{"id":13948,"date":"2013-05-30T22:26:21","date_gmt":"2013-05-30T14:26:21","guid":{"rendered":"https:\/\/newcorpdemo-uat.cntaiping.sg\/?post_type=newsroom&p=13948"},"modified":"2025-05-14T11:09:01","modified_gmt":"2025-05-14T03:09:01","slug":"we-are-affirmed-a-rating-by-a-m-best-3","status":"publish","type":"newsroom","link":"https:\/\/www.sg.cntaiping.com\/en\/newsroom\/we-are-affirmed-a-rating-by-a-m-best-3\/","title":{"rendered":"We are affirmed “A-” rating by A.M. Best"},"content":{"rendered":"\t\t
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\n\t\t\t\t\t\t\t\t\tChina Taiping Insurance (Singapore) Pte. Ltd. (CTPIS) has been affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-“. The outlook for both ratings is stable.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tA.M. Best Affirms Ratings of China Taiping Insurance (Singapore) Pte. Ltd.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tCONTACTS:
\nAngela Chow
\nAssociate Financial Analyst
\n+852-2827-3407
\nangela.chow@ambest.com<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tRachelle Morrow
\nSenior Manager, Public Relations
\n+(1) 908 439 2200, ext. 5378
\nrachelle.morrow@ambest.com\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tJeff Yeung
\nAssociate Director
\n+852-2827-3413
\njeff.yeung@ambest.com\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tJim Peavy
\nAssistant Vice President, Public Relations
\n+(1) 908 439 2200, ext. 5644
\njames.peavy@ambest.com\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tHONG KONG, MAY 30, 2013 A.M. Best Asia-Pacific Limited has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of \u201ca-\u201d of China Taiping Insurance (Singapore) Pte. Ltd. (CTIS) (Singapore). The outlook for both ratings is stable.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tThe ratings reflect CTIS\u2019 solid risk-adjusted capitalization, stable underwriting performance and the operational support the company receives from China Taiping Insurance Group (HK) Company Limited in terms of investment, reinsurance and risk management.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tCTIS’s favorable operating and investment results in recent years have contributed to the growth in its capital base. CTIS\u2019 risk-adjusted capitalization level as measured by Best\u2019s Capital Adequacy Ratio (BCAR) improved in 2012 and is supportive of its current ratings. Given its modest business projections, the company\u2019s risk-based capitalization is expected to remain solid in the near term.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tCTIS\u2019 underwriting performance has been stabilized since 2007. Due to management\u2019s efforts, CTIS has managed to maintain its combined ratio at a five-year average of 85%. Motor remains the biggest line of business in CTIS\u2019s portfolio; its performance has seen gradual improvement in the past three years, compared to years prior to 2009, but its high loss ratio remains a concern.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tPartially offsetting these positive rating factors are the soft market conditions in Singapore as well as the potential volatile claims experience stemming from the work injury compensation (WIC) portfolio. WIC recorded a high loss ratio in 2012 partly attributed to the additional reserves established by CTIS with the intention to cushion any impact on rising compensation costs and the competitive market environment.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tFuture positive rating actions could occur if CTIS is able to maintain its solid capitalization, achieve sustained improvement in underwriting of key business lines and enhance its enterprise risk management framework.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAlternatively, negative rating actions could occur if CTIS\u2019 operating performance deteriorates or there is a substantial decline in its risk-based capitalization level.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tThe methodology used in determining these interactive ratings is Best\u2019s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best\u2019s rating process and contains the different rating criteria employed in the rating process. Best\u2019s Credit Rating Methodology can be found at www.ambest.com\/ratings\/methodology.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tRatings are communicated to rated entities prior to publication, and unless stated otherwise, the ratings were not amended subsequent to that communication.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tA.M. Best Asia-Pacific Limited is a subsidiary of A.M. Best Company. A.M. Best Company is the world\u2019s oldest and most authoritative insurance rating and information source.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tView a list of companies related to this press release. The list will include Best’s Ratings along with links to additional company specific information including related news and reports.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tA.M. Best\u2019s credit ratings are independent and objective opinions, not statements of fact. A.M. Best is not an Investment Advisor, does not offer investment advice of any kind, nor does the company or its Ratings Analysts offer any form of structuring or financial advice. A.M. Best\u2019s credit opinions are not recommendations to buy, sell or hold securities, or to make any other investment decisions.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tA.M. Best receives compensation for interactive rating services provided to organizations that it rates. A.M. Best may also receive compensation from rated entities for non-rating related services or products offered by A.M. Best. A.M. Best does not offer consulting or advisory services. For more information regarding A.M. Best\u2019s rating process, including handling of confidential (non-public) information, independence, and avoidance of conflicts of interest, please read the A.M. Best Code of Conduct.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tA.M. Best Company and its subsidiaries are not registered as External Credit Assessment Institutions (ECAI) in the European Union (EU). Credit ratings issued by A.M. Best Company and its subsidiaries\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

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