NONLIFE insurer Malayan Insurance Co. Inc. announced it has retained its “B++” financial strength rating from international credit rating agency AM Best.
The Yuchengco-led nonlife insurer also said it kept its “bbb” long-term issuer credit rating and Philippines National Scale (NSR) rating of “aa+PH” (Superior) for 2023.
AM Best evaluates the creditworthiness, stability, and reliability in paying claims and debts of over 16,000 insurance companies globally.
It confirmed Malayan Insurance’s strong balance sheet, adequate operating performance, neutral business profile, and effective risk management.
The ratings also highlighted the company’s financial stability, ability to pay claims, and meet debt obligations.
The rating agency also found that Malayan Insurance improved its risk-adjusted capitalization in 2023, while ongoing reinsurance claim settlements reduced its credit risk.
Despite natural catastrophes and significant losses in its core commercial lines, it noted that the motor business supported underwriting results, adding that “investment income drove Malayan’s overall earnings.”
Malayan Insurance President and Chief Executive Officer Paolo Abaya said the latest credit ratings reflect the company’s ongoing commitment to being a trusted provider of financial solutions for millions of Filipinos.
“Despite the current economic landscape, we remain vigilant in ensuring that we can support the needs of our clients in any situation,” Abaya said.
Malayan Insurance is one of the nonlife insurers established in the country, offering a variety of protection products for home, travel, personal accident, motorcar, marine, and motorcycle insurance.
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