SUSTAINALYTICS RANKS INNIO ESG RISK RATING AS NUMBER ONE AMONGST 500 COMPANIES IN THE MACHINERY INDUSTRY

 

^{INNIO Jenbacher's strong performance across a range of ESG metrics earns a low risk rating that places it at the top of its industry. (Photo: Business Wire)}
 

• INNIO makes significant progress in advancing its commitment to sustainability with low ESG risk rating
• Sustainalytics ranks INNIO number one among more than 500 companies in the industry with lowest risk
• INNIO achieves top rating across the Machinery Industry
   

JENBACH, Austria, April 27 (Bernama-BUSINESS WIRE) -- INNIO today announced that it has received an Environmental, Social and Governance (ESG) rating of 11.0 from Sustainalytics, assessing INNIO to be at “Low Risk” of experiencing material financial impacts from ESG factors. INNIO’s ESG Risk Rating places it number one of more than 500 companies in the Machinery industry assessed by Sustainalytics.* The assessment identifies INNIO’s strong performance across a broad range of ESG metrics.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220427005322/en/

 

"INNIO is relentlessly committed to ensuring that we incorporate effective ESG practices across all our operations. We are proud to have achieved Sustainalytics’ rating as the lowest ESG risk ranking in our industry,” said Dr. Olaf Berlien, president and CEO of INNIO. “Securing a top rating in Sustainalytics’ extensive rating process marks a significant milestone and shows that our teams are committed, innovative and effective in building a sustainable future for our customers, employees, and the environment. This clearly demonstrates that INNIO is on the right track in contributing to the energy transition and building operational excellence.”

The Sustainalytics rating is yet another accomplishment in advancing INNIO’s ambition to elevate and operationalize the company’s ESG commitment. Additional recent achievements include:

• Establishing the INNIO Sustainability Review Board
• Publishing INNIO’s first Sustainability Report “Together for Sustainable Future”
• Defining INNIO’s Sustainability goals
• Conducting an ISO audit and renewal of certifications
• Receiving a Gold Medal rating from EcoVadis

Sustainalytics’ ESG Risk Ratings measure a company’s exposure to industry specific Material ESG risks and how well a company is managing those risks. This multi-dimensional way of measuring ESG risk combines the concepts of management and exposure to arrive at an assessment of ESG risk, i.e., a total unmanaged ESG risk score or the ESG Risk Rating, that is comparable across all industries. Sustainalytics’ ESG Risk Ratings provide a quantitative measure of unmanaged ESG risk and distinguishes between five levels of risk: negligible, low, medium, high and severe. Learn more about the ESG Risk Ratings here.

About Sustainalytics

Sustainalytics is a global leader in ESG research, ratings and data, serving the world's leading institutional investors and corporations. Sustainalytics works with hundreds of the world's leading asset managers and pension funds who incorporate ESG and corporate governance information and assessments into their investment processes. For more information regarding Sustainalytics ESG rating, please visit https://www.sustainalytics.com/esg-ratings.

About INNIO

INNIO is a leading energy solution and service provider that empowers industries and communities to make sustainable energy work today. With our product brands Jenbacher and Waukesha and our digital platform myPlant, INNIO offers innovative solutions for the power generation and compression segments that help industries and communities generate and manage energy sustainably while navigating the fast-changing landscape of traditional and green energy sources. We are individual in scope, but global in scale. With our flexible, scalable, and resilient energy solutions and services, we are enabling our customers to manage the energy transition along the energy value chain wherever they are in their transition journey.

INNIO is headquartered in Jenbach (Austria), with other primary operations in Waukesha (Wisconsin, U.S.) and Welland (Ontario, Canada). A team of more than 3,500 experts provides life-cycle support to the more than 54,000 delivered engines globally through a service network in more than 80 countries.

INNIO was awarded the Gold Medal from EcoVadis in 2022 for our outstanding sustainability efforts.

For more information, visit INNIO’s website at www.innio.com. Follow INNIO on Twitter and LinkedIn.

*Rating took place in February 2022.

