Low interest rates, currency swings and capital pressures continue to strain both markets, with global non-life insurers maintained at a 'neutral' outlook despite geopolitical risk.
The Indonesian reinsurer's risk-based capital ratio fell to 163% at end-2025 from 228% a year earlier, with Fitch also assigning a negative outlook following the ratings downgrade.
While the Taiwanese insurer continues to demonstrate very strong capital and earnings, S&P warned that its reliance on Mega Bank leaves it exposed to group-level risks.
The rating agency expects margins to weaken in 2026 as abundant capacity and softer rates erode underwriting profitability, though capitalisation will remain strong.
Fitch pointed to slower growth and earnings swings as key risks for China and Taiwan’s life insurers, but sees stability for most of the region's life and non-life industry.
