The Hong Kong subsidiary swung back to profit in 2024, with the ratings agency also pointing to the importance of its cross-border role linking mainland China and Hong Kong.
The Bangkok-based non-life reinsurer earns an aa+.TH national scale rating, though AM Best flagged exposure to heightened credit and liquidity risks from holdings in a sanctioned country.
Overseas premiums are projected to account for about 50% of non-life premiums and profits in FYE26, supported by its US$3.5bn acquisition of Aspen Insurance.