KUALA LUMPUR, Nov 9 — AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of ‘a+’ of Fubon Insurance Co Ltd (Fubon Insurance) Taiwan.
In a statement, the global credit rating agency, AM Best said the outlook of these Credit Ratings (ratings) was stable.
The ratings reflect Fubon Insurance’s balance sheet strength, which AM Best categorised as very strong, as well as its adequate operating performance, favourable business profile and appropriate enterprise risk management.
Fubon Insurance’s risk-adjusted capitalisation remained at the strongest level at year-end last year, as measured by Best’s Capital Adequacy Ratio.
The company’s adjusted capital and surplus grew by 17.5 per cent in 2019 to TWD 42.7 billion (US$ 1.4 billion) as of year-end 2019, supported by a moderate level of profit retention, and favourable unrealised capital gains during the year. (US$1 = RM4.12)
Fubon Insurance’s operating performance continues to be supported by positive underwriting and investment results in 2019, with a five-year average return on equity of 8.5 per cent.
The company continues to be the market leader in the Taiwan non-life market, with a market share of 23.8 per cent in 2019, in terms of gross premium written.
Leveraging its extensive distribution network and strong brand recognition, the company is able to maintain a diversified and consistently profitable domestic underwriting portfolio.
More details at www.ambest.com. – BERNAMA