KUALA LUMPUR, Dec 11 -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of ‘a’ of China Taiping Insurance (HK) Company Limited [CTPI(HK)] Hong Kong.
The outlook of these Credit Ratings (ratings) is stable, according to a statement.
The ratings reflect CTPI(HK)’s balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
It also incorporates the rating enhancement that CTPI(HK) receives from its parent, China Taiping Insurance Holdings Company Limited.
CTPI(HK)’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, remained at the strongest level, which is supported by organic profit accumulation after regular dividend payouts to its parent group.
The company has demonstrated a track record of positive underwriting results over the past five years, despite thin profit margins.
CTPI(HK) ranked third in Hong Kong’s non-life insurance market based on gross premium written in 2019, and remained a top player in key business lines including motor, property, general liability and marine insurance.
Over the intermediate term, the global credit rating agency believes CTPI(HK) remains strategically important to the group in executing its internationalisation strategy.
More details at www.ambest.com
-- BERNAMA
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