KUALA LUMPUR, Feb 18 (Bernama) -- AM Best has affirmed the Financial Strength Rating of A- (excellent) and the Long-Term Issuer Credit Rating of ‘a-’ for The Hollard Insurance Company Pty Ltd (HIC), Australia.
According to a statement, HIC’s balance sheet strength assessment is underpinned by its unconsolidated risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which is expected to improve to a very strong level in fiscal-year 2019.
The growth in underwriting operations at HIC has driven increasing capital requirements, which a combination of capital injections and a hybrid debt issuance has aided to bolster capital adequacy and support planned business expansion.
AM Best’s balance sheet strength analysis also incorporates a neutral holding company impact following an assessment of consolidated risk-adjusted capitalisation at HIC’s immediate parent, Hollard Holdings Australia Pty Ltd.
HIC’s operating performance has also viewed as adequate, reporting operating profits in each of the past five years (fiscal-years from 2014-2018), with an average return on equity ratio of 5.7 per cent.
The company has grown to be one of the top 10 non-life insurers in Australia, based on gross written premiums, albeit occupying a modest market share of two per cent in 2018. It also maintains a strong market position in certain niche segments, including the pet insurance sector.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Details are available at www.ambest.com.
-- BERNAMA
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