KUALA LUMPUR, Sept 12 (Bernama) -- A.M. Best has revised the outlooks to stable from negative and affirmed the financial strength rating of A (excellent) and the long-term issuer credit rating of ‘a’ of Hyundai Marine & Fire Insurance Co Ltd (HMF) South Korea.
The ratings reflect HMF’s balance sheet strength, which A.M. Best categorised as strong, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management, a statement said.
The company’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), improved to a very strong level after HMF issued a total of KRW 500 billion (approximately USD 450 million) in hybrid bonds in August 2018.
These bonds receive full equity credit in the BCAR assessment due to their level of subordination, interest deferment option and long maturity. A.M. Best expects the company’s risk-adjusted capitalisation to remain at a very strong level in the medium term.
A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. More details at www.ambest.com.
-- BERNAMA
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