SINGAPORE, Sept 30 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” of Petrolimex Insurance Corporation (PJICO) (Vietnam). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect PJICO’s balance sheet strength, which AM Best categorizes as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
PJICO’s balance sheet strength assessment is underpinned by risk-adjusted capitalization that remains at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Despite the company having exhibited a moderate dividend payout ratio over recent years, retained earnings over this period along with a capital injection in 2017, have been sufficient to support business expansion. Other balance sheet considerations include the company’s notable exposure to reinsurance counterparties that are non-rated on an international financial strength rating scale.
AM Best views the company’s operating performance as adequate, evidenced by five-year average operating and combined ratios of 91% and 98%, respectively (2014-2018). Underwriting performance reflects a combination of favorable profitability on cargo and miscellaneous lines of business, which have typically exhibited low net loss ratios and good reinsurance commission income, partially offset by marginal performance on motor and health lines of business over recent years. Overall earnings are supported by a stable stream of investment income, which is generated largely from interest on cash and deposit holdings.
AM Best assesses PIJCO’s business profile as neutral. In 2018, the company ranked as the fifth-largest non-life insurer in Vietnam with a market share of approximately 6%, based on gross written premiums. The company’s profile is viewed to benefit from its partial ownership, common branding and preferential access to cargo business arising from its largest shareholder, Vietnam National Petroleum Group (Petrolimex). In addition, PJICO leverages on Petrolimex’s countrywide network of petrol stations to support the distribution of its retail insurance products, with this sales channel growing quickly in recent years.
AM Best considers the company’s ERM approach as appropriate given the size and complexity of its current operations. The company has embarked on risk management framework and process improvements, which have been visible in 2018 and 2019, albeit further development and integration to the business remains ongoing.
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 credit rating agency and information provider with an exclusive 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/20190927005320/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
Monday 30 September 2019
AM Best assigns BEA Life Limited credit ratings
KUALA LUMPUR, Sept 30 -- AM Best has assigned a Financial Strength Rating of A- (excellent) and a Long-Term Issuer Credit Rating of ‘a-‘ to BEA Life Limited (BEA Life) Hong Kong. The outlook assigned to these credit ratings is stable.
The ratings reflect BEA Life’s balance sheet strength, which AM Best categorised as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
BEA Life is a wholly-owned subsidiary of The Bank of East Asia, Limited (BEA), a Hong Kong financial services group that offers a comprehensive range of corporate banking, personal banking, wealth management and investment services to its customers, mainly in Hong Kong and Mainland China.
BEA Life’s balance sheet strength is supported by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio.
Its operating performance has remained consistently positive with a five-year average return on equity of 15.5 per cent and a 1.3 per cent return on assets. The company, which maintains prudent controls over its expenses, is a medium-sized company in Hong Kong’s life insurance market.
The stable outlooks reflect AM Best’s expectations that the company’s rating fundamentals will remain unchanged over the intermediate term.
AM Best is a global credit rating agency and information provider with an exclusive focus on the insurance industry. Visit www.ambest.com for more information.
-- BERNAMA
The ratings reflect BEA Life’s balance sheet strength, which AM Best categorised as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
BEA Life is a wholly-owned subsidiary of The Bank of East Asia, Limited (BEA), a Hong Kong financial services group that offers a comprehensive range of corporate banking, personal banking, wealth management and investment services to its customers, mainly in Hong Kong and Mainland China.
BEA Life’s balance sheet strength is supported by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio.
Its operating performance has remained consistently positive with a five-year average return on equity of 15.5 per cent and a 1.3 per cent return on assets. The company, which maintains prudent controls over its expenses, is a medium-sized company in Hong Kong’s life insurance market.
The stable outlooks reflect AM Best’s expectations that the company’s rating fundamentals will remain unchanged over the intermediate term.
AM Best is a global credit rating agency and information provider with an exclusive focus on the insurance industry. Visit www.ambest.com for more information.
-- BERNAMA
AM Best affirms Youi NZ Pty Limited Credit Ratings
KUALA LUMPUR, Sept 30 (Bernama) -- AM Best has affirmed the Financial Strength Rating of B++ (good) and the Long-Term Issuer Credit Rating of ‘bbb’ of Youi NZ Pty Limited (Youi NZ) New Zealand.
In a statement, the global credit rating agency which focused on the insurance industry said the outlook of these credit ratings was stable.
The ratings reflect Youi NZ’s balance sheet strength, which AM Best described as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
In addition, the ratings factor in a neutral holding company impact from the company’s ultimate majority ownership by Rand Merchant Investment Holdings Limited.
Youi NZ’s balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, which remains at the strongest level.
