PubMatic Continuing to Champion Transparent and Fraud-Free Marketplaces
REDWOOD CITY, Calif., Aug 29 (Bernama-GLOBE NEWSWIRE) -- Premium digital technology company, PubMatic, has announced that it has achieved certification for IAB Tech Lab’s Open Measurement SDK Integration Validation Compliance (IVC) for Display ad formats. By supporting this initiative, PubMatic will help drive improved in-app viewability and verification to ensure quality and trust in this growing channel. This certification comes in the midst of PubMatic’s continued commitment to enforcing industry quality and transparency initiatives, such as the IAB Tech Lab’s App-ads.txt specification, Sellers.JSON and Supply Chain Object.
Open Measurement SDK (OM SDK) is the IAB Tech Lab’s scalable solution for a single SDK to cover all in-app viewability and verification. It is designed to facilitate third-party viewability and verification vendors to measure impressions for ads served to mobile app environments without requiring their own SDK. By achieving this compliance certification, PubMatic is continuing to focus on driving more effective mobile advertising and helping advertisers realize the potential mobile can offer.
“Previously, viewability measurement for mobile apps was dependent on integrating several providers’ SDKs,” said Dennis Buchheim, Executive Vice President and General Manager, IAB Tech Lab. “Conversations about in-app measurement have become increasingly frequent and important as mobile usage continues to grow. Our certification program validates the integrity of a measurement provider’s implementation of the OM SDK, giving buyers more confidence in the results.”
“We are excited to announce our IAB Tech Lab OM SDK compliance certification which comes at an important time where assurances in mobile app measurement and quality are a necessity,” said Mike Chowla, Senior Director, Product Management at PubMatic. “With this achievement it is critical that we accelerate the growth of programmatic with more transparency, all which lead to the overall success of our in-app publisher and developer clients.”
For more information, please visit www.pubmatic.com.
About PubMatic
PubMatic is a digital advertising technology company for premium content creators. The PubMatic platform empowers independent app developers and publishers to control and maximize their digital advertising businesses. PubMatic’s publisher-centric approach enables advertisers to maximize ROI by reaching and engaging their target audiences in brand-safe, premium environments across ad formats and devices. Since 2006, PubMatic has created an efficient, global infrastructure and remains at the forefront of programmatic innovation. Headquartered in Redwood City, California, PubMatic operates 13 offices and six data centers worldwide.
Press Contact:
North 6th Agency for PubMatic
212-334-9753
PubMatic@n6a.com
Source: PubMatic, Inc.
--BERNAMA
Friday, 30 August 2019
Tinubu Square in final top 5 of Corda InsurTech Challenge
KUALA LUMPUR, Aug 30 -- Tinubu Square, a credit insurance, surety and trade finance solutions provider has reached the final top five in the Global Corda InsurTech Challenge.
Organised by R3, an enterprise blockchain software developer, the challenge is a competition that rewards blockchain insurance startups and innovation investment arms of insurance companies, according to a statement.
Tinubu Square has progressed through a number of different rounds, initially competing against more than 60 companies, whereby entrants were asked to design a CorDapp that could be used to solve a unique insurance business challenge.
Through various activities including building a business case, developing a roadmap and presenting a live demo of the CorDapp, the entrants were shortlisted to the final five.
Tinubu Square is the only European company to have been selected as among the top five companies and recognised with an ‘honourable mention’.
The contestants will move on to the final presentation. The winner will be announced at the two-day CordaCon event in London, beginning Oct 23.
Thursday, 29 August 2019
AM BEST DOWNGRADES CREDIT RATINGS OF UNITED INDIA INSURANCE COMPANY LIMITED
SINGAPORE, Aug 29 (Bernama-BUSINESS WIRE) -- AM Best has downgraded the Financial Strength Rating (FSR) to C++ (Marginal) from B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “b+” from “bb+” for United India Insurance Company Limited (United). The outlook of the FSR remains stable, while the outlook of the Long-Term ICR remains negative.
