The State Grid-owned insurer's solvency ratio was 275% at the end of H1 2026, unchanged from the end of 2025, while disciplined risk selection kept its combined ratio at 93% in 2025.
Higher capital charges on the insurer's investments outpaced growth in its available capital, while cautious risk selection kept its agricultural book profitable.
Lower natural catastrophe losses and accumulated fire insurance rate revisions outweighed persistent inflation in automobile claims across fiscal-year 2025, while overseas profit growth added support.
Better underwriting in key segments and favourable reserve development have given the Indian export credit insurer strong technical earnings, though geopolitical risks remain.
AM Best expects underwriting profits from the platform-sold products to improve step by step as they scale, while profitable Samsung-linked commercial business keeps results steady.
Overall ratings affirmation and stand-alone credit profile upgrade to 'a+' come as the RAA Insurance deal lifts insurer to third in the country's property and casualty market.
Strong distribution and regulatory expense controls lifted NBV in the first half of 2026, though the agency noted high equity exposure and a large single‑name stake heighten vulnerability to market vo...
Favourable underwriting in its core pet insurance portfolio drove 2026 results, though the agency noted the insurer’s small capital base leaves it exposed to volatility under stress
Stable underwriting results and a favourable loss ratio in the long-term line underpin the rating as the South Korean insurer pushes further into overseas specialty markets.
