KUALA LUMPUR, Nov 9 (Bernama) -- A.M. Best has affirmed the Financial Strength Rating of A (excellent) and the Long-Term Issuer Credit Rating of ‘a’ of KB Insurance Co Ltd (KB Insurance) South Korea. The outlook of these ratings is stable.
The ratings reflect KB Insurance’s balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
It also considers the strategic importance and support KB Insurance receives from the parent company, KB Financial Group Inc (KB Group), a statement said.
KB Insurance’s operating performance has improved over the past five years albeit with moderate volatility driven mainly by increasing net investment income. It’s combined ratio, which had underperformed its major peers historically has caught up over the past three years.
As the fourth-largest non-life insurer in South Korea. KB Insurance benefits from the KB brand and from being a wholly owned subsidiary of the KB Group. It has been improving its risk management framework as it prepares for upcoming regulatory changes.
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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