The Credit Ratings (ratings) reflect the company’s balance sheet strength, which AM Best categorizes as adequate, marginal operating performance, neutral business profile and marginal enterprise risk management. The rating downgrades reflect a deterioration in AM Best’s view of United’s balance sheet strength and operating performance fundamentals.
Risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), deteriorated to adequate from very strong during fiscal-year 2019 due to a combination of significant reserve strengthening for motor third-party liability business and large underwriting losses from other product lines. Capital and surplus declined significantly by 29.1% to INR 64.0 billion (USD 0.9 billion) as of March 31, 2019, from INR 90.1 billion (USD 1.4 billion) in the same prior-year period. The company repeatedly has fallen short of local minimum regulatory solvency requirements in recent years. To support an improvement in this position, the company issued INR 9 billion of subordinated debt in 2017. Furthermore, in 2019, the company also has obtained a special exemption from the Insurance Regulator and Development Authority of India to include fair value credit for certain investment assets for the purposes of its solvency calculation. Despite this, the company still operates at a very thin regulatory solvency margin. Further offsetting balance sheet factors include the company’s moderate risk investment portfolio, which is composed of approximately 28% in equities and mutual funds. This subjects the balance sheet to volatility in the event of fair value fluctuations. The company’s liquidity position, as measured by its liquid assets to net technical reserves ratio, also has declined, to 101% as of fiscal year-end 2019 from 118% as of fiscal year-end 2018.
AM Best views the company’s operating performance as marginal, as evidenced by a five-year average return-on-equity (ROE) ratio of -4.9% (2015-2019). Underwriting performance has been consistently loss-making, with a five-year average combined ratio of 128.2% (2015-2019) and a very weak combined ratio of 138.3% for fiscal-year 2019. Operating results have been dependent on investment income in recent years, which includes material realized and unrealized gains. Notwithstanding this, the company recorded a pre-tax operating loss of INR 19 billion (USD 271 million) in fiscal-year 2019 as compared with a pre-tax operating profit of INR 10 billion (USD 154 million) in fiscal-year 2018. Inadequate pricing on key lines of business and reserve strengthening over the past three fiscal years have been the primary drivers of the company’s poor underwriting results. Additionally, the requirement to service its interest expenses on its subordinated debt further affects operating results negatively.
The negative rating outlook for the Long-Term ICR reflects the potential for further deterioration in United’s risk-adjusted capitalization and operating performance over the near to medium term.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190828005473/en/
Contact
Chris Lim
Financial Analyst
+65 6303 5018
chris.lim@ambest.com
Myles Gould
Director, Analytics
+65 6303 5020
myles.gould@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source: AM Best
--BERNAMA
The Credit Ratings (ratings) reflect the company’s balance sheet strength, which AM Best categorizes as adequate, marginal operating performance, neutral business profile and marginal enterprise risk management. The rating downgrades reflect a deterioration in AM Best’s view of United’s balance sheet strength and operating performance fundamentals.
Risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), deteriorated to adequate from very strong during fiscal-year 2019 due to a combination of significant reserve strengthening for motor third-party liability business and large underwriting losses from other product lines. Capital and surplus declined significantly by 29.1% to INR 64.0 billion (USD 0.9 billion) as of March 31, 2019, from INR 90.1 billion (USD 1.4 billion) in the same prior-year period. The company repeatedly has fallen short of local minimum regulatory solvency requirements in recent years. To support an improvement in this position, the company issued INR 9 billion of subordinated debt in 2017. Furthermore, in 2019, the company also has obtained a special exemption from the Insurance Regulator and Development Authority of India to include fair value credit for certain investment assets for the purposes of its solvency calculation. Despite this, the company still operates at a very thin regulatory solvency margin. Further offsetting balance sheet factors include the company’s moderate risk investment portfolio, which is composed of approximately 28% in equities and mutual funds. This subjects the balance sheet to volatility in the event of fair value fluctuations. The company’s liquidity position, as measured by its liquid assets to net technical reserves ratio, also has declined, to 101% as of fiscal year-end 2019 from 118% as of fiscal year-end 2018.
