SINGAPORE, January 24 – AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) for Etiqa General Insurance Berhad (EGIB) in Malaysia, with a stable outlook. The ratings consider EGIB’s strong balance sheet strength, robust operating performance, neutral business profile, and effective enterprise risk management. EGIB’s risk-adjusted capitalization is assessed as strong, and its investment strategy combines low-risk assets like cash, deposits, and bonds with higher-risk assets like equities and real estate.
The company’s operating performance is deemed strong, supported by favorable underwriting performance and stable investment income. Its business profile is considered neutral, being a mid-sized non-life insurer in Malaysia with a market share of over 8%. Additionally, EGIB’s enterprise risk management approach is viewed as appropriate for its current size and operational complexity, with adequate risk management capabilities.
