A.M. Best Withdraws Credit Ratings of Macau Life Insurance Company Limited

21-Mar-2018 Intellasia | BusinessWire | 4:51 AM Print This Post

HONG KONG–(BUSINESS WIRE)–A.M. Best has removed from under review with developing
implications and affirmed the Financial Strength Rating of B++ (Good)
and the Long-Term Issuer Credit Rating of “bbb” of Macau Life
Insurance Company Limited
(MLIC) (Macau). The outlook assigned to
these Credit Ratings (ratings) is stable. Concurrently, A.M. Best has
withdrawn the ratings as the company has requested to no longer
participate in the A.M. Best’s interactive rating process.

The ratings reflect MLIC’s balance sheet strength, which A.M. Best
categorizes as very strong, as well as its adequate operating
performance, very limited business profile and appropriate enterprise
risk management.

On June 2, 2016, Dah Sing Financial Holdings Limited and Macau
Insurance Company Limited
announced that they agreed to sell 100% of
MLIC’s shares to Thaihot Investment (Bermuda) Company Limited (Thai Hot)
(Bermuda). The acquisition was completed on Nov. 9, 2017. A.M. Best
expects MLIC to maintain its current distribution relationship with
Banco Comercial de Macau, S.A. after the closing of the transaction,
while MLIC’s pension fund management business was excluded from the
transaction.

MLIC is well-capitalized to support its risk profile, which is highly
concentrated on investment risk. The company is one of the smallest
players in Macau’s life insurance market in terms of gross premium
written in 2016 and mainly distributes long-term products designed by
its affiliate, Dah Sing Life Assurance, which also was acquired by Thai
Hot in June 2017.

Ratings are communicated to rated entities prior to publication.
Unless stated otherwise, the ratings were not amended subsequent to that
communication.

This press release relates to Credit Ratings that have been published
on A.M. Best’s website. For all rating information relating to the
release and pertinent disclosures, including details of the office
responsible for issuing each of the individual ratings referenced in
this release, please see A.M. Best’s
Recent
Rating Activity
web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view
Understanding
Best’s Credit Ratings
. For information on the proper media
use of Best’s Credit Ratings and A.M. Best press releases, please view
Guide
for Media – Proper Use of Best’s Credit Ratings and A.M. Best Rating
Action Press Releases
.

A.M. Best is the world’s oldest and most authoritative insurance
rating and information source. For more information, visit
www.ambest.com.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Vivian Cheung, +852 2827 3421
Senior
Financial Analyst

[email protected]
or
Christopher
Sharkey, +1 908 439 2200, ext. 5159

Manager, Public Relations
[email protected]
or
Christie
Lee,
+852 2827 3413
Director, Analytics
[email protected]
or
Jim
Peavy, +1 908 439 2200, ext. 5644

Director, Public Relations
[email protected]

 


Category: BusinessWire, PRAsia

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