AM Best views the company’s operating performance as marginal, as evidenced by a five-year average return-on-equity (ROE) ratio of -4.9% (2015-2019). Underwriting performance has been consistently loss-making, with a five-year average combined ratio of 128.2% (2015-2019) and a very weak combined ratio of 138.3% for fiscal-year 2019. Operating results have been dependent on investment income in recent years, which includes material realized and unrealized gains. Notwithstanding this, the company recorded a pre-tax operating loss of INR 19 billion (USD 271 million) in fiscal-year 2019 as compared with a pre-tax operating profit of INR 10 billion (USD 154 million) in fiscal-year 2018. Inadequate pricing on key lines of business and reserve strengthening over the past three fiscal years have been the primary drivers of the company’s poor underwriting results. Additionally, the requirement to service its interest expenses on its subordinated debt further affects operating results negatively.
The negative rating outlook for the Long-Term ICR reflects the potential for further deterioration in United’s risk-adjusted capitalization and operating performance over the near to medium term.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190828005473/en/
Contact
Chris Lim
Financial Analyst
+65 6303 5018
chris.lim@ambest.com
Myles Gould
Director, Analytics
+65 6303 5020
myles.gould@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source: AM Best
--BERNAMA
AM BEST REMOVES FROM UNDER REVIEW WITH NEGATIVE IMPLICATIONS AND DOWNGRADES CREDIT RATINGS OF NATIONAL INSURANCE COMPANY LIMITED
SINGAPORE, Aug 29 (Bernama-BUSINESS WIRE) -- AM Best has removed from under review with negative implications and downgraded the Financial Strength Rating to C (Weak) from C++ (Marginal) and the Long-Term Issuer Credit Rating to “ccc” from “b” of National Insurance Company Limited (National) (India). The outlook assigned to these Credit Ratings (ratings) is negative.
The ratings reflect National’s balance sheet strength, which AM Best categorizes as weak, as well as its marginal operating performance, neutral business profile and weak enterprise risk management.
The rating downgrades reflect a deterioration in National’s balance sheet strength fundamentals. The company’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), deteriorated to a very weak level at fiscal year-end 2019 due to a combination of significant reserve strengthening for motor third-party liability business and continued large underwriting losses from several other product lines. Capital and surplus declined significantly by 51% to INR 28 billion (USD 401 million) as of March 31, 2019, from INR 57 billion (USD 880 million) in the same prior-year period. Furthermore, the company’s net underwriting leverage and equity investment leverage has surged to a very unhealthy level at 1,091% and 385%, respectively.
As of fiscal year-end 2019, the company’s local solvency margin reduced to 1.04 times, which is significantly below the regulatory control level minimum requirement (1.5 times), despite the company receiving favorable treatments from the regulator on certain investment assets to alleviate pressures on capital adequacy. Furthermore, while the company’s capital position has continued to deteriorate, the previously anticipated capital support from the Government of India has yet to materialize, and there is limited visibility on the progress of this capital injection plan.
AM Best views the company’s operating performance as marginal, as evidenced by a five-year average return-on-equity ratio of -6.7% (2015-2019). Underwriting performance has been persistently loss-making, with a five-year average combined ratio of 134.7% (2015-2019) and a very weak combined ratio of 142.8% for fiscal-year 2019. Operating results have been dependent on investment income in recent years, which includes material realized and unrealized gains. Inadequate pricing on key lines of business and reserve strengthening over the past three fiscal years have been the primary drivers of the company’s poor underwriting results.
The negative rating outlooks reflect the potential for further deterioration in National’s balance sheet strength fundamentals over the near to medium term if the current trends in financial metrics are not reversed, or sufficient capital is not received from the Government of India.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190828005458/en/
Contact
Tran Nhat Trung
Financial Analyst
+65 6303 5019
trung.tran@ambest.com
Myles Gould
Director, Analytics
+65 6303 5020
myles.gould@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source : AM Best
The ratings reflect National’s balance sheet strength, which AM Best categorizes as weak, as well as its marginal operating performance, neutral business profile and weak enterprise risk management.