View source version on businesswire.com: 
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Contact

Susanne Reichelt
INNIO
+43 664 80833 2382
susanne.reichelt@innio.com

Source : INNIO

POET TECHNOLOGIES REPORTS FOURTH QUARTER 2021 FINANCIAL RESULTS

 

TORONTO, April 27 (Bernama-GLOBE NEWSWIRE) -- POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer™ and Photonic Integrated Circuits (PICs) for the data center and tele-communication markets, today reported its audited condensed consolidated financial results for the fourth quarter and full year ended December 31, 2021. The Company’s financial results as well as the Management’s Discussion and Analysis have been filed on SEDAR and EDGAR. All financial figures are in United States dollars (“USD”) unless otherwise indicated.

Fourth Quarter Financial (non-IFRS) and Recent Business Highlights:

The Company continued to execute on its strategic initiatives and achieved the following significant milestones during the fourth quarter and the subsequent three months:

• Secured a commitment from a leading network systems company for a unique multi-engine design for 100G CWDM4 and 100G LR4 Optical Engines based on the POET Optical Interposer. The combined value of the NRE and the purchase order for initial units exceeds US$1.2 million;
• Established the first phase of a supply agreement with a leading global supplier of lasers and other components used in high-speed optical networking equipment. The companies will collaborate on the design and production of flip-chippable Continuous Wave (CW) high power lasers for use in the Company’s 400G optical engines;
• Completed previously announced consolidation of its common shares and commenced trading on the Nasdaq Capital Market on March 14, 2022;
• Entered development agreement and received initial purchase order from Celestial AI to provide multi-laser integrated external light source modules for AI accelerator chips;
• Began collaboration on multi-phase, co-development project with Liobate Technologies to incorporate advanced Thin-Film Lithium Niobate (TFLN) modulators into the Company’s optical engines, with a focus on commercializing POET’s 400/800Gps Transmit and Receive optical engines for data center and telecom applications;
• Appointed seasoned optical industry executive, Raju Kankipati, to newly established position of Vice President of Product Line Management;
• Formally launched and began sampling 400G FR4 and 800G (2x400G FR4) Receive (RX) optical engines based on the POET Optical Interposer, representing the industry’s only chip-scale integrated version of a FR4 RX optical engine;
• Exhibited and demonstrated POET’s unique chip-scale integrated FR4 optical engines, 200G FR4 Transmit and 400G FR4 Receive, at the Optical Fiber Conference (OFC), in addition to hosting meetings with numerous existing and prospective customers;
• Joined new center for photonics integration, the Singapore Hybrid-Integrated Next Generation micro-Electronics (SHINE), as a founding member;
• Ended the fourth quarter with robust balance sheet consisting primarily of cash, cash equivalents and short-term investments of $21.3 million and no debt.

Management Comments

“During the fourth quarter and year-to-date, we have successfully delivered an increasing number of fully functional samples of POET’s optical engines to customers, which is a key milestone in the commercialization of our technology after more than four years of technology and product development,” stated Dr. Suresh Venkatesan, Chairman & CEO. “I’m also pleased to report that we are on track to deliver Beta samples to multiple lead customers within the coming weeks. These latest Beta samples meet or exceed the highest industry specifications, and they will be undergoing standard reliability testing and qualifications by customers over the next three to six months.”

“As a further highlight to our product sampling milestones, the recent launch and live demonstration of our 200G FR4 Transmit and 400G FR4 Receive optical engines at OFC was also a watershed achievement. Enabled by our proprietary POET Optical Interposer platform, we were the only company to exhibit a chip-scale integrated FR4 optical engine, offering substantial size, energy efficiency and cost benefits compared to alternative solutions based on the DR4 standard. As a result of our demonstrations and participation at OFC, we have gained increasing awareness as well as notable traction on new engagements for our standard products as well as potential custom designs across a growing number of prospective customers. We expect to build on this momentum over the course of 2022, as we continue to execute on our product roadmap and expand sampling of our industry-leading solutions based on the POET Optical Interposer platform toward production releases later this year.”

