AM BEST AFFIRMS CREDIT RATINGS OF NEW ZEALAND MEDICAL INDEMNITY INSURANCE LIMITED

 

SINGAPORE, May 3 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of New Zealand Medical Indemnity Insurance Limited (NZMII) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect NZMII’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

NZMII’s balance sheet strength is underpinned by risk-adjusted capitalisation at the strongest level as of 31 March 2023 (fiscal year-end 2023), as measured by Best’s Capital Adequacy Ratio (BCAR). Prospective risk-adjusted capitalisation remains sensitive to the pace of the company’s business growth and the size of future dividend distributions given its modest capital base. Additionally, the company’s balance sheet strength is supported by its conservative investment portfolio, consisting mainly of cash and fixed-income securities. Partially offsetting factors include the company’s small absolute capital base, which increases the sensitivity of capital to shock events, and its limited financial flexibility.

NZMII’s operating performance is assessed as adequate, demonstrated by a five-year average return-on-equity (ROE) ratio of 14% (fiscal years 2019-2023). The company’s overall operating performance has improved significantly since fiscal year 2021, as a result of remedial actions taken by management, including premium rate adjustments and shifting the composition of the investment portfolio to reduce investment risk. In fiscal year 2023, the company recorded a favourable ROE of 15.7% and a combined ratio of 64.5%, as calculated by AM Best. Additionally, NZMII’s earnings continue to be supported by healthy investment income, with the five-year average net investment yield (including gains) standing at 3.4% (fiscal-years 2019-2023). Although prospective underwriting results remain sensitive to increased claims and elevated expenses, operating profitability is expected to remain positive and supportive of the adequate assessment.

AM Best assesses NZMII’s business profile as limited given its position as a small and niche insurer in New Zealand providing medical indemnity insurance to medical practitioners and health professionals. The company’s claims consist largely of legal fees excluding medical injury costs. As a monoline insurer with operations in a single country, AM Best views the company as having limited geographic and product diversification. Access to new business is supported by NZMII’s affiliation with the New Zealand Resident Doctors’ Association.

NZMII’s ERM is assessed as appropriate given the size and complexity of its operations. A key risk over the medium to long term is the disestablishment of district health boards in New Zealand, which provide considerable support to the company in accessing new business. However, the company’s management has taken measures to mitigate this risk by actively engaging with the new centralised body replacing the district health boards, Health New Zealand, to smooth the transition and maintain access to new business prospectively.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: 
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Contact

Ken Lau
Senior Financial Analyst
+65 6303 5025
ken.lau@ambest.com

Victoria Ohorodnyk
Director, Analytics
+65 6303 5020
victoria.ohorodnyk@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Source : AM Best

AM BEST AFFIRMS CREDIT RATINGS OF PINNACLE LIFE LIMITED

SINGAPORE, May 2 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Pinnacle life Limited (Pinnacle Life) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Pinnacle Life’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). The ratings also factor in a neutral impact from the company’s ultimate parent, Greenstone Holdco Pty Limited (Greenstone).

Pinnacle Life’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the strongest level at fiscal year-end 2023, as measured by Best’s Capital Adequacy Ratio (BCAR), and is expected to remain at that level. The company’s balance sheet strength assessment also reflects its robust regulatory solvency and the financial flexibility supported by its parent, Greenstone. The balance sheet strength assessment also has factored in the company’s high reliance on third-party reinsurance and small capital base, which increase the sensitivity of capital adequacy to new business growth, changes in the interest rate environment, and shock events.

AM Best assesses Pinnacle Life’s operating performance as adequate, with a five-year average return-on-equity ratio of 5.3% (fiscal years 2019-2023). The company’s operating result has been driven by the adequate underwriting performance of its in-force life business, coupled with investment returns. Overall earnings over the past five years have exhibited moderate volatility, mainly due to interest rate movements. Prospectively, operating performance is expected to remain adequate while the company executes its growth plan, supported by robust underwriting growth and an appropriate pricing strategy over the medium term, while leveraging the expertise of Greenstone to manage the associated underwriting risks.

AM Best assesses Pinnacle Life’s business profile as limited, largely reflecting the company’s small scale of operations and its low product and geographic diversification in New Zealand. Key product offering focused on mortality products, including yearly renewable term life and funeral insurance. Greenstone has become a key distribution partner and growth driver of Pinnacle Life. The remaining business was written by Pinnacle Life’s direct channel, in which 90% was sold through online channels in fiscal year 2023.

AM Best assesses Pinnacle Life’s ERM as appropriate given the size and complexity of the company’s current operations. The significant business growth is expected to introduce additional risks to the company’s operations, though this will be mitigated partially by leveraging Greenstone’s expertise in product development and underwriting. While AM Best considers Pinnacle Life’s risk management capabilities as appropriate for its key risks, continual development is expected as the company expands its scope of operations.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240501274349/en/

Contact

Ken Lau
Senior Financial Analyst
+65 6303 5025
ken.lau@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Victoria Ohorodnyk
Director, Analytics
+65 6303 5020
victoria.ohorodnyk@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Source : AM Best

ASIA'S MAIDEN WORLD OF COFFEE HEADING TO BUSAN THIS MAY

KUALA LUMPUR, April 26 (Bernama) -- Global coffee figures and baristas will gather at BEXCO, Busan, for the inaugural World of Coffee in Asia, from May 1 to 4, which also feature the 2024 World Barista Championship.

The Specialty Coffee Association (SCA) is working with host Busan Metropolitan City and organiser EXPORUM, with support of the 2024 Portrait Country, Indonesia, to debut World of Coffee in Busan, marking a significant milestone for the Asian coffee community.

According to a statement, over 20,000 global attendees, including 12,000 industry professionals from more than 70 countries, are expected to visit BEXCO, anticipating contributions not only to the event but also to local economic activation.

At the ‘World of Coffee 2024’, more than 280 domestic and international coffee companies will participate, showcasing coffee-related products, technologies, and services, including the Roaster Village exhibition to introduce domestic and international roastery cafes and brands.

Additionally, activities such as networking with global coffee enthusiasts; experiencing and evaluating various domestic and international coffees; as well as engaging in seminars to experience and promote new coffee cultures will be conducted, creating a platform for diverse experiences and trends representing the global coffee event.

Furthermore, the World Barista Championship will return to Korea after seven years where it was last held at Cafe Show Seoul.

Competitors will demonstrate their expertise in crafting innovative espresso-based drinks across the espresso, milk, and signature beverage courses, with the cutting-edge approaches and tools used on stage having extensive and enduring impacts on the industry.

