A.M. Best Affirms Credit Ratings of Vietnam National Reinsurance Corporation
The ratings reflect VINARE’s balance sheet strength, which
VINARE’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is supported by its low net and gross underwriting leverage. The company’s investment portfolio is conservative, with a majority of its assets invested in cash and deposits.
VINARE has maintained good operating performance throughout the past five years, driven by underwriting and investment activities. The company achieved an average combined ratio of approximately 87% from 2013 to 2017, lower than many direct insurers in
In terms of business profile, VINARE continues to receive support from its shareholders, namely the
An offsetting rating factor is the company’s low earnings retention. This could impede capital growth relative to its cedants, which are experiencing capital increases from organic growth and foreign investment. In addition,
While VINARE is well-positioned at its current rating level, negative rating actions may arise from material deterioration in its operating performance or risk-adjusted capitalization.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Wesley Chia+65-6303-5018
Financial Analyst
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Chi-Yeung Lok, +65-6303-5016
Director, Analytics
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