MANILA, Philippines — Global insurance ratings company AM Best has reaffirmed Malayan Insurance Co. Inc.’s financial strength and credit rating for 2020.
According to the Yuchengco-led company, AM Best retained Malayan’s financial strength rating (FSR) of “B++” (good) and long-term issuer credit rating of “bbb+”, reflecting the insurer’s strength even amid the global pandemic which has wreaked havoc in the Philippine economy.
“The ratings reflect Malayan Insurance’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management,” AM Best was quoted as saying in a statement.
Malayan Insurance said AM Best also took note of the company’s strong risk-adjusted capitalization and support from highly rated reinsurance partners.
“Malayan Insurance is the only non-life insurer in the country rated by AM Best, standing as a testament to both the company’s strength, as well as its dedication to provide world-class protection to its wide customer base,” the company said.
Founded in 1930, Malayan Insurance is a member of the Yuchengco Group of Companies (YGC), one of the largest conglomerates in the Philippines.
Malayan Insurance is celebrating its 90th year in the Philippine non-life insurance industry this 2020.
According to the latest data from the Insurance Commission, Malayan Insurance ranked first in the non-life insurance industry last year in terms of gross premiums written (GPW). In 2019, the insurer reported P12.25 billion in GPW.