KUALA LUMPUR, April 16 (Bernama) -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of ‘a’ of Shinkong Insurance Company Limited (Shinkong Insurance) Taiwan.
The outlook of these Credit Ratings (ratings) is stable, according to a statement by the United States-headquartered global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.
The ratings reflect Shinkong Insurance’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.
Shinkong Insurance’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, remained at the strongest level in 2020.
The company’s investment strategy remains conservative, with a majority of the invested assets in low risk fixed-income assets to generate stable investment income to support the company’s overall operating results. The company’s dependency on reinsurance remains moderate, with the reinsurers panel in good credit quality.
Shinkong Insurance’s operating results remained stable and positive last year, supported by positive underwriting and investment results.
Despite the volatility in the investment market in early 2020, the company’s overall investment results remained positive and stable, attributed to the stable stream of interest, dividend and rental income to support the company’s overall operating results.
Shinkong Insurance remains the third largest insurer in Taiwan’s non-life insurance market in terms of gross premium written, with the company’s underwriting portfolio remaining moderately diversified, with a majority of its business in motor.
For more information, visit www.ambest.com.
-- BERNAMA
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