KUALA LUMPUR, June 3 (Bernama) -- Global credit rating agency, AM Best has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the long-term issuer credit ratings to “a” (Excellent) from “a-” (Excellent) of Hong Kong’s FuSure Reinsurance Company Limited (FuSure).
The outlook of these credit ratings (ratings) is stable, reflecting FuSure’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.
According to AM Best in a statement, the ratings also reflect the implicit and explicit support from its ultimate parent, Tencent Holdings Limited (Tencent).
The upgrade reflects FuSure’s strengthened balance sheet, supported by two rounds of capital injections from shareholders and anticipated additional capital commitments in the medium term, alongside the company’s successful execution of its business plan.
Since its establishment in 2021, FuSure has focused on building its presence in health reinsurance in the Greater China region while leveraging Tencent’s support in business development, product innovation, and distribution.
While health reinsurance remains its core business, FuSure has been diversifying across product lines, geographies, distribution channels, and client segments, including expansion into long-term health reinsurance and commercial property business.
The company’s strong balance sheet is supported by risk-adjusted capitalisation at the strongest level as of year-end 2025 and in projected years, as measured by Best’s Capital Adequacy Ratio. Additional supporting factors include its diversified and liquid investment portfolio, mainly in fixed income and cash equivalents, and a conservative reinsurance strategy with high-credit-quality retrocessionaires.
FuSure has delivered positive operating performance since its second year of operation and continues to execute its business plan with discipline, consistently meeting its budgeted bottom line, supported largely by stable investment income from its fixed-income portfolio.
AM Best expects FuSure to continue benefiting from its parent group through both explicit capital support and implicit advantages, including competitive strengths in health product design and pricing sophistication.
-- BERNAMA
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