The rating downgrades reflect a deterioration in National’s balance sheet strength fundamentals. The company’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), deteriorated to a very weak level at fiscal year-end 2019 due to a combination of significant reserve strengthening for motor third-party liability business and continued large underwriting losses from several other product lines. Capital and surplus declined significantly by 51% to INR 28 billion (USD 401 million) as of March 31, 2019, from INR 57 billion (USD 880 million) in the same prior-year period. Furthermore, the company’s net underwriting leverage and equity investment leverage has surged to a very unhealthy level at 1,091% and 385%, respectively.
As of fiscal year-end 2019, the company’s local solvency margin reduced to 1.04 times, which is significantly below the regulatory control level minimum requirement (1.5 times), despite the company receiving favorable treatments from the regulator on certain investment assets to alleviate pressures on capital adequacy. Furthermore, while the company’s capital position has continued to deteriorate, the previously anticipated capital support from the Government of India has yet to materialize, and there is limited visibility on the progress of this capital injection plan.
AM Best views the company’s operating performance as marginal, as evidenced by a five-year average return-on-equity ratio of -6.7% (2015-2019). Underwriting performance has been persistently loss-making, with a five-year average combined ratio of 134.7% (2015-2019) and a very weak combined ratio of 142.8% for fiscal-year 2019. Operating results have been dependent on investment income in recent years, which includes material realized and unrealized gains. Inadequate pricing on key lines of business and reserve strengthening over the past three fiscal years have been the primary drivers of the company’s poor underwriting results.
The negative rating outlooks reflect the potential for further deterioration in National’s balance sheet strength fundamentals over the near to medium term if the current trends in financial metrics are not reversed, or sufficient capital is not received from the Government of India.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190828005458/en/
Contact
Tran Nhat Trung
Financial Analyst
+65 6303 5019
trung.tran@ambest.com
Myles Gould
Director, Analytics
+65 6303 5020
myles.gould@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source : AM Best
Wednesday, 28 August 2019
CENTURY SOFTWARE GETS RM 8.2 MILLION CONTRACT FROM DBKL
PETALING JAYA, Aug 28 (Bernama) -- Century Software (M) Sdn Bhd, a wholly-owned subsidiary of Censof Holdings Berhad has been awarded an information and communication technology (“ICT”) maintenance contract worth RM 8.2 million from Dewan Bandaraya Kuala Lumpur (DBKL).
Under the terms of the contract with DBKL, Century Software’s scope of work includes comprehensive maintenance and support services of ePBT Financial Management system in DBKL. The contract also includes refresh of hardware for the system. Duration of the contract will be for one year.
Censof Group Managing Director, Ameer Bin Shaik Mydin said: " In the current economic condition, it is satisfying that Century Software has been able to sign a contract that provides enhanced visibility to our overall revenue streams."
Century Software leading provider of financial management solutions developed on SAGA (Standard Accounting System for Government Agencies) – an initiative by the Malaysian Government to standardize accounting and financial management enterprise solutions used in all its Federal Statutory Bodies.
“It is our competencies, commendable execution track record and our eagerness to ensure customer delight that have allowed us to offer superior services to our clients. This win further enables us to strengthen our footprint with DBKL. Our mission is to be the trusted technology and capacity provider for our clients and industry for years to come,” he added.
Century Software creates platforms and services for businesses and governments to manage millions of interactions every day for those they serve. They leverage on the power of cloud, mobile and IoT, combined with technologies such as machine learning, robotic process automation, blockchain and artificial intelligence to elevate every interaction, driving modern digital experiences that are more efficient.
About Censof Holdings Bhd
Under the terms of the contract with DBKL, Century Software’s scope of work includes comprehensive maintenance and support services of ePBT Financial Management system in DBKL. The contract also includes refresh of hardware for the system. Duration of the contract will be for one year.
Censof Group Managing Director, Ameer Bin Shaik Mydin said: " In the current economic condition, it is satisfying that Century Software has been able to sign a contract that provides enhanced visibility to our overall revenue streams."
