Malayan Insurance gets stable rating

MANILA, Philippines -Malayan Insurance Co. has received a BB/Stable financial strength rating from Standard & Poor’s (S&P), one of the world’s most respected global credit ratings agencies. S&P stated that: “Malayan has a strong business position as the largest non-life insurance company in the Philippines. It has strong parentage, a long record of operations, deep corporate relationships, and a wide branch network that has helped it maintain a leading 20 percent market share of gross premiums. Its share in the fire class is even larger, at about 31 percent, due to long-established relationships.” Malayan Insurance has been consistently ranked number one in the non-life insurance industry for the past 40 years. As of end-2009, assets stood at over P15 billion, and gross premiums worth over P6.2 billion. Together with its subsidiaries Bankers Assurance Corp. (BAC) and First Nationwide Assurance Corp. (FNAC), Malayan Insurance forms the country’s biggest group of non-life insurance companies.