The upgrade reflects Beazley’s strategic importance to Zurich, with the combined specialty platform expected to generate around US$15bn in business volumes.
Profitability is expected to edge higher over the next two years, as Hanwha Life targets a recovery in underwriting margins and leans on steadier earnings from overseas and non-insurance units.
Underwriting performance at Hanoi Re recovered in FY 2025, driven by favourable loss reserve development, lower management expenses and higher premium rates.
The firm's new business profit also rose 12% to US$1.96bn for the first 9 months of 2025, driven by a 6% increase in annual premium equivalent and a stronger profit margin.
The rating agency said capital recovery driven by underwriting and investment gains kept Taiwanese insurer's position stable despite market volatility.
The rating agency also revised the outlook to stable, from positive, with the Chinese health insurer demonstrating a very strong balance sheet and steady investment income.
