A.M. Best affirms Malayan Insurance stability rating
Malayan Insurance Co., Inc. remains ahead in the non-life insurance industry as global insurance ratings company A.M. Best re-affirms its stability for 2020, reflecting the insurer’s strength and reliability in the Philippine market, inspite of 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) while its Long-Term Issuer Credit Rating (Long-Term ICR) is retained at “bbb+”, according to A.M. Best. Founded in 1899, A.M. Best is the world’s oldest & most authoritative insurance rating and information source.
“The ratings reflect MICO’s balance sheet strength, which A.M. Best categorizes 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 has a very strong risk-adjusted capitalization, and supported by a panel of highly rated reinsurance partners.
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, stating that Malayan Insurance remains number 1 in terms of Gross Premium Written (GPW) for year 2019, amounting to P12.25 Billion, the highest in the industry.
Founded in 1930, Malayan Insurance is a member of the Yuchengco Group of Companies (YGC). YGC is one of the largest conglomerates in the Philippines, with core businesses in financial services, banking, investments, construction, education, energy and information technology. Malayan is celebrating its 90th year in the Philippine non-life insurance industry.