-- BERNAMA

TELEDYNE FLIR IIS LATEST FORGE CAMERA SERIES DELIVERS IN HARSH INDUSTRIAL ENVIRONMENTS

KUALA LUMPUR, April 26 (Bernama) -- Teledyne FLIR IIS (Integrated Imaging Solutions), a Teledyne Technologies company, has unveiled the Forge 1GigE IP67, the latest in its industrial camera series designed to perform in harsh industrial environments while ensuring highly efficient production capabilities.

According to a statement, Forge 1GigE IP67 is the latest in the company’s commitment to deliver advanced imaging systems for factory automation.

“We are proud to announce the launch of our latest machine vision product, exclusively designed for smart agriculture, food, and beverage industries. Unlike general-purpose cameras in a crowded machine vision market, our solution is tailored to address the complexities of a specific industry.

“We focus on key markets, and develop solutions from the ground up, armed with a clear understanding of the market, customer partnerships, and technology innovation,” said the company’s General Manager, Sadiq Panjwani.

The Forge 1GigE IP67 camera series has an IP67 cylindrical enclosure for optimal and easy system integration, simplified post operation washing, and the prevention of dirt accumulation.

A wide selection of IP67 rated components are available with partners such as Smart Vision Lights and Components Express LLC, creating an entire IP67 vision ecosystem for customers.

With advanced on-camera features such as auto-brightness functions (Automatic Gain Control and Auto-Exposure), the new cameras dynamically adjust in variable and outdoor lighting conditions.

The IEEE1588 protocol enables multi-camera image capture synchronisation, and Lossless Compression provides higher frame rates and lower bandwidth requirements, maximising camera output without compromising image quality for high-speed applications.

-- BERNAMA

NX (South Asia & Oceania) To Host Indonesia Logistics Webinar Next Month

KUALA LUMPUR, April 23 (Bernama) -- Nippon Express (South Asia & Oceania) Pte Ltd (NXSAO), a group company of Nippon Express Holdings Inc, will be holding a webinar titled "Indonesia Logistics Situation" on May 13 and 14.

The increasing globalisation of business has brought growing attention to Indonesia as one of Asia’s growth markets and this webinar will provide basic information on doing business in the country as well as detailed explanations of logistics conditions there.

According to a statement, all interested parties are welcome to participate, including companies considering a move into the Indonesian market and companies already doing business in the country.

Also included in the webinar will be an introduction to Nippon Express (Indonesia) Group; as well as import and export regulations.

The webinar is free of charge with attendance limited to the first 800 participants, and deadline for registration is on May 7.

-- BERNAMA

YUGABYTE EMBRACES 'NO DOWNTIME, NO LIMITS,' AS THE THEME OF THE UPCOMING DISTRIBUTED SQL SUMMIT ASIA

Experts and Executives from Airwallex, Helpshift, IMDA, Navi, Rakuten, Singtel, Tagbangers, and UL Systems to Present at the Virtual Event

SUNNYVALE, Calif., April 18 (Bernama-BUSINESS WIRE) -- Yugabyte, the leading open source distributed SQL database company, today announced the keynote theme and final schedule for the upcoming fourth annual Distributed SQL Summit (DSS) Asia.

This year’s virtual summit, taking place on Wednesday, April 24, includes speakers from companies including Airwallex, Helpshift, IMDA, Navi, Airwallex, Rakuten, Singtel, Tagbangers, UL Systems, Yugabyte, and more. DSS Asia is a free event and the latest speaker schedule is available here.

DSS Asia is a place for the region’s YugabyteDB community of developers, customers, partners, and industry thought leaders to discuss the challenges and opportunities of database modernization and transformation.

Expert speakers will discuss use cases, best practices, and real-world accomplishments, and share how they overcame database modernization difficulties with distributed SQL.

“Every year DSS Asia gets bigger and better as we gain momentum in the region. It’s exciting to see this surge in attendance and interest as we meet to share groundbreaking use cases and discuss the benefits distributed SQL brings to companies of all sizes and industries,” commented Karthik Ranganathan, co-founder and co-CEO of Yugabyte. “This year our expert industry speakers will showcase the power and versatility of distributed SQL and share why it should be at the center of your database modernization journey. It promises to be another thought-provoking event, and one you shouldn’t miss!”

DSS Asia features three tailored talk tracks—Technology, Japan, and Customers & Partners to ensure attendees can choose sessions that best meet their needs and interests. There are a wide range of diverse sessions available during the event, providing options for every level of interest, from technical deep dives to customer stories and best practices. 

http://mrem.bernama.com/viewsm.php?idm=48408

DALI Alliance Unveils DALI+ Test, Certification Specifications

KUALA LUMPUR, April 17 (Bernama) -- The DALI Alliance, the international authority in lighting technology standardisation, has unveiled much-anticipated certification details for its wireless specification, DALI+ over Thread.

As lighting specifications increasingly seek smarter, sustainable and interoperable solutions, DALI+ emerges as a crucial enabler of standardised wireless or internet protocol (IP)-based lighting systems.

Collaboration with partners such as Thread Group has resulted in the integration of enhanced security and encryption solutions, ensuring the integrity and confidentiality of data transmission within DALI+ networks.

“This represents a significant advancement in DALI-enabled technology. Our members and users will experience the benefits of enhanced wireless interoperability and strengthened sustainability credentials.

“By leveraging the potential of DALI technology, we are not only revolutionising lighting controls but also laying the groundwork for a more sustainable future for generations to come,” said DALI Alliance General Manager, Paul Drosihn in a statement.

Meanwhile, Thread Vice President Commercial Buildings, Klaus Waechter said this partnership underscores the company’s commitment to advancing wireless connectivity and interoperability for commercial grade markets and the lighting industry in general.

Key features of DALI+ with Thread include an IP version 6 (IPv6) based wireless mesh network created by Thread, in which off-the-shelf Thread border routers can also be used to connect multiple Thread networks through IP technologies, such as Ethernet or Wi-Fi.

Furthermore, DALI+ supports a wide array of control devices, including occupancy sensors, light sensors, switches, sliders, rotaries  as well as pushbuttons, while control gear support currently includes LED drivers with the three optional data parts namely luminaire data, power and energy, as well as diagnostics data.

