Malayan maintains solid B++ rating

MANILA, Philippines - Insurance rating agency A.M. Best has reaffirmed the financial strength and credit rating of Malayan Insurance Co. Inc. as the leader in the country’s non-life insurance industry after has affirmed its financial strength and credit ratings.   

A.M. Best, the world’s oldest and most authoritative insurance rating and information source, assigned a B++ (good) financial strength rating and a bbb+ issuer credit rating to Malayan, which reflected the company’s solid risk-adjusted capitalization, prominent business profile in the country’s non-life insurance market, and consistently favorable investment performance.

“For the past decades, we have always maintained Malayan’s firm financial footing and have positioned it to be even stronger in the coming years,” said Malayan president Yvonne S. Yuchengco. “Despite our complex operations, we assure our clients that they will continue to enjoy the best insurance services and protection from the country’s leading non-life insurance company.”

The rating agency’s report said that the sustained positive ratings signify Malayan’s performance in covering operational risks despite huge losses sustained from the several catastrophic events that occurred in Bohol and the Visayas region in 2013 and the Thailand flooding in 2011. 

“Malayan’s investment portfolio has been an important source of income as it has consistently posted satisfactory investments results that delivered a net profit every year during the past five years,” it added.

Malayan is the largest non-life insurer in the country in terms of direct gross premiums written (GPW) for 43 straight years. It also achieved another financial milestone in 2013 by nearly breaching the seven billion sales mark in terms of GPW – a first in the non-life insurance industry.