AM Best affirms credit ratings of Samsung Fire & Marine Insurance, subsidiaries

KUALA LUMPUR, Sept 23 -- AM Best, a global credit rating agency has affirmed credit ratings of Samsung Fire & Marine Insurance Co Ltd (SFM) South Korea and its subsidiaries.

SFM has the Financial Strength Rating (FSR) of A++ (superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of ‘aa+’.

Meanwhile, its subsidiaries, Samsung Vina Insurance Co Ltd in Vietnam and PT Asuransi Samsung Tugu in Indonesia have the FSR of A- (excellent) and the Long-Term ICRs of ‘a-’.

The agency said in a statement that the outlook of these credit ratings was stable.

AM Best has also revised the outlook to negative from stable and affirmed the FSR of A (excellent) and the Long-Term ICR of ‘a’ of SFM’s wholly owned subsidiary, Samsung Reinsurance Pte Ltd in Singapore.

The ratings reflect SFM’s balance sheet strength, which AM Best described as strongest, as well as its strong operating performance, very favourable business profile and very strong enterprise risk management.

SFM’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, is at the strongest level, supported by the company’s large absolute capital base, which reached US$11 billion at 2018-end. (US$1=RM4.17)

SFM is an undisputed market leader in South Korea’s non-life insurance industry, with strong brand recognition and approximately a 24 per cent share of the market in terms of gross premium written.

More details on the credit ratings at www.ambest.com

-- BERNAMA