KUALA LUMPUR, Sept 23 -- AM Best has affirmed the Financial Strength Rating of A (excellent) and the Long-Term Issuer Credit Rating of ‘a’ of MS First Capital Insurance Limited (MSFC) in Singapore.
The stable outlook of these credit ratings reflects MSFC’s balance sheet strength, which AM Best categorised as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The ratings also factor in a neutral impact from the company’s ultimate majority ownership by MS&AD Insurance Group Holdings Inc, according to a statement.
MSFC’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.
AM Best views MSFC’s operating performance as strong. The company has a track record of consistent and favourable underwriting and operating profitability, with a five-year average combined ratio of 72 per cent and return on equity ratio of 13 per cent (2014 to 2018).
Underwriting results have been supported by the strong performance of property and marine classes of business, which over a number of years, have benefited from typically low net loss experience and favourable reinsurance commission income.
AM Best is a global credit rating agency and information provider with an exclusive focus on the insurance industry. More information at www.ambest.com.
-- BERNAMA
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