KUALA LUMPUR, Sept 24 (Bernama) -- A.M. Best has affirmed the financial strength rating of A- (excellent) and long-term issuer credit rating of ‘a-’ of Singapore Reinsurance Corporation Ltd (Singapore Re). The outlook of these ratings is stable.
The ratings reflect Singapore Re’s balance sheet strength, which A.M. Best categorised as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The company’s risk-adjusted capitalisation as measured by Best’s Capital Adequacy Ratio (BCAR) is supported by low underwriting leverage and a balance sheet composed of assets of good quality, a statement said.
Its operating performance is supported by a steady stream of income derived from its investment portfolio, which is large compared to its earned premium base.This has provided some earnings buffer against volatility from its underwriting activities.
Positive rating actions are unlikely in the near term while negative rating actions may occur from a deterioration in operating performance or business profile.
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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