Tokyo
Keiko Kawashima, +81-3-5322-8010
Public Relations Manager
keiko-kawashima@keioplaza.co.jp
Source : Keio Plaza Hotel Tokyo
Archive of Press Release
About the Keio Plaza Hotel
Keio Plaza Hotel Tokyo (KPH), located in Shinjuku at the very heart of the nation’s capital Tokyo, is one of Japan’s leading international hotels. Our hotel boasts of over 15 restaurants and bars, and we host a wide range of local and international guests who visit us for our welcoming facilities, warm hospitality and unique services that allow them to experience Japanese culture, including wedding kimono experience, tea ceremony and many others. For more information about us, please visit our website, YouTube, Facebook or Instagram.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190927005110/en/
Contact
Keio Plaza Hotel Tokyo
Keiko Kawashima, +81-3-5322-8010
Public Relations Manager
keiko-kawashima@keioplaza.co.jp
Source : Keio Plaza Hotel Tokyo
Flywire-JCB partnership provides new tuition payment mode for international students
KUALA LUMPUR, Sept 30 (Bernama) -- Flywire has partnered JCB International Co Ltd (JCBI) to provide international students with a new method of cross-border tuition payments.
JCBI is the international operations subsidiary of JCB Co Ltd. JCB is a major global payment brand and a leading payment card issuer and acquirer in Japan, according to a statement.
The programme allows cardholders in selected countries and regions, mainly in Asia, to use their JCB card to pay tuition at any one of the 2,000-plus schools worldwide offering Flywire for international payments.
“With JCB, we are activating a very popular payment method in many of the world’s largest and fastest-growing markets for international students. Schools can offer more convenient, local tuition payment options and JCB can enhance services for many of its 130 million-plus cardholders,” said Flywire (global payments) vice-president, Ryan Frere.
For the first time, students and their families will also be able to use their JCB card to pay international tuition via Flywire’s platform in their local currency.
Initially, the programme will be available to students originating and paying in the currencies of Japanese yen, Vietnamese dong, Korean won, New Taiwan dollar, Chinese yuan, Philippine peso, Thai baht, Indonesian rupiah, Russian ruble, Hong Kong dollar, Singapore dollar and Myanmar Kyat.
Flywire is the payment solution of choice for international students and education institutions worldwide. The platform provides a single point of management and payer engagement from billing and payment through reconciliation.
-- BERNAMA
BitHarp pursues novel cryptocurrency mining rigs
KUALA LUMPUR, Sept 30 (Bernama) -- Lyre Miner and Harp Miner from the BitHarp Group Limited recently introduced extraordinarily designed mining rigs are causing a buzz in the rapidly evolving cryptocurrency global market.
Instead of focusing only on highly proficient and technology-savvy mining stalwarts, these two products were created to allow casual enthusiasts and small-time miners make their fortune out of crypto mining.
Over the years, cryptocurrency mining has seen serious improvements. Nevertheless, it had limited to no scope for the technologically-challenged.
BitHarp has already changed that perception by creating two pre-configured rigs, needing just to be plugged-in for an uncomplicated crypto mining experience.
In less than a month in the market, Lyre Miner and Harp Miner have been used by many common users without any technical background to earn healthy returns on their investment. This has been made possible by the extraordinary hash power offered by the products.
With low energy-consumptions of 600W and 2400W, respectively, Lyre Miner and Harp Miner are amongst the most energy-efficient mining hardware in the market.
The miners from BitHarp are suitable for use at home because they generate low amounts of heat as well as noise. BitHarp is currently running a 3 plus 1 one promotional campaign for both their products that will conclude on Oct 2.
BitHarp is a New Zealand-based cryptocurrency manufacturer of the most high-performance and flexible Mining rigs built with the goal of making mining easier and more profitable for investors. For more information, contact https://www.bitharp.com/
--BERNAMA
Instead of focusing only on highly proficient and technology-savvy mining stalwarts, these two products were created to allow casual enthusiasts and small-time miners make their fortune out of crypto mining.
Over the years, cryptocurrency mining has seen serious improvements. Nevertheless, it had limited to no scope for the technologically-challenged.
BitHarp has already changed that perception by creating two pre-configured rigs, needing just to be plugged-in for an uncomplicated crypto mining experience.
In less than a month in the market, Lyre Miner and Harp Miner have been used by many common users without any technical background to earn healthy returns on their investment. This has been made possible by the extraordinary hash power offered by the products.
With low energy-consumptions of 600W and 2400W, respectively, Lyre Miner and Harp Miner are amongst the most energy-efficient mining hardware in the market.
The miners from BitHarp are suitable for use at home because they generate low amounts of heat as well as noise. BitHarp is currently running a 3 plus 1 one promotional campaign for both their products that will conclude on Oct 2.
