Malayan Insurance leads Philippine insurance industry with Stable Rating, despite Pandemic
Malayan Insurance Co., Inc. remains ahead in the non-life insurance industry as global insurance ratings company A.M. Best improved Malayan’s Long-term Issuer Credit Rating (Long-term ICR) outlook to “stable”, reflecting the insurer’s strength and reliability in the Philippine market, despite the worldwide pandemic and its effects on the country’s economy.
The Yuchengco-led insurance company has retained its Financial Strength Rating (FSR) at B++ (Good) and its Long-Term Issuer Credit Rating (Long-Term ICR) at “bbb+”, according to A.M. Best. “The ratings reflect Malayan’s balance sheet strength, which A.M. Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management,” A.M. Best said in a statement. It further noted that the company’s risk-adjusted capitalization is expected to remain at the strongest level.
Malayan Insurance's A.M. Best ratings stand as a testament to both the company’s strength, as well as its dedication to provide world-class protection to its wide customer base. It is the country’s leader in providing property insurance, motorcar insurance, accident and health insurance, casualty and liability insurance, marine and aviation insurance, as well as surety and bonds.
This lead in the market is also evident in the Insurance Commission’s latest release rankings based on a compilation of unaudited reports submitted for year 2020, stating that Malayan Insurance’s Gross Premiums Written (GPW) amounted to P14.21 Billion, the highest in the industry. Founded in 1930, Malayan Insurance is a member of the Yuchengco Group of Companies (YGC).
A.M. Best is a global authority for rating of insurance companies, worldwide. Founded in 1899, A.M. Best is the world’s oldest & most authoritative insurance information source. Malayan Insurance is the first Filipino non-life insurer to be rated by the insurance rating agency in the country.