Century Software leading provider of financial management solutions developed on SAGA (Standard Accounting System for Government Agencies) – an initiative by the Malaysian Government to standardize accounting and financial management enterprise solutions used in all its Federal Statutory Bodies.
“It is our competencies, commendable execution track record and our eagerness to ensure customer delight that have allowed us to offer superior services to our clients. This win further enables us to strengthen our footprint with DBKL. Our mission is to be the trusted technology and capacity provider for our clients and industry for years to come,” he added.
Century Software creates platforms and services for businesses and governments to manage millions of interactions every day for those they serve. They leverage on the power of cloud, mobile and IoT, combined with technologies such as machine learning, robotic process automation, blockchain and artificial intelligence to elevate every interaction, driving modern digital experiences that are more efficient.
About Censof Holdings Bhd
Censof Holdings Bhd (KLSE: CENSOF) was established in 2008 and was listed on the Main Market of Bursa Malaysia in 2011 as a technology investment holding company specialising in financial management software solutions. Since then, Censof has expanded its portfolio of financial services solutions to include e-payment gateway services, training solutions, wealth management software solutions and blockchain technology.
For more information, please visit www.censof.com
S BLOCK Interstellar Quantitative Summit convened in Bangkok
KUALA LUMPUR, Aug 26 (Bernama) -- The ‘S BLOCK Interstellar Quantitative Summit’ recently convened in Bangkok, Thailand, launching S BLOCK super node MasterNodes and S BLOCK Data Processing Unit.
S BLOCK is a brand-new multi-currency, cross-chain technology wallet from Switzerland, jointly issued by S BLOCK foundation, Cloud Capital, Top Line, DAF, Stanford Blockchain Research center, MIT Media Lab and Cambridge Financial Alternative Center.
Since its launch on June 15, it has brought a generous revenue of six to 15 per cent for its millions of users monthly, according to a statement.
Interstellar quantification is S BLOCK's biggest source of revenue as it is to realise timely capital exchanges with the quantification team under the agreement of Interstellar loan contract.
Also launched at the summit is S BLOCK super node MasterNodes which is to truly realise benefit sharing within the platform.
The mechanism of MasterNodes is to gather scattered coins from users and turn them into POS nodes of the public chain, so as to share profits within the contributors of the mining pool.
In addition, the S BLOCK Data Processing Unit was also launched at the event. S BLOCK will build a unique ecosystem and create a new powerful cross-chain public chain.
Tuesday, 27 August 2019
BEST'S SPECIAL REPORT: SOUTH KOREA INSURERS PREPARE TO FACE NEW ACCOUNTING AND SOLVENCY RULES
HONG KONG, Aug 27 (Bernama-BUSINESS WIRE) -- AM Best views South Korea’s non-life insurers as being in a better position than their life counterparts to weather the impact of the International Financial Reporting Standards 17 (IFRS 17) accounting standard and K-Insurance Capital Standard (K-ICS) solvency regime when they take effect.
In a new Best’s Special Report, titled, “South Korea Insurers Prepare to Face New Accounting and Solvency Rules,” AM Best states that the simultaneous implementation of the two frameworks by 2022 is likely to take a heavy operational toll on the market. Additionally, insurers face a pressing need to revamp business strategies, as companies will need to restructure product mixes and investment portfolios, as well as raise capital under the new accounting and solvency regimes.
The implementation of IFRS 17 will fundamentally change the accounting view on the valuation of insurance contracts and profit recognition. In addition to the full adoption of IFRS 17, the Financial Supervisory Services also intends to have the industry simultaneously adopt K-ICS, a new solvency regime. The aim is not only to align current solvency requirements with the new accounting standard, but also to adopt a more advanced yardstick to regulate the financial soundness of South Korea’s insurance industry.
According to the report, one of the unique features of South Korea’s non-life insurance market is that non-life insurers can sell long-term insurance products, and as a result, their business largely overlaps with that of life insurers. Almost 70% of the non-life industry’s total direct premium income is generated from the long-term insurance business, which includes personal lines products such as health, personal accident, savings and annuities. This blurred distinction between life and non-life insurance creates cross-segment competition in the health, savings and annuity segments.
