KUALA LUMPUR, Sept 14 (Bernama) -- A.M. Best has affirmed the financial strength rating of B++ (good) and the long-term issuer credit rating of ‘bbb+’ of Co-operative Life Limited (Co-op Life) New Zealand and the outlook is stable.
The ratings reflect Co-op Life’s balance sheet strength, which A.M. Best categorised as adequate, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
Co-op Life’s balance sheet strength is underpinned by risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which is expected to reach the strongest level over the near term, a statement said.
It has a track record of strong operating performance, with the company having reported a five-year average return on equity of 32 per cent (fiscal years 2014-2018).
Profitability over this period has been driven by underwriting activities, reflecting the excellent performance of its in-force life business. A.M. Best expects favorable claims experience to drive continued strong operating performance.
A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. More details on www.ambest.com.
-- BERNAMA
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