KUALA LUMPUR, Aug 26 (Bernama) -- AM Best has affirmed the Financial Strength Rating of A- (excellent) and the Long-Term Issuer Credit Rating of ‘a-’ of Foundation Life (NZ) Limited (FLNZ) in New Zealand.
With stable outlook on these credit ratings, it reflects FLNZ’s balance sheet strength, which AM Best has categorised as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The company’s balance sheet strength assessment is underpinned by risk-adjusted capitalisation that was at the strongest level as of fiscal year-end 2018, as measured by Best’s Capital Adequacy Ratio. A partially offsetting balance sheet factor remains the company’s moderate-sized absolute capital base, which exposes capital adequacy to volatility in the event of stressed scenarios, including sudden and severe movements in interest rates. FLNZ has a track record of reporting adequate operating performance, with post-tax profits reported in each of the past five years (fiscal years 2014 to 2018), according to a statement. AM Best views the company’s business profile as limited, given its position as a run-off life insurer and its moderate scale of operations in New Zealand. AM Best is a global rating agency and information provider with unique focus on the insurance industry. More information at www.ambest.com. -- BERNAMA
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KUALA LUMPUR, Aug 23 -- Thirty-two global fashion and textile companies have signed the Fashion Pact, committed to achieve practical objectives in areas of climate, biodiversity and oceans.
The companies include Kering, Nike, Chanel, Ralph Lauren, Karl Lagerfeld, Puma, Salvatore Ferragamo, Giorgio Armani, H&M Group, Prada Group and Burberry. The objectives draw on the Science-Based Targets (SBT) initiative, which focuses on stopping global warming, restoring biodiversity and protecting the oceans. SBT initiative aims to match companies’ objectives for reducing greenhouse gas emissions with the data provided by climate science. The Fashion Pact will be presented to heads of state during the three-day G7 meeting at Biarritz, France, beginning Aug 24. Representatives of these companies have been invited to the Elysée Palace by French President, Emmanuel Macron. Last April, Macron gave Kering chairman and chief executive officer, François-Henri Pinault a mission to gather leading players in fashion and textiles, with the aim of setting practical objectives to reducing the environmental impact of their industry. The Fashion Pact is open to any company to fundamentally transform the practices of the fashion and textile industry and meet the environmental challenges of this century. -- BERNAMA KUALA LUMPUR, Aug 26 (Bernama) -- West China's Chongqing will host the four-day Smart China Expo (SCE) 2019, themed ‘Smart Technology: Empowering Economy, Enriching Life’, beginning today.
New labels such as technology, innovation, intelligence and smartness have been added to Chongqing's image since the first SCE in August last year. Domestic and foreign guests attending the event were awed by the city's natural beauty and cultural appeal, and are upbeat about Chongqing's bright prospects of high-quality development and life. The SCE 2019 enables industrial players to meet again and see the latest developments of smart technologies. About 388 VIP guests and 843 companies will attend the event to share their insights on the development of the big data intelligence industry. A total of 46 fora will be held, in addition to the opening ceremony and a summit. Eight contests including i-VISTA Grand Challenge, International Drone Race Performance and China-Singapore Industrial App Innovative Contest have been launched. The event is jointly organised by the Ministry of Science and Technology, Ministry of Industry and Information Technology, Chinese Academy of Sciences, Chinese Academy of Engineering, China Association for Science and Technology and Chongqing Municipal People's Government. Chongqing is willing to work with friends worldwide to promote the smart industry's growth and create a better future of digital economy. More details at https://www.smartchina-expo.cn -- BERNAMA KUALA LUMPUR, Aug 26 (Bernama) -- China’s investment in Southeast Asia has showed good momentum in the first half of 2019, as it reached US$11 billion, almost doubling year-on-year, according to a Maybank report. (US$1=RM4.21)
The new round of scientific and technological revolution is an important background for the country’s rapid investment in Southeast Asia. According to statistics, investment in the science and technology sector reached US$2.5 billion in the first half of the year, more than the total in 2017. In addition, the 5G communications global commercialisation is a major factor driving the outbreak of technology investment in the region. China and Southeast Asian countries actively welcome the tide of the digital economy with an aim to achieve lane-changing and overtaking. Against the headwind of the United States trade protectionism, the economic relationship between China and Southeast Asia is still uniquely well, proving the feasibility of the Belt and Road Initiative. The goal of the initiative is also to build these new roads and ties, which will make China and Southeast Asia more closely linked and become a new pole of global economic growth. -- BERNAMA HONG KONG, Aug 26 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Hanwha General Insurance Company Limited (HGI) (South Korea). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect HGI’s balance sheet strength, which AM Best categorizes as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect various forms of implicit and explicit support the company receives from its parent, Hanwha Life Insurance Co., Ltd. (Hanwha Life). HGI’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is assessed as very strong, backed by strong growth of capital and surplus, which was driven by net profit retention and the issuance of new shares and hybrid bonds in recent years. Its underwriting and asset leverage, which used to be among the highest in the industry, have improved gradually over the past five years to a level that is now in line with the company’s peers as a result of its improved capitalization. HGI’s investment strategy supports its strong balance sheet strength assessment, with approximately 70% of the total invested assets in fixed income securities. Factors offsetting HGI’s balance sheet strength include a higher proportion of alternative investment allocation, a wider asset-liability duration gap compared with its domestic peers and a declining interest coverage ratio. Overall operating performance is assessed as adequate. The company’s underwriting performance has improved over the past five years, although it deteriorated in 2018, in line with the market trend. AM Best expects HGI’s underwriting performance to stabilize after multiple rounds of motor premium hikes in 2019. The company’s overall operating performance is supported by its strong investment yield, which helps to offset volatile underwriting performance. HGI is the sixth-largest non-life insurance company in South Korea, with a market share of approximately 7% in terms of direct premium written in 2018. Based on its long-term strategic plan, the company has been focusing increasingly on digital innovation through the use of new technologies. HGI also is in the process of setting up South Korea’s first digital non-life insurer in 2019. HGI receives various forms of implicit and explicit support from its parent company, Hanwha Life, the second-largest life insurance company in South Korea in terms of gross premium written in 2018. Implicit support includes co-branding between the two companies to increase operational synergy, utilizing Hanwha Life’s tied agents for distribution, as well as cooperation in areas such as investments, among others. In addition, HGI has received capital support historically from the Hanwha Group and Hanwha Life during new share issuance. Negative rating actions could occur if there is a significant deterioration in the company’s risk-adjusted capitalization, or if there is a significant decline in the parent company’s financial strength and credit profile. 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 AM 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 AM 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 AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases. AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information. Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on businesswire.com: https://www.businesswire.com/news/home/20190823005201/en/ Contact Chanyoung Lee Senior Financial Analyst +852 2827 3404 [email protected] Christie Lee Director, Analytics +852 2827 3413 [email protected] Christopher Sharkey Manager, Public Relations +1 908 439 2200, ext. 5159 [email protected] Jim Peavy Director, Public Relations +1 908 439 2200, ext. 5644 [email protected] Source : AM Best |
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