SINGAPORE, June 28 (Bernama-BUSINESS WIRE) -- A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Union Medical Benefits Society Limited (UniMed) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect UniMed’s strong risk-adjusted capitalization and favorable operating performance over the past five years. UniMed’s strong risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is due to its low underwriting leverage, high capital quality and favorable liquidity position. In addition, the company has a good performance track record, with an average operating ratio of approximately 89% over the past five years. It has a competitive expense ratio of 11% due to its distribution model, which relies more on the direct channel with lower acquisition expenses than on intermediaries, as well as lower administrative costs for group business.
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