Ratings of Bank of Communications' Hong Kong-based captive remain stable, with moderate revenue growth and strong capitalisation balancing high operating expenses.
Chairman Stephen Yiu says IA is committed to enhancing prudential frameworks, focusing on RBC and group-wide supervision to attract more business and investment to Hong Kong.
Typhoon Yagi triggered deadly floods and landslides in the Philippines, leaving 15 dead and 21 missing, and causing millions of USD in agricultural losses.
Direct general insurance segment records HK$739.3m (US$94m) Q2 profit, driven by strong result in general liability, according to provisional data from the IA.
AM Best affirms ratings while upgrading outlook, noting parent company's improved access to funding and bank support to mitigate liquidity and refinancing risks.