BitHarp is a New Zealand-based cryptocurrency manufacturer of the most high-performance and flexible Mining rigs built with the goal of making mining easier and more profitable for investors. For more information, contact https://www.bitharp.com/
--BERNAMA
BitHarp newest mining technology disrupts crypto market
KUALA LUMPUR, Sept 30 (Bernama) -- Instead of focusing only on highly proficient and technology-savvy mining stalwarts, the two latest mining rigs by BitHarp Group Limited allow casual enthusiasts as well as small-time miners to make their fortune out of crypto mining.
Within less than a month in the market, Lyre Miner and Harp Miner have been used by many common users without any technical background to earn healthy returns on their investment.
With low energy-consumption of 600W and 2400W, respectively, Lyre Miner and Harp Miner are now among the most energy-efficient mining hardware in the market.
Both products can be used for mining Bitcoin, Ethereum, Litecoin and Dash.
BitHarp is currently running a ‘3 plus 1’ promotional campaign lasting until Oct 2. More details at https://www.bitharp.com/
-- BERNAMA
Saturday 28 September 2019
EXR STABLE ASSET OFFERS LIBRA ALTERNATIVE AND TRADE WAR PROTECTION
SINGAPORE, Sept 27 (Bernama-GLOBE NEWSWIRE) -- With increasingly volatile trade relations and growing uncertainty in the global economy, and a digital asset industry subject to tough new regulatory measures, many economic thought leaders are calling for a more stable and resilient global currency to reduce the current over-reliance on the U.S Dollar.
The EXR Foundation’s recently announced stable-value digital asset, EXR, joins a shortlist of serious contenders that potentially fit this bill. It will be created alongside Bitcoin, Facebook’s Libra and also the Peoples’ Bank of China’s incoming stable asset for domestic use in China.
What will be the world’s first “global coin”?
Since its announcement, Facebook’s proposed Libra coin, an ambitious bridge between traditional and digital asset industries, has been vilified by authorities and traditional institutions concerned with the social media giant’s data track record, the potential further weakening of the U.S. Dollar, and other competitors inspired by Libra.
After their meeting with the U.S. Congress, it has become clear that Libra will face a very tough battle to win over regulatory bodies in the United States. Moreover, the digital currency chief of China’s central bank has said that Libra could challenge China’s monetary sovereignty and legal currency and that the government is currently developing its own stable asset in response. In fact, Facebook admitted in recent months that it is possible that the “Zuck Buck” might not ever make it to market at all.
On the other hand, Bitcoin, as a “self-made” store of value and one of the first popularized digital assets, is still severely curtailed by fundamental problems that it will likely never overcome. Largely remaining unregulated and anonymous, with its short history tainted by illicit activities, Bitcoin raises many questions over its concentrated ownership distribution, vulnerability to price manipulation by a small pool of investors, limited scalability and intense price volatility. All this suggests that, as opposed to becoming a reputable global payments solution, Bitcoin may remain as a peripheral global asset class that is not likely to transcend its inherent limitations as merely a speculative investment tool.
It has been suggested that the People’s Bank of China’s rumored stable asset will be very different from existing digital assets and may simply represent digital cash to be used within China. Furthermore, any stable asset originating from China with designs on global deployment will likely also face significant backlash from the U.S. Government.
The EXR Foundation’s recently announced EXR digital asset appears to have taken the best lessons learned from Libra, Bitcoin and the history of the U.S. Dollar and Pound Sterling, to make for a strong contender to become a global stable currency.
The Reason for the Rise of EXR
For more than 150 years, the global economy has been ruled by two currencies: first the Pound Sterling, and next, the U.S. Dollar, whose hegemony after the World Wars has not been challenged since, thanks to the unchecked growing power of American banking dynasties.
Yet, there is growing evidence that the U.S Dollar’s influence is waning, due to increasing economic and political pressure and a pending trade war partly brought about by 5G telecommunications.
While there are currently over 70 active stable assets on the market, most are pegged in some capacity to the US Dollar. The EXR Foundation feels that it an opportune time to establish a stablecoin that is not entirely dependent on the U.S. Dollar to derive its value.
What problems are solved by EXR?
Any stablecoin with global aspirations will have to overcome significant hurdles. This includes gaining trust from all stakeholders through full regulatory compliance, a transparent governance model, sufficient backing against real assets, competent security against cyber-attacks and the ability to function as a dependable store of value. Other essential requirements include a strong degree of price stability and an open eco-system to attract increasing monetary and data inflow.
EXR aims to satisfy all the above requirements. By partnering with IBM and using their cutting-edge Hyperledger software, as well as being backed by some of the biggest and most powerful Asian businesses, the EXR Foundation will seek to offer a safe-haven alternative for businesses that seek improved information security, easier cross-border trading, and better access to international markets. EXR is proposed to consist of a basket of leading fiat currencies, equal-weighted and collectively valued at USD1 per token at its date of inception.
