SINGAPORE, April 26 (Bernama-BUSINESS WIRE) -- A.M. Best has affirmed the Financial Strength Rating of A (Superior) and the Long-Term Issuer Credit Rating of "aa-" of United Overseas Insurance Limited (UOI) (Singapore). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect UOI's excellent earnings track record, favorable business profile and strong risk-adjusted capitalization. As a subsidiary of United Overseas Bank Limited (UOB) group, Singapore's third-largest bank by asset value, UOI maintains a stable market presence despite challenging market conditions through cross-selling initiatives with the group. The company continues to register strong underwriting margins that are above its peers, supported by a favorable claims experience and a low expense ratio averaging 20% in the five years ending in 2016.
The ratings reflect UOI's excellent earnings track record, favorable business profile and strong risk-adjusted capitalization. As a subsidiary of United Overseas Bank Limited (UOB) group, Singapore's third-largest bank by asset value, UOI maintains a stable market presence despite challenging market conditions through cross-selling initiatives with the group. The company continues to register strong underwriting margins that are above its peers, supported by a favorable claims experience and a low expense ratio averaging 20% in the five years ending in 2016.
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