AM Best assigns 'A' to Generali Life Hong Kong's Financial Strength Rating

KUALA LUMPUR, Aug 5 (Bernama) -- Global credit rating agency, AM Best, has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” (Excellent) to Generali Life (Hong Kong) Limited (Generali Hong Kong).

According to a statement, the outlook assigned to these credit ratings is stable.

The ratings reflect Generali Hong Kong’s inclusion as a member of the lead rating unit of Italy’s Assicurazioni Generali S.p.A. (Generali), which has a balance sheet strength that AM Best assesses as strong, as well as its strong operating performance, very favourable business profile, and appropriate enterprise risk management.

Since its establishment in 2016, Generali Hong Kong, a wholly-owned subsidiary of Generali, has been adding to the latter's life insurance portfolio in the region, initially via a diversified broker channel, and more recently, through a combination of broker and online-to-offline digital distribution channels.

The addition of Generali Hong Kong to the Generali rating unit reflects its contribution to Generali’s growth and diversification strategy.

In addition, Generali provides various implicit and explicit support to Generali Hong Kong, including capital commitment, parental guarantee, operation and reinsurance support, as well as risk management.

Hence, AM Best views Generali to be strongly committed to Generali Hong Kong’s development and long-term success and will provide necessary financial support if needed.

More details at www.ambest.com.

-- BERNAMA