-- BERNAMA

SAUDI ARABIA HIGHLIGHTS INVESTMENT INITIATIVES IN TOURISM AT INTERNATIONAL HOSPITALITY INVESTMENT FORUM

^{Mr. Mahmoud Abdullhadi, Deputy Minister of Destinations Enablement. (Photo: AETOSWire)}


RIYADH, Saudi Arabia, April 18 (Bernama-BUSINESS WIRE) -- ​The Saudi Ministry of Tourism is currently taking a prominent stage at the International Hospitality Investment Forum (IHIF), presenting a unique opportunity for global investors to dive into the thriving tourism landscape of the Kingdom. With the spotlight on the Tourism Investment Enablers Program (TIEP), that was recently announced, Saudi Arabia is aggressively pushing towards its Vision 2030 goal of being a top global tourism destination for investors and tourists alike. ​

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240417879947/en/

This strategic presentation comes at a time when Saudi Arabia's tourism sector celebrates an incredible milestone of 100 million visitors in 2023, seven years ahead of schedule, marking a significant stride towards economic diversification and emphasizing the sector's growing contribution to the national GDP. The flagship Hospitality Investment Enablers (HIE), one of TIEP’s initiatives, aims to leverage this momentum, planning an investment infusion into the hospitality sector of up to SAR 42 billion in key destinations, which alone is anticipated to create 120,000 new jobs by 2030.​

The IHIF audience is getting a close look at Saudi Arabia's plans to expand its accommodation capacity dramatically. The Kingdom is targeting an increase in hotel rooms to over 500,000 and aiming to welcome 150 million visitors annually by 2030. The HIE stands at the core of these ambitions, designed to energize the hospitality sector by introducing a new wave of supply in targeted tourism hotspots, significantly enriching the Kingdom's diverse tourism offerings.​

The initiative is supported by a suite of strategic enablers, including access to government-owned land under favorable terms, streamlined project development processes, and regulatory adjustments aimed at reducing barriers to market entry and operational costs. This comprehensive approach is expected to catalyze a significant socio-economic transformation within the Kingdom, with private sector investments projected to reach SAR 42.3 billion and a forecasted annual GDP increase of SAR 16.4 billion by 2030.​

Saudi Arabia’s active participation in IHIF aims to showcase the Kingdom as an enticing investment frontier for international investors, emphasizing the lucrative opportunities within the tourism and hospitality sectors. This global stage provides the perfect platform for the Ministry of Tourism to forge lasting partnerships and highlight the Kingdom's commitment to elevating its tourism industry standards, fostering sustainable growth, and offering robust support to investors.​

Through this engagement, the Saudi Ministry of Tourism is not just showcasing investment opportunities; it is inviting the world to be a part of Saudi Arabia's ambitious journey towards redefining global tourism norms. Investors are encouraged to seize this unparalleled chance to collaborate with the Kingdom, as it paves the way for a new era of tourism excellence aligned with Vision 2030's transformative objectives.​​

Source: AETOSWire

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Contact

Najla Alkhalifa
Media and Communications
Najla@mt.gov.sa

Source : Saudi Ministry of Tourism

Zscaler Selected To Bolster GLP’s Cloud Security Transformation Journey

KUALA LUMPUR, April 16 (Bernama) -- Zscaler Inc, the leader in cloud security, announced that GLP, a global real estate logistics provider and investment manager, is leveraging Zscaler for Users, part of Zscaler Zero Trust Exchange cloud security platform, to further strengthen its cybersecurity practice across its portfolio.

Zscaler Senior Vice President, Asia Pacific & Japan, Andreas Hartl said the severity, frequency and volume of cybersecurity threats faced by multinational corporations is escalating faster each year.

“Zscaler is committed to simplifying while accelerating our customers' security transformation journeys through using our Zero Trust Exchange, the world’s largest cloud security platform.

“We are thrilled to be identified as the most secure solution partner-of-choice by a leading brand like GLP and we are excited to support them in this journey to secure their operations globally,” he said in a statement.

Meanwhile, GLP Global Chief Information Officer, Miao Song said: “With the increasing physical and digital footprint of the company, it was imperative for us to be proactive in creating a cybersecurity strategy that would ensure our critical assets are well protected from escalating threats.

“We were looking for a partner that can help us implement a robust Zero Trust strategy and selected Zscaler for its capabilities in helping us attain our desired outcome.”

GLP determined the security limitations and risk associated with their legacy security stack built on virtual private networks (VPNs) was not able to protect their users, data and applications from the increase in sophisticated cyber attacks.

As part of the first phase of their Zero Trust transformation, GLP is deploying the Zscaler Private Access (ZPA) solutions that will enable both GLP staff as well as third-party vendors to securely and effortlessly access private apps and operational technology (OT) devices.

With Zscaler for Users, GLP and its affiliated users will be able to take advantage of Zero Trust connectivity directly to applications, which is especially beneficial in managing assets across the enterprise’s hybrid cloud environment globally.

-- BERNAMA

NX Group Now Offers NX-GREEN SAF Program In Japan

KUALA LUMPUR, April 15 (Bernama) -- Nippon Express Holdings Inc has started offering the NX-GREEN SAF Program in Japan, enabling its valued customers to purchase the environmental attributes derived from sustainable aviation fuel (SAF) to reduce carbon dioxide (CO2) emissions in customers' supply chains.

The programme which began service at NX Europe in July last year was a carbon-insetting programme that can be used to reduce CO2 emissions from all air transport services provided by the NX Group.

According to a statement, air transport utilising SAF can reduce CO2 emissions by about 80 per cent compared to conventional fossil fuels.

The programme is available for transport services arranged by the NX Group, which is the first Japanese forwarder to offer such a service without restrictions on the choice of airlines.

Customers participating in the programme will be issued with a CO2 reduction verification statement verified by SGS, one of the world's largest certification bodies, that can be used in information disclosure required by the Task Force on Climate-related Financial Disclosures (TCFD) and CDP (formerly Carbon Disclosure Project).

To address climate change, the NX Group has set the goals of reducing its own CO2 emissions (Scope 1 and 2) by 50 per cent from 2013 levels by 2030, and of helping realise carbon-neutral societies by 2050 (Scope 1, 2 and 3).

The NX Group will continue practicing sustainability management from a long-term perspective and contributing to better lives for people and the development of sustainable societies by addressing climate change through its business.

-- BERNAMA

Taiwan Earthquake Claims Unlikely To Exceed Losses From 2016 Trembler - AM Best

KUALA LUMPUR, April 15 (Bernama) -- Earthquake-related claims for Taiwan’s commercial insurers related to this month’s seismic event are unlikely to exceed those stemming from the 2016 Meinong earthquake, given the more recent event’s greater distance from the economic centres and science parks, according to global credit rating agency AM Best.

The Best’s Commentary, “Taiwan Earthquake Claims Unlikely to Exceed 2016 Levels”, notes that the magnitude 7.2 earthquake on April 3 is not expected to add significant net claims and lead to a capital event for Taiwan’s non-life insurance industry.

