KUALA LUMPUR, July 12 (Bernama) -- AM Best has affirmed the Financial Strength Rating of A (excellent) and the Long-Term Issuer Credit Rating of ‘a’ of Union Medical Benefits Society Limited (UniMed), New Zealand.
The stable outlook of these Credit Ratings reflects UniMed’s balance sheet strength, which AM Best has categorised as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
The company’s balance sheet strength is underpinned by risk-adjusted capitalisation that is categorised as strongest, as measured by Best’s Capital Adequacy Ratio, reflecting its low underwriting leverage and conservative investment approach.
UniMed has a five-year average combined ratio of 94 per cent (2014-2018). Prospectively, AM Best expects UniMed to maintain strong operating results, supported by steady premium growth, adequate product pricing and robust investment returns.
It is a small-sized not-for-profit insurer with a market share of less than four per cent in New Zealand’s health insurance industry based on 2018 gross written premiums, according to a statement.
UniMed’s membership count is expected to increase gradually over the medium term, driven mainly by its newly launched retail offering and a recent portfolio transfer from The Education Benevolent Society Incorporated.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. For more information, contact www.ambest.com.
-- BERNAMA
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