This reflects its low underwriting leverage, prudent reinsurance programme and conservative investment strategy.
Youi NZ is a non-life insurer focused on residential home and motor insurance in New Zealand. The company’s limited business profile assessment is largely a result of its small-scale operations and geographical concentration in New Zealand.
-- BERNAMA
BitHarp newest mining technology disrupts crypto market
KUALA LUMPUR, Sept 30 (Bernama) -- Instead of focusing only on highly proficient and technology-savvy mining stalwarts, the two latest mining rigs by BitHarp Group Limited allow casual enthusiasts as well as small-time miners to make their fortune out of crypto mining.
Within less than a month in the market, Lyre Miner and Harp Miner have been used by many common users without any technical background to earn healthy returns on their investment.
With low energy-consumption of 600W and 2400W, respectively, Lyre Miner and Harp Miner are now among the most energy-efficient mining hardware in the market.
Both products can be used for mining Bitcoin, Ethereum, Litecoin and Dash.
BitHarp is currently running a ‘3 plus 1’ promotional campaign lasting until Oct 2. More details at https://www.bitharp.com/
-- BERNAMA
´Noh´ art exhibition running at Keio Plaza Hotel Tokyo until Nov 27
KUALA LUMPUR, Sept 30 (Bernama) -- Keio Plaza Hotel Tokyo (KPH) is hosting a special event and exhibition of the Japanese traditional performing art, ‘Noh’ until Nov 27, as part of its ‘Japanese Cultural Experience Program’.
Having begun on Sept 27, the event is held in cooperation with The National Noh Theatre, according to a statement.
This year’s exhibition is based upon the ‘Tale of the Heike’ historical epic poetry that portrays the battle between the Heike and the Minamoto clans for control of Japan, and the rise and fall of the Taira Family (Heike).
Various precious props, art and literary works, including masks carved from wood, costumes and other items associated with Noh plays from the Tale of the Heike, are displayed at the event.
Complimentary shortened performances of Noh programmes will also be held at the hotel's lobby on Oct 15 and 28 by Tsunao Yamai of the Komparu School of Noh, who will also provide a lecture on the art of Noh.
‘Nohgaku’ (Term used to describe both Noh and Kyougen) is a traditional form of Japanese theatre and dance, having been performed for over 600 years since the Muromachi Period (1336 to 1573).
In 2008, ‘Nohgaku’ was registered as an Intangible Cultural Heritage of Humanity in Japan by UNESCO because of its high levels of artistry which have come to be recognised worldwide.
KPH is one of Japan’s most prestigious international hotels located in Shinjuku. More information at https://www.keioplaza.com.
-- BERNAMA
FLYWIRE AND JCB OFFER NEW PAYMENT OPTION FOR INTERNATIONAL STUDENTS
Partnership opens up new markets and currency options for JCB cardholders across Asia
BOSTON and TOKYO, Sept 30 (Bernama-GLOBE NEWSWIRE) -- Flywire and JCB International, Co., Ltd. (JCBI), the international operations subsidiary of JCB Co., Ltd., today announced a new partnership that provides international students with a new method for making cross-border tuition payments. The program, which officially launched on September 27, allows cardholders in select countries and regions mainly in Asia to use their JCB card to pay tuition at any one of the 2,000 plus schools around the world that offer Flywire for international payments.
For the first time, students and their families will be able to use their JCB card to pay international tuition via Flywire’s platform in their local currency. Initially, the program will be available to students originating in the following countries and paying in the following currencies: Japanese yen (JPY), Vietnamese dong (VND), Korean won (KRW), New Taiwan dollar (TWD), Chinese yuan (CNY), Philippine peso (PHP), Thai baht (THB), Indonesian rupiah (IDR), Russian ruble (RUB), Hong Kong dollar (HKD), Singapore dollar (SGD), and Myanmar Kyat (MMK).
Flywire is the payment solution of choice for international students and education institutions around the world. The platform provides a single point of management and payer engagement from billing and payment through reconciliation. Schools can offer students and families a highly-tailored, convenient and secure payment experience – customized by school, country and regions, and currency – while accelerating funds flow and streamlining operational expense.
“We are always pursuing new payment options for our client schools to offer students and their families,” said Ryan Frere, vice president of global payments for Flywire. “With JCB, we are activating a very popular payment method in many of the world’s largest and fastest-growing markets for international students. Schools can offer more convenient, local tuition payment options and JCB can enhance services for many of its 130 million plus cardholders.”
