A.M. Best Co., established in 1899, is the world’s oldest and most authoritative insurance rating and information source.
The ratings reflect MICO’s consistent market leadership, strong risk-adjusted capitalization, and stable stream of investment income. The ratings continue to recognize the company’s extensive reinsurance arrangements.
"MICO established a solid position within the Philippines’ non-life insurance market as a result of its 75 years of operating history. It maintained market leadership in terms of gross premiums written for the last 35 years," it said in a press statement.
Gross premiums grew by 20 percent to P3.9 billion ($70 million) in 2004 from P3.3 billion ($59 million) in 2003. MICO is the flagship insurance company of Yuchengco Group of Companies (YGC), which is a financial conglomerate in the Philippines.
MICO emerged as the leading company in terms of premiums earned and paid up capital. It generated P1.63 billion ($29.20 million) in premiums earned in 2004, a 52 percent increase over 2003’s figure of P1.07 billion ($19.16 million).