MANILA, Philippines - a GLOBAL insurance ratings firm has cited the strong and better financial capability as well as the outstanding credit rating of Malayan Insurance for this year.
The Yuchengco-led firm said that AM Best retained Malayan's financial capability and strength to "B++" which means good - and also cited the company's long-term issuer credit rating of "bbb+, which also reflects Malayan's strength amid the world's covid-19 pandemic which has hampered and crippled the country's economy.
AM Best said “The ratings reflect Malayan Insurance’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
Meanwhile, Malayan Insurance also said AM best noticed the insurer's strong risk-adjusted capitalization, including its support from highly rated reinsurance partners.
“Malayan Insurance is the only non-life insurer in the country rated by AM Best, standing as a testament to both the company’s strength, as well as its dedication to provide world-class protection to its wide customer base,” a top executive of Malayan Insuranc said.
Malayan Insurance was founded in 1939 and a proud member of the Yuchengco Group of Comanies (YGC), one of the biggest, largest conglomerates in the country.
Today, Malayan Insurance celebrates its 90th year in the country's non-life insurance industry.
The Insurance Commission, in its data, cited Malayan Insurance as ranked first especially in non-life insurance and in terms of gross premium writtenm (GPW). In fact, in 2019, Malayan Insurance revealed a P12.25 billion in GPW.
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