Update Rating Activites

HONG KONG – NOVEMBER 20, 2014
A.M. Best has revised the outlook to stable from positive and affirmed the financial strength rating (FSR) of B++ (Good) and the issuer credit rating (ICR) of “bbb+” of The Oriental Insurance Company Limited (Oriental) (India).

The revised outlook follows Oriental’s worse than expected underwriting performance, in particular the deteriorating performance in the health portfolio.

Partially offsetting these negative factors are Oriental’s strong risk-adjusted capitalization, solid business profile and consistently favorable investment performance.

HONG KONG – NOVEMBER 13, 2014
A.M. Best has affirmed the financial strength rating (FSR) of A++ (Superior) and the issuer credit rating (ICR) of “aa+” of Samsung Fire & Marine Insurance Co., Ltd. (SFM) (South Korea). Concurrently, A.M. Best has affirmed the FSR of A (Excellent) and the ICR of “a” of SFM’s wholly owned subsidiary, Samsung Reinsurance Pte. Ltd.(SRE) (Singapore). A.M. Best also has affirmed the FSR of A- (Excellent) and the ICR of “a-” of SFM’s subsidiaries, Samsung Vina Insurance Co., Ltd. (SVI) (Vietnam) and PT. Asuransi Samsung Tugu (AST) (Indonesia). The outlook for all ratings is stable.

The rating affirmations reflect SFM’s superior risk-adjusted capitalization, strong operating performance and well-established business profile.

Partially offsetting these rating factors are the company’s exposure to volatility in its capital and surplus arising from the fluctuating value of its investment securities, unfavorable development in its auto line claims experience over the past three fiscal years, the continued low interest rate environment and intensified competition in the domestic non-life market.

Source: AMBEST