AM Best senior director, analytics, Christie Lee said the non-life segment’s capitalisation was weakened from a large operating loss in 2022 due to pandemic insurance.

“The industry’s capitalisation rebounded in 2023 after capital injections from insurers’ parent companies, coupled with favourable operating results, but remained below 2021 industry capital levels by 21 per cent,” she said in a statement.

In Taiwan, residential earthquake losses are ceded to the Taiwan Residential Earthquake Insurance Fund (TREIF), hence commercial insurers mainly bear commercial and industrial losses, added the report.

Most prior major earthquakes in Taiwan resulted in claims to commercial insurers for industrial losses. More generally, significant losses for the latest event could arise from business interruption coverage.

This is due to the material role the technology and science sectors play in Taiwan’s overall economy, combined with large insured purchasing adequate insurance protection, with the vast majority of these exposures ultimately being ceded to the international reinsurance market.

-- BERNAMA

FPT SOFTWARE RECOGNIZED WITH 100 PERCENT WILLINGNESS TO RECOMMEND RATE IN 2024 GARTNER® PEER INSIGHTS™ 'VOICE OF THE CUSTOMER' : ROBOTIC PROCESS AUTOMATION

 

HANOI, Vietnam, April 12 (Bernama-BUSINESS WIRE) -- Global IT Firm FPT Software has been named in the 2024 Gartner® Peer Insights™ Voice of the Customer report for Robotic Process Automation. This marks the second consecutive time that the company has been recognized for its automation solution akaBot with 100 percent of “willingness to recommend”, based on 28 reviews as of November 2023. 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240411594646/en/ 

Access 2024 Gartner® Peer Insights™ ‘Voice of Customer’: Robotic Process Automation here.

According to the reviews in the report, 79% of FPT Software's reviews are from the Finance sector and 14% from the Healthcare sector, with 93% of its customers operating in Asia-Pacific.

In 2023, with the growth of a clientele exceeding 3,900 global enterprises across diverse industries, the Vietnamese RPA solution provider also boosted its global presence through strategic partnerships with a network of 40+ partners worldwide.

Notably, the hyperautomation solution garnered praise from a client from the Finance industry with a revenue of 50-250 million USD, describing it as “a game-changer, effortlessly handling tasks with speed and precision. It consistently operates in the background, efficiently completing tasks without any hiccups. The bot's ability to quickly and accurately accomplish tasks has greatly enhanced my productivity."

"We believe our two-time recognition in the Gartner Voice of Customer report is a testament to our established position as a reputable and reliable partner,” Bui Dinh Giap, CEO of akaBot, stated. “RPA Migration has become increasingly popular as more businesses’ choices to deal with the upcoming economic downturn. As a one-stop shop automation solution, we will continue to collaborate with more global partners, particularly in the APAC, to deliver the most comprehensive automation packages and assist global clients in staying competitive in this digitalization era.”

http://mrem.bernama.com/viewsm.php?idm=48354

AMOGY PARTNERS MPA, COLLABORATORS TO DEVELOP FUTURE FUELS TRAINING HUB FOR MARITIME WORKFORCE

KUALA LUMPUR, April 15 (Bernama) -- Amogy has signed a Letter of Intent (LOI) with the Maritime and Port Authority of Singapore (MPA) and other collaborators to develop a Maritime Energy Training Facility (METF) to train maritime professionals in operating ships powered by alternative fuel systems.

Amogy Chief Executive Officer, Seonghoon Woo in a statement said: “We are thrilled to embark on this exciting and important project in partnership with the Maritime and Port Authority of Singapore and other esteemed collaborators.

“This initiative showcases Singapore's leadership in driving sustainable maritime solutions and underscores our commitment to advancing ammonia as a clean energy source for maritime shipping and equipping the global maritime workforce with the necessary skills to navigate the future of shipping.”

The LOI was signed on the Opening Day of Singapore Maritime Week 2024 by the MPA and 22 partners, including international organisations, engine makers, classification societies, trade associations, unions, and institutes of higher learning.

The establishment of a training facility follows a recommendation put forth by the Tripartite Advisory Panel, formed in early 2023, which aims to identify emerging and future skills and competencies needed to build the maritime workforce of the future.

The METF will be a decentralised facility based in Singapore, utilising the various partners’ assets and training technologies to train global seafarers in the use, manning, and operation of vessels powered by zero or near-zero emission technologies.

With hundreds of crew changes conducted daily in Singapore, the METF's establishment is strategically positioned to support vessel operators and ship management companies with their crew training needs as part of their crew change arrangements.

When fully operational, the METF is anticipated to benefit around 10,000 maritime personnel, including seafarers, from now to the 2030s.

-- BERNAMA

AM BEST AFFIRMS HONG KONG’S TUGU INSURANCE CREDIT RATINGS

KUALA LUMPUR, April 12 (Bernama) -- Global credit rating agency, AM Best has affirmed the financial strength rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Hong Kong’s Tugu Insurance Company Limited (TIC).

In a statement, AM Best said these credit ratings (ratings) which have a stable outlook reflected TIC’s balance sheet strength, which was assessed as strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM).

TIC’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, is assessed at the strongest level and expected to remain so over the short to intermediate term.

Offsetting balance sheet strength factors include the volatility in the absolute capital and surplus size due to underwriting volatility, concentration risk in investment properties, and fair value movements of these properties.

The company’s marginal operating performance is demonstrated by its volatile bottom line, contributed both from underwriting and investment experience; nonetheless, its operating expense ratio remains high with a limited premium base.

Despite stable rental income from its investment properties and interest and dividend income arising from its liquid assets, TIC experienced investment losses in 2022 and 2023 due to a decline in the fair value of investment properties. The company’s overall profitability is expected to remain modest over the intermediate term.

TIC’s ultimate parent company is PT Pertamina (Persero), a state-owned integrated oil and gas company in Indonesia. While TIC obtains a substantial portion of its top line from its parent, it also has expanded other revenue sources actively for more diversification, including overseas business and domestic business in Hong Kong, over the past few years.

The rating agency also assesses TIC’s ERM as marginal with key areas of concern include underwriting, investment concentration, strategic planning and reserving capability.

To address these concerns, the company has taken remediation actions including developing its risk management framework with refined risk appetite and risk policies, and performing relevant stress and scenario testing to ensure compliance with the latest regulatory requirements and internal concerns.