AM Best expects the new frameworks to lead to greater volatility to liabilities on insurers’ balance sheets as market rates fluctuates. In contrast to other markets where the impact of new accounting standards falls mostly on the life segment, in South Korea, the issue will also apply to the non-life segment, given the large books of long-term insurance business non-life insurers hold. However, non-life insurance companies should bear a relatively limited impact, having had a shorter history of selling long-term insurance and being less aggressive than their life counterparts in pushing savings-type products.
AM Best is of the view that the K-ICS will place a heavier burden on capital—introducing more volatility to available capital and required capital on companies—than the current solvency regime. Like IFRS 17, the K-ICS regulations are expected to have less impact on non-life insurers than life insurers due to the smaller portion of high fixed-guarantee business book held by the non-life segment; the degree of impact will vary by company, depending on a number of factors including their business portfolio and asset-liability duration mismatches.
Nonetheless, the introduction of IFRS 17 and K-ICS provide insurance companies with the impetus and opportunity to restructure their business mix, improve their long-term profitability and to streamline internal processes. In addition, while the change in accounting standard, per se, is unlikely to directly impact insurers’ credit ratings over the short term, the impact on an insurance company’s strategy and operational behavior initiated by the new standards could affect a company’s credit profile over the mid to longer term.
Despite potential financial burdens that may stem from the preparation to implement IFRS 17 and K-ICS, AM Best believes that overall, insurance customers will benefit from the enhanced financial soundness of the overall insurance industry over the long term.
To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=288969.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
In a new Best’s Special Report, titled, “South Korea Insurers Prepare to Face New Accounting and Solvency Rules,” AM Best states that the simultaneous implementation of the two frameworks by 2022 is likely to take a heavy operational toll on the market. Additionally, insurers face a pressing need to revamp business strategies, as companies will need to restructure product mixes and investment portfolios, as well as raise capital under the new accounting and solvency regimes.
The implementation of IFRS 17 will fundamentally change the accounting view on the valuation of insurance contracts and profit recognition. In addition to the full adoption of IFRS 17, the Financial Supervisory Services also intends to have the industry simultaneously adopt K-ICS, a new solvency regime. The aim is not only to align current solvency requirements with the new accounting standard, but also to adopt a more advanced yardstick to regulate the financial soundness of South Korea’s insurance industry.
According to the report, one of the unique features of South Korea’s non-life insurance market is that non-life insurers can sell long-term insurance products, and as a result, their business largely overlaps with that of life insurers. Almost 70% of the non-life industry’s total direct premium income is generated from the long-term insurance business, which includes personal lines products such as health, personal accident, savings and annuities. This blurred distinction between life and non-life insurance creates cross-segment competition in the health, savings and annuity segments.
AM Best expects the new frameworks to lead to greater volatility to liabilities on insurers’ balance sheets as market rates fluctuates. In contrast to other markets where the impact of new accounting standards falls mostly on the life segment, in South Korea, the issue will also apply to the non-life segment, given the large books of long-term insurance business non-life insurers hold. However, non-life insurance companies should bear a relatively limited impact, having had a shorter history of selling long-term insurance and being less aggressive than their life counterparts in pushing savings-type products.
AM Best is of the view that the K-ICS will place a heavier burden on capital—introducing more volatility to available capital and required capital on companies—than the current solvency regime. Like IFRS 17, the K-ICS regulations are expected to have less impact on non-life insurers than life insurers due to the smaller portion of high fixed-guarantee business book held by the non-life segment; the degree of impact will vary by company, depending on a number of factors including their business portfolio and asset-liability duration mismatches.
Nonetheless, the introduction of IFRS 17 and K-ICS provide insurance companies with the impetus and opportunity to restructure their business mix, improve their long-term profitability and to streamline internal processes. In addition, while the change in accounting standard, per se, is unlikely to directly impact insurers’ credit ratings over the short term, the impact on an insurance company’s strategy and operational behavior initiated by the new standards could affect a company’s credit profile over the mid to longer term.
