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
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