-- BERNAMA

HONG KONG’S CMB WING LUNG INSURANCE RATED EXCELLENT - AM BEST

KUALA LUMPUR, April 8 (Bernama) -- Global credit rating agency, AM Best has affirmed the Hong Kong’s CMB Wing Lung Insurance Company Limited (CMBWLI) financial strength rating of A (Excellent) and the long-term issuer credit rating of “a” (Excellent).

In a statement, AM Best said these credit ratings (ratings) which have a stable outlook reflected CMBWLI’s balance sheet strength, which was assessed as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

CMBWLI’s very strong balance sheet strength assessment is underpinned by its robust risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR).

The company’s capital base continued to grow organically in 2022, supported by its positive operating results and profit retention, partially offset by a one-off dividend in specie to CMB Wing Lung Bank in 2022. During 2022 and 2023, cash and cash equivalents remained as CMBWLI’s largest asset type.

Additionally, the insurer continues to enhance the credit quality of its bond investments, which remains as its largest investment asset type other than cash, as well as the de-risking of its equity portfolio during 2023.

The company’s overall operating performance has been consistently strong and better than average, as evidenced by annualised returns on equity of eight per cent and nine per cent respectively, in 2022 and 2023.

Net earnings continued to be supported by decent growth in premium volume and profitable underwriting results. CMBWLI’s investment performance continues to be supported by a stream of interest and dividend incomes during 2022 and 2023.

A medium-size, non-life insurer in Hong Kong, and one of the major market players in its domestic market’s employees’ compensation (EC) segment, CMBWLI ’s product mix remained diversified in 2023, with EC, motor and property damage making up the bulk of its business.

CMBWLI has continued to strengthen its risk management over the last few years, including investment risk controls, risk identification and monitoring tools, as well as risk governance.

-- BERNAMA

Region Smart City Awards For Asia Applications Open Until June 14

KUALA LUMPUR, March 29 (Bernama) -- Powered by World Smart City Awards, the Region Smart City Awards, which have a special focus on emerging cities in Asia, are now accepting applications with submission deadline on June 14.

The Awards aim to recognise outstanding projects, enterprises, and leaders in smart city development; foster a culture of learning and cooperation among cities in Asia; and drive diversified development.

It also advocates the sharing of successful experiences and strategic solutions, catalysing joint efforts towards digitalisation, environmental stewardship, and sustainable growth across the Asian urban landscape.

According to a statement, the evaluation principles of the Awards revolve around inclusiveness, equality, technology for good, and collaboration among multiple stakeholders.

Key facets of evaluation include diversity, innovation, relevance, impact, top-level design, citizen participation, co-creation, inclusivity, viability, and replicability of solutions.

The World Smart City Awards organised by the Smart City Expo World Congress, have been successfully held for 13 years and are acclaimed as the “Oscars” in the field of global smart city development.

Shortlisted entities will be invited to participate in the Smart City Expo World Congress · Hangzhou Stage, scheduled from Sept 25 to 29, including relevant forums, government-enterprise closed-door meetings, and the award ceremony.

From 2010 to 2025, 440 emerging-market cities are poised to propel nearly half of global gross domestic product (GDP) growth. Among them, the prominence of emerging cities in Asia is significant, harbouring 57 per cent of the world's populace, with the majority living in urban areas.

-- BERNAMA

AM BEST AFFIRMS CREDIT RATINGS AND ASSIGNS NATIONAL SCALE RATING TO PVI INSURANCE CORPORATION

SINGAPORE, March 29 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of PVI Insurance Corporation (PVI Insurance) (Vietnam). The outlook of these Credit Ratings (ratings) is stable. Additionally, AM Best has assigned the Vietnam National Scale Rating (NSR) of aaa.VN (Exceptional) to PVI Insurance with a stable outlook.

The ratings reflect PVI Insurance’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings factor in rating enhancement from PVI Insurance’s ultimate parent, HDI Haftpflichtverband der Deutschen Industrie V.a.G. (HDI V.a.G.).

PVI Insurance’s balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which is expected to remain at the strongest level over the medium term. PVI Insurance benefits from good financial flexibility, given its majority ownership by HDI V.a.G. AM Best views the company’s investment portfolio to be of moderate risk, with the majority of investments allocated toward cash and term deposits and the remainder held in non-rated corporate bonds, affiliated private equity investments and real estate. Offsetting factors include the company’s high dividend payout ratio and high reinsurance dependence to support the underwriting of large commercial property, engineering and energy risks.

AM Best assesses PVI Insurance’s operating performance as strong, supported by its five-year average return-on-equity ratio of 17.9% (2019-2023). PVI Insurance continued to deliver robust underwriting profits in 2023 and achieved a combined ratio of 92.7%. Underwriting performance is expected to remain robust over the medium term supported by profitable results in commercial and industrial lines of business. Investment returns, consisting mainly of interest and dividend income, is expected to remain as a key contributor to the company’s overall earnings.

AM Best assesses PVI Insurance’s business profile as neutral. The company became the largest non-life insurer in Vietnam based on 2022 direct premiums and it continues to grow its market share. The company has a strong market position in commercial and industrial lines of business, including energy, property, engineering, aviation and marine insurance, as supported by its affiliation with the PetroVietnam group, one of the largest state-owned oil and gas corporations in Vietnam. Support from HDI V.a.G. has enhanced PVI Insurance's technical expertise and service offerings, strengthening its position in the regional industrial risks insurance segment.

AM Best assesses PVI Insurance’s ERM approach as appropriate given the size and complexity of its current operations. PVI Insurance benefits from risk management and governance support from HDI V.a.G.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. 

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HOTEL VILLA FONTAINE PREMIER/GRAND HANEDA AIRPORT OFFERS ROOMS FEATURING POPULAR CHARACTERS

KUALA LUMPUR, March 29 (Bernama) -- Sumitomo Fudosan Villa Fontaine Co Ltd, a Sumitomo Realty Group, has begun offering guestrooms featuring a major Japanese carrier and popular characters known worldwide such as Hatsune Miku and LINE FRIENDS at Hotel Villa Fontaine Premier/Grand Haneda Airport.

According to a statement, it is Japan's largest airport hotel with 1,717 guestrooms and directly connected to Haneda Airport (Tokyo International Airport) Terminal 3.

The establishment has set aside specially designed about 100 guestrooms featuring popular characters along with other well-known entities from Japan and worldwide to enhance the value of staying at the hotel.

The company aims to provide guests with a unique and memorable experience near Haneda Airport, which is striving to become a tourism-oriented country.

Sumitomo Fudosan Villa Fontaine has partnered with Japan Airlines (JAL); Hatsune Miku; Kanosei Art Project by TOPPAN Group; KOKUYO; LINE FRIENDS; Love Live! Nijigasaki High School Idol Club; and Sirotan, to offer unique themed guestrooms.