Despite potential financial burdens that may stem from the preparation to implement IFRS 17 and K-ICS, AM Best believes that overall, insurance customers will benefit from the enhanced financial soundness of the overall insurance industry over the long term.
To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=288969.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
RIHANNA'S SAVAGE X FENTY SHOW PRESENTED BY AMAZON PRIME VIDEO TO STREAM EXCLUSIVELY ON THE WORLDWIDE SERVICE FRIDAY, SEPT. 20
CULVER CITY, Calif. & NEW YORK, Aug 27 (Bernama-BUSINESS WIRE) --Amazon Prime Video presents the highly anticipated second annual Savage X Fenty Show, a runway show celebrating the new Fall/Winter 2019 collection from music and fashion icon Rihanna. The extraordinary fashion experience will take place during New York Fashion Week in conjunction with NYFW: The Shows and will feature a combination of models, actors and dancers wearing the latest savage styles, offering up a new type of sexy, where attitude meets individuality. Savage X Fenty Show will stream exclusively on Amazon Prime Video in more than 200 countries and territories worldwide beginning Friday, September 20.
As a follow up to last year’s ground-breaking event, this year’s Savage X Fenty Show is raising the bar. The star-studded evening is set to be a radical departure from tradition, a one-of-a-kind event blending music, fashion and culture. With exciting surprises around every corner, including performances from some of the hottest acts in music, the show debuts Savage X Fenty’s bold and fearless Fall/Winter 2019 collection.
“I couldn’t be more excited that everyone will have full access to The Savage X Fenty Show this year! We are working on creating a bold, sexy, super energetic experience for our viewers,” said Rihanna.
“Rihanna has conquered the worlds of music, film, beauty and fashion. She has re-invented the idea of what fashionable lingerie should be for a global customer. The brand authentically reflects empowering statements of inclusivity, body positivity and fun! The Savage X Fenty Show promises to be a ground-breaking and truly unique experience and we’re thrilled to give our global customers an exclusive front row seat,” said Jennifer Salke, Head of Amazon Studios.
Following the live show, this year’s Savage X Fenty Show will be available to stream exclusively on Amazon Prime Video worldwide giving audiences both in-person and at home a door into the world of Savage X Fenty, as well as the chance to relive the experience again and again. The Amazon Prime Video special will also feature an exclusive look behind the scenes at the making of the show.
The Savage X Fenty Show was created under the artistic direction of Rihanna and Savage X Fenty, and is executive produced by Rihanna and produced by PRODJECT and Endeavor Content’s non-scripted group.
ABOUT SAVAGE X FENTY
Music and fashion icon Rihanna embarks on her newest venture: lingerie designer. Inspired to create a line of intimates that complements a variety of shades and shapes, Savage X Fenty celebrates fearlessness, confidence, and inclusivity. In partnership with TechStyle Fashion Group, the label has disrupted and redefined the marketplace with its accessible price point and extensive assortment. “We want to make people look good and feel good,” explains Rihanna, who approaches Savage X with the same mentality she does all her projects—to make something new and fresh that everyone can relate to and feel confident in. “We want you to feel sexy and have fun doing it.” With sizes from 32A – 46DDD in bras, and XS-3X in undies and sleepwear Savage X Fenty is available for purchase at www.SavageX.com.
ABOUT AMAZON PRIME VIDEO
Amazon Prime Video is a premium streaming service that offers customers a vast collection of digital videos—all with the ease of finding what they love to watch in one place.
As a follow up to last year’s ground-breaking event, this year’s Savage X Fenty Show is raising the bar. The star-studded evening is set to be a radical departure from tradition, a one-of-a-kind event blending music, fashion and culture. With exciting surprises around every corner, including performances from some of the hottest acts in music, the show debuts Savage X Fenty’s bold and fearless Fall/Winter 2019 collection.
“I couldn’t be more excited that everyone will have full access to The Savage X Fenty Show this year! We are working on creating a bold, sexy, super energetic experience for our viewers,” said Rihanna.