“We are delighted to deliver the news of our partnership with such an innovative and highly reputable company in the payment industry,” Mr. Hitoshi Shioda, EVP, Head of Global Acceptance & Marketing HQ of JCBI said. “With our goal to provide high quality service to JCB cardmembers in various markets, Flywire is the perfect partner to satisfy rapidly growing customer needs in tuition payment.”
About JCB
JCB is a major global payment brand and a leading payment card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to provide responsive and high-quality service and products to all customers worldwide. For more information: www.global.jcb/en.
About Flywire
Flywire solves complex payment problems for businesses and institutions to empower new opportunities globally and locally. The company processes billions in payments per year, connecting entities to make transactions faster, more secure, less expensive, and more transparent. Clients in business, education and healthcare use Flywire’s full-service platform to tailor the payment experience for their customers and to create a single point of visibility and control for payer engagement and receivables management – from invoicing to payment reconciliation. Flywire also supports its clients with end-to-end customer support, including multilingual servicing via phone, email, and chat, as well as around-the-clock online payment tracking.
The company is headquartered in Boston and has offices in Chicago, London and Manchester (UK), Valencia (Spain), Shanghai, Singapore, Tokyo, Cluj (Romania), and Sydney. For more information, visit www.Flywire.com.
Media Contacts:
for Flywire
Tim Walsh
+1 617.512.1641
timw@walshgroupmarketing.com
for JCB
Kumiko Kida
Corporate Communications, JCB
Tel: +81-3-5778-8353
Email: kumiko.kida@jcb.co.jp
SOURCE : Flywire Corporation
BOSTON and TOKYO, Sept 30 (Bernama-GLOBE NEWSWIRE) -- Flywire and JCB International, Co., Ltd. (JCBI), the international operations subsidiary of JCB Co., Ltd., today announced a new partnership that provides international students with a new method for making cross-border tuition payments. The program, which officially launched on September 27, allows cardholders in select countries and regions mainly in Asia to use their JCB card to pay tuition at any one of the 2,000 plus schools around the world that offer Flywire for international payments.
For the first time, students and their families will be able to use their JCB card to pay international tuition via Flywire’s platform in their local currency. Initially, the program will be available to students originating in the following countries and paying in the following currencies: Japanese yen (JPY), Vietnamese dong (VND), Korean won (KRW), New Taiwan dollar (TWD), Chinese yuan (CNY), Philippine peso (PHP), Thai baht (THB), Indonesian rupiah (IDR), Russian ruble (RUB), Hong Kong dollar (HKD), Singapore dollar (SGD), and Myanmar Kyat (MMK).
Flywire is the payment solution of choice for international students and education institutions around the world. The platform provides a single point of management and payer engagement from billing and payment through reconciliation. Schools can offer students and families a highly-tailored, convenient and secure payment experience – customized by school, country and regions, and currency – while accelerating funds flow and streamlining operational expense.
“We are always pursuing new payment options for our client schools to offer students and their families,” said Ryan Frere, vice president of global payments for Flywire. “With JCB, we are activating a very popular payment method in many of the world’s largest and fastest-growing markets for international students. Schools can offer more convenient, local tuition payment options and JCB can enhance services for many of its 130 million plus cardholders.”
“We are delighted to deliver the news of our partnership with such an innovative and highly reputable company in the payment industry,” Mr. Hitoshi Shioda, EVP, Head of Global Acceptance & Marketing HQ of JCBI said. “With our goal to provide high quality service to JCB cardmembers in various markets, Flywire is the perfect partner to satisfy rapidly growing customer needs in tuition payment.”
About JCB
JCB is a major global payment brand and a leading payment card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to provide responsive and high-quality service and products to all customers worldwide. For more information: www.global.jcb/en.
About Flywire
Flywire solves complex payment problems for businesses and institutions to empower new opportunities globally and locally. The company processes billions in payments per year, connecting entities to make transactions faster, more secure, less expensive, and more transparent. Clients in business, education and healthcare use Flywire’s full-service platform to tailor the payment experience for their customers and to create a single point of visibility and control for payer engagement and receivables management – from invoicing to payment reconciliation. Flywire also supports its clients with end-to-end customer support, including multilingual servicing via phone, email, and chat, as well as around-the-clock online payment tracking.
The company is headquartered in Boston and has offices in Chicago, London and Manchester (UK), Valencia (Spain), Shanghai, Singapore, Tokyo, Cluj (Romania), and Sydney. For more information, visit www.Flywire.com.
Media Contacts:
for Flywire
Tim Walsh
+1 617.512.1641
timw@walshgroupmarketing.com
for JCB
Kumiko Kida
Corporate Communications, JCB
Tel: +81-3-5778-8353
Email: kumiko.kida@jcb.co.jp
SOURCE : Flywire Corporation
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