Malayan Insurance remains ahead in the non-life insurance industry as global insurance ratings company A.M. Best re-affirms its stability for 2018, reflecting its strength and reliability in the Philippine market.
The insurance company has retained its financial strength rating at B++ (Good) while its issuer credit rating is retained at “bbb+” with a stable outlook for both categories, according to A.M. Best.Founded in 1899, A.M. Best is the world’s oldest & most authoritative insurance rating and information source.
“The ratings reflect MICO’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management,” A.M. Best said in a statement.
It further noted that the company manages credit risk by maintaining a panel of strongly rated reinsurance counterparties and that it has a strong profile in the corporate segment of the Philippine non-life market, ranking as the largest in terms of premiums and second largest in terms of capital and surplus.
Malayan Insurance is the only non-life insurer in the country rated by A.M. Best, standing as a testament to both the company’s strength, as well as its dedication to provide world-class insurance protection to its wide customer base.
This lead in the insurance market is also evident in the Insurance Commission’s rankings released in 2017, stating that the company remains number one in terms of Gross Premium Written (GPW) and Net Premiums Written (NPW) for year 2016.
Founded in 1930, Malayan Insurance is a member of the Yuchengco Group of Companies (YGC). YGC is one of the largest conglomerates in the Philippines, with core businesses in financial services, banking, investments, construction, education, and energy.