“Rihanna has conquered the worlds of music, film, beauty and fashion. She has re-invented the idea of what fashionable lingerie should be for a global customer. The brand authentically reflects empowering statements of inclusivity, body positivity and fun! The Savage X Fenty Show promises to be a ground-breaking and truly unique experience and we’re thrilled to give our global customers an exclusive front row seat,” said Jennifer Salke, Head of Amazon Studios.
Following the live show, this year’s Savage X Fenty Show will be available to stream exclusively on Amazon Prime Video worldwide giving audiences both in-person and at home a door into the world of Savage X Fenty, as well as the chance to relive the experience again and again. The Amazon Prime Video special will also feature an exclusive look behind the scenes at the making of the show.
The Savage X Fenty Show was created under the artistic direction of Rihanna and Savage X Fenty, and is executive produced by Rihanna and produced by PRODJECT and Endeavor Content’s non-scripted group.
ABOUT SAVAGE X FENTY
Music and fashion icon Rihanna embarks on her newest venture: lingerie designer. Inspired to create a line of intimates that complements a variety of shades and shapes, Savage X Fenty celebrates fearlessness, confidence, and inclusivity. In partnership with TechStyle Fashion Group, the label has disrupted and redefined the marketplace with its accessible price point and extensive assortment. “We want to make people look good and feel good,” explains Rihanna, who approaches Savage X with the same mentality she does all her projects—to make something new and fresh that everyone can relate to and feel confident in. “We want you to feel sexy and have fun doing it.” With sizes from 32A – 46DDD in bras, and XS-3X in undies and sleepwear Savage X Fenty is available for purchase at www.SavageX.com.
ABOUT AMAZON PRIME VIDEO
Amazon Prime Video is a premium streaming service that offers customers a vast collection of digital videos—all with the ease of finding what they love to watch in one place.
- Included with Prime: Watch thousands of popular movies and TV shows, including our critically-acclaimed Amazon Originals including the Emmy Award-winning The Marvelous Mrs. Maisel, Tom Clancy’s Jack Ryan, Homecoming, Hanna, Fleabag, Good Omens, The Boys, Donald Glover’s Guava Island, the Academy Award-winning Manchester by the Sea and The Salesman, Academy Award-nominated The Big Sick and Cold War, and the critically-acclaimed Beautiful Boy, exclusives, live sports including Thursday Night Football and licensed and self-published content available in more than 200 countries and territories worldwide.
- Watch more with Prime Video Channels: Prime members can add 150+ channels in the US like HBO, Cinemax, STARZ, SHOWTIME, CBS All Access, NBA League Pass and MLB.tv—no extra apps to download, and no cable required. Only pay for the ones you want, and cancel anytime. View the full list of channels available at amazon.com/channels.
- Rent or Buy: Enjoy hundreds of thousands of titles, including new-release movies and entire seasons of current TV episodes, available for all Amazon customers to rent or buy.
- Instant access: Watch where and when you want with the Prime Video app on your smart TV, mobile device, Fire TV, Fire tablet, Apple TV, Chromecast, game consoles, Comcast X1 or from the web. For a complete list of compatible devices, visit amazon.com/howtostream.
- Enhanced experiences: Make the most of every viewing with 4K Ultra HD- and High Dynamic Range (HDR)-compatible content. Go behind the scenes of your favorite movies and TV shows with exclusive X-Ray access, powered by IMDb. Save it for later with select mobile downloads for offline viewing.
In addition to access to movies and TV shows included with Prime, the Prime membership includes unlimited fast free shipping options across all categories available on Amazon, more than two million songs and thousands of playlists and stations with Prime Music, secure photo storage with Prime Photos, unlimited reading with Prime Reading, unlimited access to a digital audiobook catalogue with Audible Channels for Prime, a rotating selection of free digital games and in-game loot with Twitch Prime, early access to select Lightning Deals, exclusive access and discounts to select items, and more. To sign-up for Prime or to find out more visit: amazon.com/prime.
About Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.
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