MANILA, Philippines - A.M. Best Co. has affirmed the financial strength rating of B++ (good) and issuer credit rating of “BBB” of Malayan Insurance Co. Inc. for this year. The outlook for both ratings is stable.
A.M. Best Co. is the world’s oldest and most authoritative insurance rating and information source.
Malayan’s ratings reflect its prominent business profile in the Philippine market, solid risk-adjusted capitalization and consistent investment performance.
A.M. Best stated that Malayan’s capitalization level strengthened predominantly as a result of its excellent investment income and increase in investment revaluation reserves.
With over 80 years of history, Malayan has a well-established brand name and distribution network in the Philippines.
In spite of the intense market competition in the local market, the company remained the largest non-life insurer in terms of gross premiums written and networth.
Malayan’s underwriting performance improved in 2010, as it committed to enhancing its underwriting profitability despite potential exposure to natural catastrophes and the competitive market landscape in the Philippines.