Friday 31 May 2024

AM BEST: TAIWAN’S UNION INSURANCE COMPANY LIMITED CREDIT RATINGS AFFIRMED

HONG KONG, May 30 (Bernama) -- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Union Insurance Company Limited (Union) (Taiwan). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Union’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The company’s balance sheet strength is supported by its risk-adjusted capitalisation, which remained at the strongest level in 2023, as measured by Best’s Capital Adequacy Ratio (BCAR). Union’s adjusted capital and surplus has largely been restored to pre-COVID-19 pandemic levels. This result was driven by significantly improved operating performance with full profit retention, and reserve releases related to pandemic insurance policies. The company’s pandemic insurance losses largely settled in the first half of 2023, which should allow Union’s capital position to grow through organic capital generation and profit retentions over the short to intermediate term.

For full release, click here: http://mrem.bernama.com/viewsm.php?idm=48697

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