AM Best Affirms Credit Ratings of South China Insurance Co., Ltd.
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of
The ratings reflect South China Insurance’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
South China Insurance’s risk-adjusted capitalisation remained at the strongest level at year-end 2020, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s adjusted capital and surplus, including special reserves provisioned for the non-compulsory auto liability insurance business, continued to grow in 2020 and 2021, supported by partial retention of earnings and capital gains, while its statutory solvency ratio remained at a healthy level. The company’s investment portfolio remained liquid and diversified with majority of the invested assets in investment grade bonds and cash. The company continues to manage its currency risk in its investment portfolio through currency hedging.
Although
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 AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in
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Source: AM Best
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