COR increased to 103% in 2023 due primarily to rise in motor loss ratio, but support of Agricultural Bank of China and strong capital position underscore ratings affirmation.
AM Best maintains 'Stable' outlook for non-life market, spotlighting prospects for motor and health, which are balanced by economic and underwriting challenges.
Ratings of Bank of Communications' Hong Kong-based captive remain stable, with moderate revenue growth and strong capitalisation balancing high operating expenses.
AM Best spotlights AAGI's improvement in underwriting performance by year-end 2023, driven by increased scale benefits, cost management efforts, and lower acquisition expense ratio.
AM Best said long-term insurance line is likely to gain from efforts such as stricter underwriting practices and higher premium rates for medical indemnity policies.
Hard market and healthy investment income support outlook, with Moody's adding that limited nat cat events in next 12-18 months may lead to market softening.
S&P Global assigns foreign currency ICR and financial strength rating, while affirming local currency ratings, citing expectations to maintain "satisfactory” earnings and "proactive risk control.”...
