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346322
Fri, 10/31/2014 - 05:34
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Fitch Ratings Affirms Malaysian Reinsurance's IFS "A" Rating With A Stable Outlook

KUALA LUMPUR, Oct 31 (Bernama) -- Global rating agency Fitch Ratings has affirmed Malaysian Reinsurance Bhd's insurer financial strength (IFS) rating at 'A' with a stable outlook. Malaysian Reinsurance in a statement Thursday said the affirmation reflects Malaysian Re's well-maintained healthy financial fundamentals and sustained premium growth, coupled with strong capitalisation to support its market franchise leadership in Malaysia. "The stable outlook reflects Fitch's expectation that Malaysian Re will maintain its sound financial performance, driven by a prudent and experienced management's strong emphasis on bottom-line profitability rather than merely top-line growth," it said. It said on the other hand, the rating is constrained by limited geographical diversification in the company's business portfolio and potential catastrophe exposure from its foreign businesses, amid intensive market competition. Malaysian Reinsurance is the country's largest reinsurer, with a market share of 54 per cent, measured by reinsurance accepted premiums, last year. --BERNAMA

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