HONG KONG, March 21 (Bernama-BUSINESS WIRE) -- A.M. Best has removed from under review with developing implications and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of Macau Life Insurance Company Limited (MLIC) (Macau). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in the A.M. Best’s interactive rating process.
The ratings reflect MLIC’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, very limited business profile and appropriate enterprise risk management.
On June 2, 2016, Dah Sing Financial Holdings Limited and Macau Insurance Company Limited announced that they agreed to sell 100% of MLIC’s shares to Thaihot Investment (Bermuda) Company Limited (Thai Hot) (Bermuda). The acquisition was completed on Nov. 9, 2017. A.M. Best expects MLIC to maintain its current distribution relationship with Banco Comercial de Macau, S.A. after the closing of the transaction, while MLIC’s pension fund management business was excluded from the transaction.
MLIC is well-capitalized to support its risk profile, which is highly concentrated on investment risk. The company is one of the smallest players in Macau’s life insurance market in terms of gross premium written in 2016 and mainly distributes long-term products designed by its affiliate, Dah Sing Life Assurance, which also was acquired by Thai Hot in June 2017.
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 A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2018 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/20180320006584/en/
Contact
A.M. Best
Vivian Cheung, +852 2827 3421
Senior Financial Analyst
vivian.cheung@ambest.com
or
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Christie Lee, +852 2827 3413
Director, Analytics
christie.lee@ambest.com
or
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com
Source : A.M. Best
--BERNAMA
The ratings reflect MLIC’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, very limited business profile and appropriate enterprise risk management.
On June 2, 2016, Dah Sing Financial Holdings Limited and Macau Insurance Company Limited announced that they agreed to sell 100% of MLIC’s shares to Thaihot Investment (Bermuda) Company Limited (Thai Hot) (Bermuda). The acquisition was completed on Nov. 9, 2017. A.M. Best expects MLIC to maintain its current distribution relationship with Banco Comercial de Macau, S.A. after the closing of the transaction, while MLIC’s pension fund management business was excluded from the transaction.
MLIC is well-capitalized to support its risk profile, which is highly concentrated on investment risk. The company is one of the smallest players in Macau’s life insurance market in terms of gross premium written in 2016 and mainly distributes long-term products designed by its affiliate, Dah Sing Life Assurance, which also was acquired by Thai Hot in June 2017.
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 A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2018 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/20180320006584/en/
Contact
A.M. Best
Vivian Cheung, +852 2827 3421
Senior Financial Analyst
vivian.cheung@ambest.com
or
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Christie Lee, +852 2827 3413
Director, Analytics
christie.lee@ambest.com
or
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com
Source : A.M. Best
--BERNAMA
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