KUALA LUMPUR, Nov 9 -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of ‘a’ of KB Insurance Co Ltd (KBI) South Korea.
The outlook of these Credit Ratings (ratings) is stable, according to a statement.
The ratings reflect KBI’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.
The ratings also reflect the support that the company receives from its parent, KB Financial Group Inc (KB Group) and its strategic importance to KB Group.
The risk-adjusted capitalisation of KBI, as measured by Best’s Capital Adequacy Ratio, remained at the very strong level, supported by its full profit retention in 2019, as well as increased unrealised gains from its securities holdings amid the low interest rate environment.
KBI’s balance sheet strength is also underpinned by its conservative investment portfolio with the majority of investments placed in fixed-income securities, along with an increasing share of alternative investments.
KBI demonstrates a good quality of capital with the majority composed of retained earnings, without any supplementary capital instruments.
For details, visit www.ambest.com.
-- BERNAMA
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