As part of the collaboration, Hatsune Miku, a virtual singer that is popular worldwide, along with five other Piapro characters, namely  Kagamine Rin, Kagamine Len, Megurine Luka, MEIKO and KAITO, will be in the project which marks the first collaboration of all the six characters with a hotel.

Meanwhile, JAL will showcase a record of 24 guestrooms dedicated to their collaboration, in line with the number of the carrier's international flights from Haneda.

Additionally, partnership with Japanese stationery company KOKUYO who operated KOKUYODOORS, will oversee the design and layout of the rooms, while alliance with LINE FRIENDS will feature soft colours and Japanese flavours in the guestrooms' unique design that can be seen only at this hotel.

Connected with Haneda Airport Terminal 3, the hotel is convenient for guests who stay there pre & post arrival/departure, and covers a wide range of needs which is not only for business but also for leisure.

-- BERNAMA

MIDEA GROUP BREAKS REVENUE AND PROFIT RECORDS WITH RMB 373.7 BILLION IN 2023

FOSHAN, China, March 29 (Bernama-BUSINESS WIRE) -- Midea Group, the world's largest home appliance supplier, has reported impressive growth and record profits in its 2023 annual report. The company achieved a total revenue of RMB 373.7 billion, representing a year-on-year increase of 8.10%. Concurrently, the net profit attributable to shareholders reached RMB 33.7 billion, a year-on-year increase of 14.10%, marking the largest growth since 2019.

The company's success is attributed to its "Global Impact" strategy, which has resulted in overseas sales accounting for over 40% of its total sales for several years. Midea's products have been exported to over 200 countries and regions worldwide, and it is continuously expanding its overseas manufacturing layout, promoting the construction of manufacturing bases in Indonesia, India, Thailand, Brazil, Mexico, Italy, Egypt, and other countries.

Midea's new energy and industrial technology are co-builders of digital transformation and green sustainable development in the global industrial field, consolidating its leading position in the industry. The company's household air conditioning compressor business ranked first in 2023, claiming a global market share of 45%. Its household air conditioning and washing machine motors also secured the top spot globally, with market shares of 40% and 22%, respectively. Furthermore, the company’s New Energy automotive parts product lines are rapidly developed, with an expected shipment volume of 750,000 units in 2023, representing a year-on-year growth of 400%. Additionally, through the acquisition of energy companies such as CLOU Electronics and Hiconics Eco-energy, Midea has entered the energy storage industry, which holds immense market potential.

KUKA, a subsidiary of Midea, is one of the "Big Four" industrial robot companies globally and the second-largest heavyweight robot company based on sales in 2023. In 2023, KUKA Group reached record-high revenue and order volume, with particularly strong performance in the Chinese market.

Midea's intelligent building technology provides intelligent ecological integration solution provider for building construction. According to Frost & Sullivan, the company is the largest commercial air conditioning supplier in mainland China and the fifth-largest globally in 2023.

Midea Group has invested over RMB 14.5 billion in R&D, employing more than 23,000 research personnel globally. As of 2022, the company ranks seventh globally in total patent families, first among Chinese enterprises and the global home appliance industry, with over 28,000 invention patents.

Midea Group has approximately 200 subsidiaries, 33 research and development centers, and 40 major production bases worldwide, with over 190,000 employees. The company's impressive growth and record-breaking profits demonstrate its commitment to innovation, sustainability, and global expansion.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240327086107/en/

Contact

Lori Luo
Luory17@midea.com

Source : Midea Group

KNAV JOIN FORCES WITH NATARAJAN & SWAMINATHAN TO ENHANCE AUDITING, ADVISORY SERVICES

KUALA LUMPUR, March 27 (Bernama) -- An international accounting and advisory firm, KNAV, has merged with Natarajan & Swaminathan, a respected audit firm in Singapore, marking a strategic step in the firm’s plan to strengthen its local presence in operational countries and extend its reach in the region.

In a statement, KNAV country leader in Singapore, Dominique Tan said the merger will enhance the firm's audit service capabilities and allow the provision of tax services in Singapore.

The addition of three new partners and 27 staff members increases the KNAV Singapore team to 48, including six partners, thereby improving client service capabilities.

Meanwhile, Natarajan & Swaminathan Managing Partner, R. Narayanamohan said the merger’s potential to create new opportunities for clients and staff while preserving the relationships built over the past 70 years.

KNAV, which already has an established presence in Singapore, considers this merger as a step in-line with its fundamental strategy of strengthening its presence in the regions where it conducts the business.

The merger combines Natarajan & Swaminathan local expertise with KNAV’s global proficiency, promising clients in Singapore superior service levels, comprehensive solutions, and access to an extensive network of professionals.

Natarajan & Swaminathan will join KNAV International Limited, a member of the Forum of Firms, as a new member and will retain its name and leadership team, ensuring a smooth transition for clients and staff, post-merger.

With over seven decades of history, Natarajan & Swaminathan is renowned for its quality audit and tax services in Singapore. The team of professionals at the firm are well-versed in the local business environment and have been a reliable partner for businesses of various sizes.

As a “Partner Beyond Boundaries’, KNAV provides global assurance, tax, and advisory services, specialising in financial reporting, audits, tax filings, mergers and acquisitions, and advisory across the United States, India, the United Kingdom, Singapore, Canada, and the Netherlands.

-- BERNAMA

THE MOST GLOBAL ALIMENTARIA&HOSTELCO CONFIRMS THE STRENGTH OF THE FOOD INDUSTRY AND ITS INNOVATIVE DYNAMIC

BARCELONA, Spain, March 25 (Bernama-GLOBE NEWSWIRE) -- Alimentaria&Hostelco, the leading trade show platform for the food, beverage, foodservice and hospitality equipment industry, closed yesterday an edition marked by international participation and business that has once again brought together the entire sector and advanced the industry's main lines and trends. More sustainable and healthier products, as well as AI and robotics solutions for the Horeca channel have been presented from 18 to 21 March at the event celebrated in Barcelona (Spain).

Over 3,200 exhibiting companies from 68 countries took part in the event, to encourage business, internationalization and competitiveness in strategic sectors for the Spanish economy. Around 107,900 professionals had visited the show, 25% of them international, from 120 countries. With an estimated economic impact of 180 million euros, the figures for d'Alimentaria&Hostelco reflect the strength of the event, which occupied nearly 100,000 m² of net exhibition space, almost all of Fira de Barcelona's Gran Vía venue.

This edition was attended by more than 900 international firms, led by Italian companies, and with a remarkable return of Asian companies, especially China, South Korea and Thailand.

