Malayan Insurance gross premiums up

The Malayan Insurance Co. Inc. (Malayan Insurance) has reported gross premiums of P4.5 billion in 2005, or 3.5 percent better than the P4.3 billion recorded in 2004.

In terms of premiums earned, it grew to P2.03 billion for a 24.8 percent growth rate from the 2004 performance.

This marks the 36th consecutive year that Malayan Insurance topped the 100 or so non-life insurance companies in terms of gross premiums. It is recognized as a major contributor of fire, motorcar, marine, casualty, and personal accident insurance, as well as surety and bonds.

Prompt settlement of claims gained Malayan Insurance the recognition of the Philippine insuring public and the global insurance indusstry.

A.M. Best Co. assigned a financial strength rating of B++ reflectings the company’s excellent capitalization, leading market position and stable income supported by strong investment performance. A.M.Best is the world’s oldest and most authoritative insurance rating and information source.

Another international ratings agency, Standard & Poors (S&P), affirmed their rating of BBpi for Malayan Insurance. S&P stated that Malayan’s rating remains supported by leading market franchise, satisfactory solvency and adequate level of reserving.

Malayan Insurance is the core company of the Malayan Group of Insurance Companies, a member of the Yuchengco Group.