Commercial lines and higher sums insured are supporting premium growth, while conservative asset allocation is helping insurers absorb equity-market volatility.
International reinsurers will take a significant share of what is covered, with hydropower plants, engineering projects and commercial property along the China trade corridor driving most claims.
Market yield movements drove the reinsurer's earnings higher, though the agency warned that interest rate exposure has made operating results markedly more volatile.
Fitch expects the exposure to ease once the arm merges with sister company Acenda Life, which runs a lower-risk portfolio, with the merger creating Australia's fourth-largest life insurer.
The Pakistani non-life insurer generated positive underwriting and investment results, producing a 16.3% weighted average return on equity between 2021 and 2025.
Risk-adjusted capitalisation is expected to remain at its strongest level, but the agency noted that volatile cover and a small net premium base have kept underwriting profitability subdued over the past...
The transaction, announced on 31 July, remained subject to closing conditions and regulatory and exchange approvals, with completion expected during August.
