The agency had also affirmed the insurer’s A+ financial strength rating for its key life/health subsidiaries, alongside affirming the parent’s “a-” issuer credit rating.
Rating agency's shift reflects a market inflection point where record US$660bn in capital has restored buyer leverage and eroded the pricing power reinsurers enjoyed during the recent hard market.
Vietnamese insurer's underwriting results "continued to show improvements following tightened underwriting guidelines and portfolio restructuring," AM Best said.