Financial Summary
The Company reported a net loss of $3.7 million, or ($0.10) per share, in the fourth quarter of 2021 compared to a net loss of $5.0 million, or ($0.17) per share, for the same period in 2020 and a net loss of $3.5 million, or ($0.10) per share, in the third quarter of 2021. The net loss in the fourth quarter of 2021 included research and development costs of $2.0 million compared to $2.2 million for the same period in 2020 and $1.2 million in the third quarter of 2021. R&D for the Company varies from period to period as based on the immediate product development needs of the Company. The Company’s decreased spend in the fourth quarter of 2021 compared to the fourth quarter of 2020 was driven by the current contraction in the global semiconductor chip supply chain that has resulted in slower deliveries of orders made by the Company. The increased spend in the fourth quarter of 2021 compared to the third quarter of 2021 was a result of certain NRE commitments with large tier-one industry suppliers established to manage the Company’s supply chain and associated risks.

Non-cash expenses in the fourth quarter of 2021 included stock-based compensation of $1.2 million and depreciation and amortization of $0.3 million. Non-cash stock-based compensation and depreciation and amortization in the same period of 2020 were $0.9 million and $0.2 million, respectively. Third quarter 2021 stock-based compensation and depreciation and amortization were $1.3 million and $0.3 million, respectively. The Company had debt related finance costs of $16,000 in the fourth quarter of 2021 compared to $249,000 in the fourth quarter of 2020 and $20,000 in the third quarter of 2021. All of the finance costs recognized in the fourth quarter of 2021 were non-cash compared to $128,000 during the same period in 2020 and $18,000 in the third quarter of 2021. The Company recognized other income, including interest of $27,000 in the fourth quarter of 2021 compared to $7,000 in the same period in 2020 and $208,000 in the third quarter of 2021. Other income, including interest in the third quarter of 2021 included $187,000 of COVID-19 related PPP loan that was forgiven.

Impact of joint venture in the fourth quarter of 2021 was $1.0 million compared to nil in the same period of 2020 and $0.4 million in the third quarter of 2021. Impact of joint venture is a net gain on the Company’s activity related to its investment in SPX. During 2021, the Company recognized a gain of $2.6 million related to its contribution of intellectual property to SPX in accordance with IAS 28. The Company only recognized a gain on the contribution of the intellectual property equivalent to the SAIC’s interest in SPX. Additionally, the Company recognized its share of SPX's losses using the equity method. The Company recognized 94.2% or $1.1 million of the net operating loss of SPX from March 12, 2021 to December 31, 2021. The Company's current share of the operating loss is a result of the high value of the Company's initial contribution.

On a non-IFRS basis, cash flow from operating activities in the fourth quarter of 2021 was ($3.2) million compared to ($2.9) million in the fourth quarter of 2020 and ($2.8) million in the third quarter of 2021.

Non-IFRS Financial Performance Measures

Certain financial information presented in this press release is not prescribed by IFRS. These non-IFRS financial performance measures are included because management has used the information to analyze the business performance and financial position of POET. These non-IFRS financial measures are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. These non-IFRS financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. 



Business Update Conference Call
The Company will host a business update conference call tomorrow, Wednesday, April 27, 2022, at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time). A link to the live webcast and archived replay of the business update conference call, as well as associated presentation materials, can be found in the Investor Relations section of POET’s website at www.poet-technologies.com. Additionally, the live conference call can be accessed by dialing 1-866-688-4315 and using Conference ID 6948124. A telephone replay of the call will also be made available approximately two hours after the call and remain available through May 4, 2022. The telephone replay can be accessed by dialing 1-855-859-2056 and using the Conference ID 6948124.

About POET Technologies Inc.
POET Technologies is a design and development company offering integration solutions based on the POET Optical Interposer™ a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques and packaging methods. POET’s Optical Interposer eliminates costly components and labor-intensive assembly, alignment, burn-in and testing methods employed in conventional photonics. The cost-efficient integration scheme and scalability of the POET Optical Interposer brings value to any device or system that integrates electronics and photonics, including some of the highest growth areas of computing, such as Artificial Intelligence (AI), the Internet of Things (IoT), autonomous vehicles and high-speed networking for cloud service providers and data centers. POET is headquartered in Toronto, with operations in Allentown, PA, Shenzhen, China and Singapore. More information may be obtained at www.poet-technologies.com.

Shareholder Contact:
Shelton Group
Brett L. Perry
sheltonir@sheltongroup.com 

Company Contact:
Thomas R. Mika, EVP & CFO
tm@poet-technologies.com

This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to the success of the Company’s product development efforts, the performance of its products, the expected results of its operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products.

