‘A’ Financial Strength Rating for Taiping Reinsurance Company Limited, subsidiary - AM Best

 KUALA LUMPUR, Sept 28 -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of ‘a’ of Taiping Reinsurance Company Limited (TPRe) Hong Kong.

The global credit rating agency also affirmed TPRe’s wholly-owned subsidiary, Taiping Reinsurance (China) Company Ltd (TPRe China) China.

According to a statement, the outlook of these ratings is stable.

The ratings of TPRe reflect its balance sheet strength, which AM Best categorised as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The ratings also acknowledge the continued implicit and explicit support given by TPRe’s parent company, China Taiping Insurance Holdings Company Limited, in terms of capital, investment, risk oversight and shared operational resources.

TPRe’s risk-adjusted capitalisation remained at the strongest level as of year-end 2019, as measured by Best’s Capital Adequacy Ratio.

Meanwhile, the ratings of TPRe China reflect its strategic importance to TPRe, as well as its high level of integration with, and the explicit support received from TPRe.

The subsidiary has delivered robust non-life premium growth over the past five years, and commenced assuming life reinsurance business last year.

Going forward, AM Best expects TPRe China to remain a key contributor to TPRe’s consolidated financials. More details on the ratings at www.ambest.com

-- BERNAMA