The captive's capital position strengthened in 2024 through profit retention and favourable investment gains, offsetting pressures from underwriting inefficiencies.
Fitch affirmed ABCI's ratings, but noted the Hong Kong-based insurer remains heavily dependent on reinsurance and parental backing, despite recent gains.
Captive plays a key role in parent company's risk framework, though premium volumes may decline in 2025 due to rate softening and shifts in capital spending.