The affirmed Excellent ratings and stable outlook also factor in the neutral impact from the company’s ultimate majority owner, Malayan Banking Berhad (Maybank group).
Mandatory core capital rule from January 2027 targets heavy hybrid use, raising refinancing pressure, but is viewed as credit positive with limited near-term ratings impact.
Premium expansion, demographic shifts, and enhanced bancassurance channels are seen to boost the sector and support sustained growth in protection, retirement, and high-net-worth client solutions in the...