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management’s expectations regarding the success and timing for completion of its development efforts, financing activities, future growth, recruitment of personnel, opening of offices, the form and potential of its joint venture, plans for and completion of projects by the Company’s third-party consultants, contractors and partners, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, the failure of its products to meet performance requirements, lack of sales in its products, once released, operational risks in the completion of the Company’s anticipated projects, lack of performance of its joint venture, delays in recruitment for its newly opened operations or changes in plans with respect to the development of the Company’s anticipated projects by third-parties, risks affecting the Company’s ability to execute projects, the ability of the Company to generate sales for its products, the ability to attract key personnel, and the ability to raise additional capital. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel: 416-368-9411 - Fax: 416-322-5075

SOURCE : POET Technologies Inc.

KIOXIA EXTENDS LINEUP OF PCIE® 4.0 SSDS FOR HIGH-END CLIENT APPLICATIONS

 

^{Kioxia Corporation: XG8 Series PCIe® 4.0 SSDs for High-End Client Applications (Photo: Business Wire)}


New KIOXIA XG8 Series Delivers High Performance, Latest Security Features


TOKYO, April 26 (Bernama-BUSINESS WIRE) -- In a move that bolsters its comprehensive PCIe^® 4.0 solid-state drive (SSD) portfolio, Kioxia Corporation has introduced the KIOXIA XG8 Series of client SSDs for high-end notebooks, desktops, gaming systems, workstations, as well as data center boot applications.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220425005410/en/

 

Designed to bring next-generation performance to demanding client environments, the XG8 Series enables power users to take advantage of PCIe Gen4 x4 speed and ample storage space.

The XG8 Series is available in an M.2 type 2280 form factor and supports optional security features using the latest TCG Pyrite 2.01 and TCG Opal 2.01 standards^[1] to ensure data is kept secure at home, in the office or on the road. In addition, the XG8 Series features end-to-end data path protection for greater data integrity.

Additional features include:

• Forward-looking support for NVMe™ 1.4 feature set and Basic Management Commands over System Management Bus (SMBus), which enables tighter thermal management for PCs
• Power Loss Notification is supported to protect data against forced shut-downs
• Sideband signals (PERST#, CLKREQ# and PLN#) are available in both 1.8V and 3.3V (current client models support only 3.3V), enabling support for more platforms

The XG8 Series is offered in capacities of 512GB, 1024GB, 2048GB and 4096GB, and is now available for customer evaluation.

Notes
[1] Availability of security/encryption options may vary by region.

*The samples are for evaluation purposes. The specifications of the samples may differ from the production models.

*Definition of capacity: Kioxia defines a megabyte (MB) as 1,000,000 bytes, a gigabyte (GB) as 1,000,000,000 bytes and a terabyte (TB) as 1,000,000,000,000 bytes. A computer operating system, however, reports storage capacity using powers of 2 for the definition of 1Gb = 2^30 bits = 1,073,741,824 bits, 1GB = 2^30 bytes = 1,073,741,824 bytes and 1TB = 2^40 bytes = 1,099,511,627,776 bytes and therefore shows less storage capacity. Available storage capacity (including examples of various media files) will vary based on file size, formatting, settings, software and operating system, and/or pre-installed software applications, or media content. Actual formatted capacity may vary.

*PCI Express and PCIe are registered trademarks of PCI-SIG.
*NVM Express and NVMe are registered or unregistered marks of NVM Express, Inc. in the United States and other countries.
*All other company names, product names and service names may be trademarks of their respective companies.

About Kioxia
Kioxia is a world leader in memory solutions, dedicated to the development, production and sale of flash memory and solid-state drives (SSDs). In April 2017, its predecessor Toshiba Memory was spun off from Toshiba Corporation, the company that invented NAND flash memory in 1987. Kioxia is committed to uplifting the world with “memory” by offering products, services and systems that create choice for customers and memory-based value for society. Kioxia's innovative 3D flash memory technology, BiCS FLASH™, is shaping the future of storage in high-density applications, including advanced smartphones, PCs, SSDs, automotive and data centers.

Customer Inquiries:
Kioxia Corporation
Sales Promotion Division
https://business.kioxia.com/en-jp/buy/global-sales.html

*Information in this document, including specifications, content of services and contact information, is correct on the date of the announcement but is subject to change without prior notice.

