SINGAPORE, June 25 (Bernama-BUSINESS WIRE)-- A.M. Best has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the issuer credit rating to “a” from “a-” of Union Medical Benefits Society Limited (UniMed) (New Zealand). The outlook for both ratings is stable.
The upgrade reflects UniMed’s excellent risk-adjusted capitalization, continued favorable operating earnings and balanced investment portfolio, which has enabled it to consistently grow its capital and surplus. The rating action also recognizes the company’s progress in improving its underwriting results, consistently low expense ratio and stable business growth, while maintaining a low underwriting leverage and strong balance sheet. In addition, contributions from the relatively large investment portfolio of UniMed to its premium size enable the company to keep claims ratio competitive while maintaining strong operating results.
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