Non-life insurer earned a 'AA+(idn)' National IFS rating as Fitch cited stronger profitability, adequate capitalisation, and majority ownership by South Korea's Hanwha Life Insurance.
While the Taiwanese insurer continues to demonstrate very strong capital and earnings, S&P warned that its reliance on Mega Bank leaves it exposed to group-level risks.
FWD’s new issuance comes after its Hong Kong IPO in July, with proceeds aimed at reducing funding costs and supporting capital strength as profitability improves.
The captive's capital position strengthened in 2024 through profit retention and favourable investment gains, offsetting pressures from underwriting inefficiencies.
The rating agency affirmed Taiwan's second-largest non-life insurer at A with a stable outlook, noting that its motor portfolio continues to support underwriting margins.
The rating agency said capital recovery driven by underwriting and investment gains kept Taiwanese insurer's position stable despite market volatility.
Fitch affirmed ABCI's ratings, but noted the Hong Kong-based insurer remains heavily dependent on reinsurance and parental backing, despite recent gains.