View source version on businesswire.com: 
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Contact

Media Inquiries:
Kioxia Corporation
Sales Strategic Planning Division
Koji Takahata
Tel: +81-3-6478-2404

Source : Kioxia Corporation

CLEAR HYDROGEN UK TO PRODUCE 5,000,000 KG/DAY HYDROGEN USING PROTON'S METHOD

 

^{Left to right: Proton COO Setayesh Afshordi, Directors Belinda Oakland, Hertford King, and Grant Strem (Photo: Business Wire)}


LONDON, April 26 (Bernama-BUSINESS WIRE) -- Clear Hydrogen UK Ltd. (CHUK) is pleased to announce an expansion of its agreement with Proton Technologies.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220424005124/en/
 

Proton has the lowest-cost method for producing Clear Hydrogen, which is the most environmentally friendly and lowest cost method to make hydrogen.

The plan is to produce Clear Hydrogen from the UK’s aging offshore oil assets while sequestering vast amounts of CO2 as solid carbonate within the same systems.

In 2021, CHUK’s founders invested $3.7 million CAD in Proton to obtain a 20 tonne per day production license for use in the UK and Ireland. The expansion announced today is 250x larger, giving an implied total license value as high as $925 million CAD for 5000 tonnes per day. Terms include 45% ownership of CHUK going to Proton, who will be providing increased technical support and governance oversight to CHUK’s team. Two of CHUK’s founders will also be joining the board of Proton.

Chairman of CHUK Hertford King had this to say: “We look forward to the jobs and economic security this will bring to the UK using Proton’s low cost, carbon negative technology to leverage the equipment, assets, offshore knowledge, and people who already support the UK’s offshore energy production. Our intention is for CHUK to be an important component of the UK’s drive to become low carbon energy independent, and our agreement with Proton is a big step in helping us achieve this goal.”

Chairman of Proton Technologies, Grant Strem said “Our mission is to proliferate this hugely-scalable clean energy technology worldwide as fast as we can afford to. We like partnering with decisive and capable groups like CHUK to fill offtake deals already in advanced discussions. Adapting Proton’s hardware solutions to an offshore setting is easily within the technical grasp of experts in the UK, and this partnership with CHUK is good news for the environment and the UK economy generally. The energy sector is roughly $10 trillion per year. We expect to produce hydrogen at a lower energy cost than natural gas; the implications of this are profound.”

View source version on businesswire.com: 
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Contact

For further information:
Hertford King
Hertford@proton.energy
or
Grant Strem
grant.strem@proton.energy
+1-403-467-1220

Source : Proton Technologies

UPGRAD PARTNERS WITH GOLDEN GATE UNIVERSITY - SAN FRANCISCO TO CONTINUE ITS GLOBAL EXPANSION

 ~ The partnership to offer over $100M in scholarships to students across geographies and introduce 8 new online programs for the global workforce in the areas of Management and Law ~


ATLANTA, April 26 (Bernama-BUSINESS WIRE) -- upGrad, Asia’s higher EdTech leader in a most recent development, has joined forces with Golden Gate University - one of California's oldest private universities to launch 8 new online programs in the areas of Management and Law as a part of its initial expansion phase.

For the fourth consecutive year, Washington Monthly ranked Golden Gate University as America's #1 School for Adult Learners at 4-Year Colleges, in its annual College Guide and Rankings. GGU is also ranked amongst the Top 10% US Colleges by multiple publications.

The partnership will unlock and deepen upGrad’s accessibility into the local American markets while also expanding its international program portfolio for learners who are based out of diverse geographies. The curriculum will offer an in-depth subject understanding along with industry projects which shall remain at par with the international market and industry requirements. Other career service value additions like 1:1 mentorship and coaching and masterclasses have also been incorporated into the program curriculum to offer wholesome and outcome-driven learning.

Furthering its ambition, the global EdTech company and Golden Gate University are jointly awarding more than USD 100Mn scholarships; 5000+ students will be given a 70% scholarship on the tuition fee for these Bachelors, Masters & Doctorate programs.

