KUALA LUMPUR, Aug 19 (Bernama) -- AM Best has affirmed the Financial Strength Rating (FSR) of A++ (superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of ‘aa+’ of Tokio Marine & Nichido Fire Insurance Co Ltd (TMNF), Japan and its US subsidiaries.
With a stable outlook of these credit ratings, AM Best also affirmed the FSR of A+ (superior) and the Long-Term ICR of ‘aa-’ of Tokio Marine Pacific Insurance Limited (TMPI), Guam, a wholly-owned subsidiary of TMNF.
The ratings of TMNF reflected its balance sheet strength, which AM Best categorised as strongest, as well as its strong operating performance, very favourable business profile and very strong enterprise risk management (ERM).
TMNF generated positive operating profit in the fiscal year 2018, even though its underwriting performance deteriorated with a high combined ratio of over 100 per cent and an increased incurred loss ratio caused mainly by natural catastrophes.
The stable outlooks reflect AM Best’s view that TMNF will continue to maintain strong business trends in its domestic non-life business and prudently develop its overseas insurance business.
Meanwhile, the ratings of TMPI reflected its balance sheet strength, which AM Best categorised as very strong, as well as its strong operating performance, neutral business profile and appropriate ERM.
The ratings also reflected the wide range of support that TMPI receives from its parent, TMNF, as well as its affiliates in areas including brand recognition, reinsurance cession, capital, risk management and operations.
The FSR of A++ (superior) and the Long-Term ICRs of ‘aa+’, each with a stable outlook, have been affirmed TMNF subsidiaries: Tokio Marine America Insurance Company, Trans-Pacific Insurance Company, TM Specialty Insurance Company and TNUS Insurance Company.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. More information at www.ambest.com.
-- BERNAMA
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