KUALA LUMPUR, Oct 24 -- AM Best has affirmed the Financial Strength Rating of A- (excellent) and the Long-Term Issuer Credit Rating of ‘a-’ of Dah Sing Insurance Company (1976) Limited (DSI) Hong Kong.
In a statement, the global rating agency said the outlook of these credit ratings was stable.
The ratings reflect DSI’s balance sheet strength, which AM Best described as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The ratings also reflect the parental support from Dah Sing Financial Holdings Limited (DSFH) in terms of capital, brand recognition, business development, product distribution, risk management and operations.
In tandem with strengthened capital and surplus following a large capital injection of HKD1.35 billion (US$173 million) from DSFH in 2017, DSI has increased its exposure to investment risk materially over the past two years. (US$1 = RM4.19)
As of last year-end, equity investments accounted for approximately half of the company’s investment portfolio.
AM Best expects the company’s risk-adjusted capitalisation to remain robust over the short to intermediate term and supportive of the increase in asset and underwriting risks from business expansion.
As a small- to medium-sized player in Hong Kong’s non-life insurance segment, DSI achieved gross premium written of HKD428.5 million (US$54.7 million) last year.
-- BERNAMA
-- BERNAMA
No comments:
Post a Comment