KUALA LUMPUR, Jan 28 (Bernama) -- AM Best has affirmed the Financial Strength Rating of A- (excellent) and Long-Term Issuer Credit Rating of ‘a-’ for The New India Assurance Company Ltd (New India), India.
In a statement today, AM Best said the ratings reflect New India’s very strong balance sheet, as well as its adequate operating performance, favourable business profile and appropriate enterprise risk management.
The company’s balance sheet strength reflects solid risk-adjusted capitalisation that is supported by low underwriting leverage and the quality of its investment portfolio.
In addition, the company’s capital and surplus is the largest among all non-life insurers in India, standing at US$5.9 billion (US$1 = RM4.10) as of March 31, 2018.
New India is the largest non-life insurer in India with a 15 per cent share of the market, and is a clear leader in almost every line of business based on gross premium.
It also maintains an underwriting portfolio that is well-diversified by geography and line of business in India and overseas.
Positive rating momentum could result from New India showing a consistent improvement in its underwriting and operating performance, while maintaining its very strong risk-adjusted capitalisation.
For more information, visit www.ambest.com.
-- BERNAMA
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