KUALA LUMPUR, Oct 26 -- 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.
The outlook of these Credit Ratings (ratings) was stable, said the global credit rating agency in a statement.
The ratings reflect DSI’s balance sheet strength, which AM Best categorised 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 in terms of capital, brand recognition, business development, product distribution, risk management and operations.
AM Best expects DSI’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, to remain at the strongest level and supportive of the anticipated increases in asset and underwriting risks from business expansion over the short to intermediate term.
DSI has consistently delivered a profitable operating performance over the past five years, mainly driven by its favourable investment results, albeit partially offset by the relatively marginal and volatile underwriting performance.
As a small to medium-sized player in Hong Kong’s non-life insurance segment, DSI maintained a market share of approximately one per cent, with a gross written premium of HKD 557.5 million (US$71.6 million) in 2019. (US$1 = RM4.15)
Going forward, the company intends to diversify its underwriting portfolio by expanding inward reinsurance business, in particular in the casualty and financial lines, as well as direct business in the individual accident and health segment.
-- BERNAMA
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