Mr. Norihiko Ishihara, founder of EXR Foundation Ltd, had the following to say:
“EXR Foundation is a non-profit organization that brings world-class businesses and dynamic and growing industries such as blockchain, telecoms, e-commerce, retail and finance together to strengthen the global economy. I strongly believe that EXR will provide trusted, diversified stability against negative global events that negatively impact individual fiat currencies”
About EXR Foundation
The EXR Foundation is a global Fintech group registered in Singapore. The non-profit company will be committed to applying the latest blockchain technology and sophisticated digital asset ecosystems in order to build a better global financial system. By leveraging its unique insights, network and access to capital, EXR Foundation will actively build, support and invest in companies with exceptional potential.
To stay up to date with the latest EXR developments, please visit exr.org or contact info@exr.org
http://mrem.bernama.com/viewsm.php?idm=35629
The EXR Foundation’s recently announced stable-value digital asset, EXR, joins a shortlist of serious contenders that potentially fit this bill. It will be created alongside Bitcoin, Facebook’s Libra and also the Peoples’ Bank of China’s incoming stable asset for domestic use in China.
What will be the world’s first “global coin”?
Since its announcement, Facebook’s proposed Libra coin, an ambitious bridge between traditional and digital asset industries, has been vilified by authorities and traditional institutions concerned with the social media giant’s data track record, the potential further weakening of the U.S. Dollar, and other competitors inspired by Libra.
After their meeting with the U.S. Congress, it has become clear that Libra will face a very tough battle to win over regulatory bodies in the United States. Moreover, the digital currency chief of China’s central bank has said that Libra could challenge China’s monetary sovereignty and legal currency and that the government is currently developing its own stable asset in response. In fact, Facebook admitted in recent months that it is possible that the “Zuck Buck” might not ever make it to market at all.
On the other hand, Bitcoin, as a “self-made” store of value and one of the first popularized digital assets, is still severely curtailed by fundamental problems that it will likely never overcome. Largely remaining unregulated and anonymous, with its short history tainted by illicit activities, Bitcoin raises many questions over its concentrated ownership distribution, vulnerability to price manipulation by a small pool of investors, limited scalability and intense price volatility. All this suggests that, as opposed to becoming a reputable global payments solution, Bitcoin may remain as a peripheral global asset class that is not likely to transcend its inherent limitations as merely a speculative investment tool.
It has been suggested that the People’s Bank of China’s rumored stable asset will be very different from existing digital assets and may simply represent digital cash to be used within China. Furthermore, any stable asset originating from China with designs on global deployment will likely also face significant backlash from the U.S. Government.
The EXR Foundation’s recently announced EXR digital asset appears to have taken the best lessons learned from Libra, Bitcoin and the history of the U.S. Dollar and Pound Sterling, to make for a strong contender to become a global stable currency.
The Reason for the Rise of EXR
For more than 150 years, the global economy has been ruled by two currencies: first the Pound Sterling, and next, the U.S. Dollar, whose hegemony after the World Wars has not been challenged since, thanks to the unchecked growing power of American banking dynasties.
Yet, there is growing evidence that the U.S Dollar’s influence is waning, due to increasing economic and political pressure and a pending trade war partly brought about by 5G telecommunications.
While there are currently over 70 active stable assets on the market, most are pegged in some capacity to the US Dollar. The EXR Foundation feels that it an opportune time to establish a stablecoin that is not entirely dependent on the U.S. Dollar to derive its value.
What problems are solved by EXR?
Any stablecoin with global aspirations will have to overcome significant hurdles. This includes gaining trust from all stakeholders through full regulatory compliance, a transparent governance model, sufficient backing against real assets, competent security against cyber-attacks and the ability to function as a dependable store of value. Other essential requirements include a strong degree of price stability and an open eco-system to attract increasing monetary and data inflow.
EXR aims to satisfy all the above requirements. By partnering with IBM and using their cutting-edge Hyperledger software, as well as being backed by some of the biggest and most powerful Asian businesses, the EXR Foundation will seek to offer a safe-haven alternative for businesses that seek improved information security, easier cross-border trading, and better access to international markets. EXR is proposed to consist of a basket of leading fiat currencies, equal-weighted and collectively valued at USD1 per token at its date of inception.
Mr. Norihiko Ishihara, founder of EXR Foundation Ltd, had the following to say:
“EXR Foundation is a non-profit organization that brings world-class businesses and dynamic and growing industries such as blockchain, telecoms, e-commerce, retail and finance together to strengthen the global economy. I strongly believe that EXR will provide trusted, diversified stability against negative global events that negatively impact individual fiat currencies”
About EXR Foundation
The EXR Foundation is a global Fintech group registered in Singapore. The non-profit company will be committed to applying the latest blockchain technology and sophisticated digital asset ecosystems in order to build a better global financial system. By leveraging its unique insights, network and access to capital, EXR Foundation will actively build, support and invest in companies with exceptional potential.
To stay up to date with the latest EXR developments, please visit exr.org or contact info@exr.org
http://mrem.bernama.com/viewsm.php?idm=35629
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