KUALA LUMPUR, March 30 -- Global credit rating agency, AM Best has affirmed the Financial Strength Rating of A (excellent) and the Long-Term Issuer Credit Rating of ‘a’ of China Taiping Insurance (Macau) Co Ltd (CTIM) Macau.
The stable outlook of these Credit Ratings reflects CTIM’s balance sheet strength, which AM Best categorised as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The ratings also reflect the support the company receives from its parent, China Taiping Insurance Holdings Company Limited, according to a statement.
CTIM’s risk-adjusted capitalisation continued to improve in 2019, mainly driven by organic growth in its capital through profit retention, as well as the settlement of large claims and reinsurance recoverables related to prior accident years.
The company’s investment strategy remains conservative with the majority of the investment portfolio allocated in low risk assets, including cash and bonds. CTIM’s underwriting and investment portfolio continues to generate profit and support its capital growth.
The company’s investment strategy remains conservative with the majority of the investment portfolio allocated in low risk assets, including cash and bonds. CTIM’s underwriting and investment portfolio continues to generate profit and support its capital growth.
While positive rating actions are unlikely in the near term, negative rating actions could occur if there is a significant deterioration in the company’s operating performance, a material decline in its risk-adjusted capitalisation or a substantial loss of its market share in Macau.
More details at www.ambest.com.
-- BERNAMA
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