The trade show reaffirmed its leadership by strengthening the complementarity of its represented sectors and offering a great business platform for its professionals. Attendees included 2,200 important buyers invited from strategic markets for the export of food and hospitality equipment, such as the European Union, the USA and Latin America, who took part in some 13,500 meetings with companies.

Food innovation, gastronomy and the rise of protein, as well as the latest trends in the hospitality sector, were the main features of the program of more than 350 activities at Alimentaria&Hostelco, in which nearly 700 prestigious experts and chefs took part.

The show was a great showcase for hundreds of innovations, including functional and healthier foods. The digital transformation that the sector is undergoing has also been confirmed and it has been possible to discover how new technologies and artificial intelligence are integrated into the industry and services with robots and new solutions that optimize restaurant management and resources, maintenance, customer service and sustainability.

The next edition of the trade fair platform organized by Fira de Barcelona will be held from 23 to 26 March 2026.

Press contacts:
Susana Santamaria – Gloria Dilluvio
ssantamaria@alimentaria.com – gdilluvio@firabarcelona.com

SOURCE : Fira De Barcelona

Nippon Express' Group Companies To Present At Future Mobility Asia In May

KUALA LUMPUR, March 22 (Bernama) -- The group companies of Nippon Express Holdings Inc will showcase their solutions at the Future Mobility Asia Exhibition, running for three days from May 15, at the Queen Sirikit National Convention Center in Bangkok, Thailand.

The group companies are Nippon Express (South Asia and Oceania) Pte Ltd (NXSAO), Nippon Express Logistics (Thailand) Co Ltd, Nippon Express (Malaysia) Sdn Bhd, and PT. Nippon Express Indonesia.

NXSAO will demonstrate its strength in the provision of mobility logistics services, including freight forwarding, contract logistics, tire logistics and battery logistics, while introducing the group's green logistics services designed to reduce environmental pollution.

According to a statement, NXSAO has extensive experience in handling automotive clients across the region, including Singapore, Malaysia, Thailand, the Philippines, Indonesia, Cambodia, Vietnam, Bangladesh, India, Australia and New Zealand.

Major exhibits such as global logistics service provision introduces Nippon Express as a leading global logistics service provider for the mobility, technology, semiconductor, lifestyle and healthcare sectors.

Other exhibits like end-to-end automotive solutions will feature mobility-related solutions, including consulting and "kaizen," production logistics, distribution logistics, freight forwarding and aftermarket logistics, while cross-border solutions will present solutions comprising rail freight and road freight across the Southeast Asia & Oceania region.

Established in Japan in 1937, Nippon Express (NX) Group is a world-leading logistics provider with Nippon Express Holdings as its holding company, holds a strong market position in air, sea, rail, and truck transport as well as contract logistics, offering high-quality end-to-end supply chain solutions that seamlessly integrate information technology.

-- BERNAMA

AM BEST AFFIRMS CREDIT RATINGS OF SUN HUNG KAI PROPERTIES INSURANCE LIMITED

HONG KONG, March 22 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Sun Hung Kai Properties Insurance Limited (SHKPI) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect SHKPI’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

SHKPI’s very strong balance sheet strength assessment is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s higher-risk financial assets, including unlisted investments and non-investment-grade bonds, exposed its risk-adjusted capitalisation to considerable market and credit risks. Nonetheless, the company has de-risked the majority of its bond exposure to mainland China’s real estate sector in fiscal year 2023, with its bond portfolio demonstrating an improvement in the credit quality with higher diversification level. AM Best considers SHKPI’s capital level provides a sufficient buffer to absorb investment risks. Other supporting factors include the company’s strong liquidity position and appropriate reinsurance programme, with a diversified panel of financially sound reinsurers.

SHKPI has consistently delivered a strong operating performance over the past few years. Its net profit in fiscal year 2023 was a combined result of a recovery in investment performance and stable underwriting profit. SHKPI continues to benefit from its parent company’s support, both in distribution channels with minimal gross acquisition expenses as well as in access to better quality group business, leading to its favourable underwriting results. The company’s investment returns turned positive in fiscal year 2023, mainly driven by favourable interest income owing to a high interest rate environment.

SHKPI is a wholly owned subsidiary of Sun Hung Kai Properties Limited, one of the largest property development and investment conglomerates in Hong Kong. It benefits from its parental network to write a major part of its business from associated and subsidiary companies. The company continues to operate in a low acquisition cost business model while seeking new business opportunities within the market. SHKPI maintains a small albeit profitable presence in Hong Kong’s general insurance market, focusing on employees’ compensation insurance on a net premiums written basis.

Negative rating actions could occur if there is significant deterioration in SHKPI’s operating performance; for example, due to lower investment returns or weakened underwriting results. Negative rating actions also could arise if there is a significant deterioration in SHKPI's risk-adjusted capitalisation, for example, due to material investment losses. Although it is unlikely in the near term, positive rating actions could arise if there is significant improvement in SHKPI's risk-adjusted capitalisation, for example, due to further improvements in asset quality and capital size.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240321317665/en/

Contact

Aaron Li
Associate Financial Analyst
+852 2827 3426
aaron.li@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Lucie Huang
Senior Financial Analyst
+852 2827 3414
lucie.huang@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 439 2318
al.slavin@ambest.com

Source : AM Best

Victoria World Academy On Next Level In Academic Excellence

KUALA LUMPUR, March 19 (Bernama) -- Victoria World Academy, an educational institution with the Edutrust Provisional certification by Singapore’s CPE, announced its outstanding academic achievements and commitment to nurturing the future ambitions of its students for the academic year 2023-2024.

According to Victoria World Academy in a statement, the school goes above and beyond to give students extensive opportunities for growth and unwavering support to pursue their goals.

Many of its graduates have received offers from prestigious universities worldwide, demonstrating the effectiveness of its commitment, with an impressive 95 per cent of students having received offers from the top 100 universities in the QS World University Rankings, as of March this year.

Each student received an average of four to six offers from major institutions worldwide, which is not only an impressive personal achievement for the students but also a further testament to Victoria World Academy's excellence in providing exceptional quality education.

The holistic education approach at Victoria World Academy focuses on developing well-rounded individuals ready to tackle global challenges. In addition to rigorous academics programmes, the school prioritises on character-building, leadership skills, and community involvement.

Students participate in service learning projects, outdoor educational activities, and international exchanges to broaden their perspectives beyond traditional classroom settings, whereby the nurturing and inclusive environment allows every student to thrive while being supported every step of the way.

