KUALA LUMPUR, Aug 23 (Bernama) -- A.M. Best has affirmed the financial strength rating of B++ (good) and the long-term Issuer credit rating of ‘bbb+’ of EQ Insurance Company Ltd (EQI) Singapore. The outlook of these ratings is stable.
The ratings reflect EQI’s balance sheet strength which A.M. Best categorised as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management, a statement said.
The company’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR) is supported by low underwriting leverage and capital injections received from its parent company -- Citystate Capital Asia Pte Ltd.
Offsetting rating factors include EQI’s limited business profile and elevated combined ratio, which remains above industry peers. As a small player in the highly competitive Singapore market, the company is undertaking various initiatives to establish a profitable niche.
Positive rating actions are unlikely in the near term while negative rating actions may occur from a deterioration in operating performance or business profile.
A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. More details at www.ambest.com.
-- BERNAMA
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