KUALA LUMPUR, Jan 28 -- AM Best has affirmed the Financial Strength Rating of A+ (superior) and the Long-Term Issuer Credit Rating of ‘aa-’ of Meiji Yasuda Life Insurance Company (Meiji Yasuda) Japan.
The stable outlook of these Credit Ratings reflects Meiji Yasuda’s balance sheet strength, which AM Best categorised as strongest, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management.
Meiji Yasuda’s balance sheet strength assessment reflects its risk-adjusted capitalisation, which is at the strongest level, as measured by Best’s Capital Adequacy Ratio, according to a statement.
Although the high common stock exposure suggests the company’s balance sheet may be exposed to considerable equity price risk, AM Best considers Meiji Yasuda’s relatively large adjusted capital base adequate to absorb this risk.
The company has maintained a consistently positive operating performance, supported by stable premium income and strong base profit. In fiscal-year 2018, it posted a record high base profit of JPY 589.6 billion (US$5.3 billion) for its domestic life insurance business. (US$1 = RM4.08)
Meiji Yasuda is one of the leading life insurance companies in Japan in terms of annualised net premium and has held a lead position in the group insurance market for a long period of time.
The stable outlooks reflect AM Best’s expectation that Meiji Yasuda will maintain a strong and consistent operating performance, supported by an in-force book of business, which will generate favourable returns on embedded value and uphold a stable economic solvency ratio over the mid to long term.
More details at www.ambest.com.
-- BERNAMA
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