Victoria World Academy can accommodate 300 students with small class sizes, which allows for a conducive learning environment, with a team of over 30 passionate local Singapore educators.

The academic programming at the school is designed to build a solid foundation for student's future academic endeavours, helping them to achieve success in their chosen fields.

-- BERNAMA

Indonesia’s Asuransi Astra Receives Ratings Action From AM Best

KUALA LUMPUR, March 15 (Bernama) -- Global credit rating agency, AM Best has affirmed Indonesia’s PT Asuransi Astra Buana (Asuransi Astra) financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) with a stable outlook on these credit ratings (ratings).

Concurrently, AM Best has assigned the Indonesia National Scale Rating (NSR) of aaa.ID (Exceptional) to Asuransi Astra with a stable outlook.

The ratings reflect Asuransi Astra’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

The credit rating agency in a statement said the ratings also factor in a neutral impact from Asuransi Astra’s ultimate parent, Jardine Matheson Holdings Limited (Bermuda).

Asuransi Astra’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the strongest level at Dec 31, 2022, as measured by Best’s Capital Adequacy Ratio, and is expected to be maintained at this level prospectively.

The company’s capital adequacy is supported by its internal capital generation and low net underwriting leverage.

AM Best views Asuransi Astra’s investment portfolio to have moderate risk, comprising mainly bonds held directly and through mutual funds with more than half of those being domestically rated bond funds.

The company’s operating performance was also viewed as strong, demonstrated by its five-year average combined ratio of 88.1 per cent and return-on-equity ratio of 17.6 per cent (2019-2023), driven by profitable business from its parent group, PT Astra International Tbk (Astra group).

With its business profile assessed as neutral, Asuransi Astra is a large insurance organisation in Indonesia, ranking third in the country’s general insurance market based on 2022 market share.

-- BERNAMA

GUANGDONG PROVINCIAL DELEGATION OPENS COMMUNAL DISCUSSION TO MEDIA

KUALA LUMPUR, March 12 (Bernama) -- A total of 225 journalists from 102 domestic and international media outlets attended the Guangdong Provincial Delegation's Second Meeting of the 14th National People's Congress on March 7 at the Capital Hotel.

According to a statement, delegates including Huang Kunming, Wang Weizhong, Zhang Hu, Qin Weizhong and Zeng Jinze, shared updates on Guangdong's strategies for sustainable development and modernisation.

During the session, Huang addressed inquiries about the "Thousand Villages Demonstration and Ten Thousand Villages Renovation" project, aimed at diminishing urban-rural disparities within the province.

He noted the challenges in balancing development due to geographical and economic diversities but highlighted the project's early successes in enhancing rural education, industry, and technology, particularly in the Pearl River Delta and other regions.

On the other hand, Wang discussed the transformation of Guangdong's manufacturing sector, which contributes significantly to the province's gross domestic product (GDP) and forms an essential part of the national economy.

The province is committed to integrating into the global industrial and value chains, with plans to modernise traditional industries, foster emerging sectors, and encourage a balanced growth among enterprises of various sizes.

The session, which featured numerous questions from the media, underlines Guangdong's ongoing efforts in economic development and rural modernisation.

-- BERNAMA

CAH MEDICAL CENTRES (CMC) ELEVATE PATIENT CARE WITH NETSFERE'S SECURE AND COMPLIANT MESSAGING PLATFORM

Leading Southeast Asia hospital systems choose the HIPAA-compliant encrypted messaging platform to ensure safe communication amongst doctors, caregivers and staff 

CHICAGO, March 6 (Bernama-GLOBE NEWSWIRE) -- NetSfere, a globally recognized provider of cutting-edge, secure and compliant messaging solutions, is pleased to announce that the seven hospitals affiliated with CAH Medical Centres (CMC), previously known as Ramsay Sime Darby Health Care and now under the ownership of Columbia Asia Healthcare Group, have adopted NetSfere's secure enterprise messaging platform to enhance internal communication and operational excellence while also elevating the patient experience. The hospitals that have rolled out NetSfere are Subang Jaya Medical Centre (SJMC), Ara Damansara Medical Centre (ADMC), ParkCity Medical Centre (PMC), Bukit Tinggi Medical Centre (BTMC), RS Premier Jatinegara (RSPJ), RS Premier Bintaro (RSPB), and RS Premier Surabaya (RSPS). All seven hospitals are steadfast in their commitment to delivering top-tier preventive and curative healthcare services, with a focus on achieving exceptional patient outcomes.

As most of the hospitals under CMC are Joint Commission International (JCI) accredited, they must set governing policies for messaging to protect and control their privileged information. As cybersecurity threats confronting healthcare systems escalate, CMC proactively sought a secure and seamless messaging platform to facilitate private and sensitive organizational communication among the staff. NetSfere’s highly secure and compliant messaging platform ensures the utmost security of hospital and patient data. This unwavering commitment to compliance and security underscores NetSfere’s and CMC’s dedication to safeguarding sensitive healthcare information and delivering the highest standard of patient care. 

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TDCX'S FULL YEAR 2023 REVENUE DOWN 0.9%, OR UP 3.0% IN CONSTANT CURRENCY TERMS1

SINGAPORE, March 7 (Bernama-BUSINESS WIRE) -- TDCX Inc. (NYSE: TDCX) (“TDCX” or the “Company”), an award-winning digital customer experience (CX) solutions provider for technology and blue-chip companies, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023.

Full Year 2023 Financial Highlights^²

· Total revenue of US$499.3 million, down 0.9% year-on-year, or up 3.0% in constant currency terms¹, which included a 3.9% point negative impact of foreign exchange rates compared with the prior year
· Profit for the year was US$91.1 million, up 14.5% year-on-year, primarily driven by cost optimization efforts, lower tax, higher interest income and a net reversal of equity settled share-based payment expense

Fourth Quarter 2023 Financial Highlights^²

· Total revenue of US$120.4 million, down 10.1% year-on-year, or down 5.3% in constant currency terms¹, which included a 4.8% point negative impact of foreign exchange rates compared with the prior year period
· Profit for the period was US$24.2 million, up 27.8% year-on-year, primarily driven by cost optimization efforts, lower tax, higher interest income and a net reversal of equity settled share-based payment expense 

Mr. Laurent Junique, Chief Executive Officer and Founder of TDCX, said, “Market uncertainties and a challenging macroeconomic environment continue to dampen business sentiment. This has had a knock-on impact on TDCX. Despite these pressures, we delivered within our guidance, and remain focused on the long term, particularly on improving our operations and delivering client value propositions.” 

http://mrem.bernama.com/viewsm.php?idm=48176