HONG KONG, June 9 (Bernama-BUSINESS WIRE) -- A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Wing Lung Insurance Company Limited (WLI) (Hong Kong). The outlook for each rating remains stable.
The rating affirmations reflect WLI’s strong risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), favorable operating results and adequate reinsurance protection.
WLI’s capital and surplus strengthened to HKD 945 million (USD 122 million) at year-end 2015, representing a year-on-year increase of 13.5% and five-year compound average growth of 16.5% per annum. This capital improvement is due to full profit retention over the past few years. Despite intense competition in Hong Kong’s employees’ compensation and motor lines segments, which are WLI’s key business lines, the company has maintained pricing discipline and delivered positive and improving underwriting results since 2010. WLI also has achieved stable investment income from its diversified investment portfolio.
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