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
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