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.
Life insurance growth remained subdued in H1, while health and non-motor business supported gains in the non-life sector amid sweeping regulatory changes.
The Taiwan reinsurer’s domestic life book continued to expand, while retained profit increased adjusted capital and surplus into the first quarter of 2026.
The insurer registered a 102.5% combined ratio in 2025, though AM Best expects growth in Korea Interests Abroad and affiliate business to support future results.
