KUALA LUMPUR, Feb 18 (Bernama) -- AM Best has maintained the under review with negative implication status for the Financial Strength Rating of C++ (marginal) and Long-Term Issuer Credit Rating of ‘b’ of National Insurance Company Limited (National) India.
In a statement, the global rating agency said National’s status had been extended, pending receipt of an expected capital injection by the Indian Government, as communicated by National's management, as well as the review of operating results for the financial year, ending March 31.
On Aug 17, 2018, the company’s ratings were downgraded, following a significant reduction in its capital position. The ratings were placed under review with negative implications, pending progress of initiatives to improve risk-adjusted capitalisation.
However, these initiatives are still ongoing, and National’s management expects significant capital injections by the government. Therefore, the under review with negative implication status is extended.
National is a fully-owned government company and the third largest non-life insurer in India. More details at www.ambest.com
-- BERNAMA
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