A power-pack of 8 online programs in phase 1, upGrad and the Golden Gate University also aims to take a diversified route to create a mark with its learning content that is expected to be rolled out in foreign languages like Arabic, Vietnamese, Bahasa, and Spanish in the near future. “Golden Gate University has a 120+ years legacy of helping working adults achieve their career aspirations. With this alignment in vision, we are really excited to partner with GGU to offer globally accredited, high quality, low cost degree programs to thousands of learners globally," added Phalgun Kompalli, Co-Founder of upGrad.

"upGrad is one of the world's largest online higher education platforms and has always been a pioneer in creating world class learning experiences and outcomes for learners globally. GGU also has a rich history of being an innovator in higher education and we have always leveraged technology to provide better access and quality. upGrad was a natural partner of choice and we are excited to make a global impact with a strong portfolio of programs and with USD100M+ scholarships on offer," said Prof Brent White, Provost & VP Academic Affairs at Golden Gate University.

About upGrad

upGrad - started in 2015 is a pioneer in the online education revolution, focused on powering career success for a global workforce of over 1.3 billion. It is one of the few Integrated LifeLongLearning Tech Companies in the world - spanning the college learner to the working professional from the age group of 18-50 years and across Undergrad courses, Campus & Job Linked Programs, Studying Abroad, short form to executive programs to Degrees, Masters and Doctoral - with a learner base of over 2 million across 100+ countries and over 300 University partners and a robust enterprise business with a client base of 1000 companies worldwide.

upGrad’s Global Learning Engine rests on four pillars - (a) its large repository of original & owned content and IP, (b) its own best-in-class proprietary tech platform, (c) its high touch human-led delivery service backed by coaches & mentors, and (d) an 85% course completion track record, backed by a further 80% career outcomes guaranteed performance.

Already termed Asia’s higher EdTech leader it has offices in the UK, U.S., Middle East, India, Singapore & Vietnam, and with presence in many more countries.

About Golden Gate University

Golden Gate University, a private nonprofit university in the heart of San Francisco, empowers working adults to achieve their professional goals with nationally renowned undergraduate and graduate degrees and certificates. Founded in 1901, GGU has been a leader in online education for nearly three decades and Washington Monthly ranked GGU first on their list of Best Colleges for Adult Learners for four years in a row (2016, 2017, 2018, 2019). GGU’s primary campus is in downtown San Francisco, with teaching locations in Los Angeles, Seattle, and Silicon Valley. GGU is accredited by the American Bar Association (ABA) and the WASC Senior College and University Commission.

View source version on businesswire.com: 
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Contact

upGrad | Neha Prasad | Asst. Manager – PR | neha.prasad@upgrad.com

Source : upGrad

AM BEST AFFIRMS CREDIT RATINGS OF TOWER LIMITED

 SINGAPORE, April 25 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Tower Limited (Tower) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Tower’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

Tower’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which was at the strongest level at fiscal year-end 2021 (30 September 2021) and is expected to remain at least at the very strong level over the medium term. Whilst the company is expected to maintain an elevated dividend payout ratio, retained earnings are expected to be sufficient to support new business growth and sustain robust regulatory solvency coverage. AM Best views Tower as having strong financial flexibility, a prudent reinsurance programme and a conservative investment strategy.

AM Best assesses Tower’s operating performance as adequate. Following the settlement of the majority of claims arising from the Canterbury Earthquake events, the company’s underwriting profits have improved notably over the past three fiscal years, with the combined ratio remaining below 95% during this period. Prospectively, AM Best expects Tower to report positive underwriting and operating results, supported by appropriate risk selection and pricing, as well as through anticipated expense efficiencies achieved by core system upgrades in recent years.

AM Best views Tower’s business profile as neutral. The company is a medium-sized non-life insurer that operates predominantly in New Zealand, with some operations based in the Pacific Islands. Tower has a market share of approximately 5% in New Zealand’s general insurance market and reported gross written premium of NZD 405 million (USD 280 million) in fiscal year 2021. The company’s core product offerings are domestic home and motor insurance, typically distributed through direct channels and partnerships.

Tower’s ERM framework is developed and considered appropriate given the size and complexity of its operations. The company’s risk management capabilities also are assessed to be robust and typically aligned with the profile of the company’s key risks.

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 Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: 
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Contact

Yi Ding
Senior Financial Analyst
+65 6303 5021
yi.ding@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Michael Dunckley, CFA
Director, Analytics
+65 6303 5020
michael.dunckley@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Source : AM Best