Malayan Insurance Co. Inc. has maintained its AM Best financial strength rating of B++ (good) and the long-term issuer credit rating of “bbb+” (good) in 2022.
The Yuchengco-led insurance company also kept its “stable” credit ratings outlook despite the pandemic’s continuous impact on the Philippine economy.
“These ratings reflect Malayan’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management,” it said.
The ratings emphasized Malayan’s financial solvency and underscored its claims-paying ability and capacity to meet debt obligations.
Paolo Abaya, Malayan Insurance president and chief executive officer, said the recent credit ratings were a testament of its stability and reliability.
“Aside from providing relevant insurance products, our organization remains robust and resilient so that we are always prepared to secure the lives and assets of our countrymen,” Abaya added.
Known as a global authority for rating insurance companies, AM Best also noted that the non-life insurer’s risk-adjusted capitalization bolstered its balance sheet strength, and forecasted it to stay at the strongest level over the medium term as measured by Best’s capital adequacy ratio (BCAR).
