A.M. Best has upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating to “bbb” (Good) from “bbb-” (Good) of Asian Reinsurance Corporation (Asian Re) (Thailand). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Asian Re’s balance sheet strength, which AM Best assesses as strong, as well its adequate operating performance. Asian Re’s enterprise risk management (ERM) approach is considered to be appropriate.
The rating upgrade reflects Asian Re’s sustained improvement in operating performance in recent years and successful execution of business plan leading to an improved profitability.
Asian Re’s balance sheet strength assessment is underpinned by its risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which A.M. Best expects to remain at the strongest level over the medium term, reflecting a robust solvency level.
The management in recent years has implemented a number of strategic initiatives, which has enabled the portfolio to grow steadily along with underwriting profit.
The Corporation has positive operating results for the last 4 years, following several initiatives taken by the management in respect of underwriting, conservative risk selection, successful diversification of the portfolio and risk management.
Combined Ratio for 2024 is 84.9%. Net profit for 2024 has increased by 117.9%. Current Solvency ratio remains robust at 336% as per Thailand RBC guidelines.
The Corporation continues to implement a number of strategic initiatives and business partnerships aimed at expanding its underwriting portfolio and market presence.