AUGUST 04, 2022 10:14 AM (EDT)
AM Best Assigns Credit Ratings to Generali Life (Hong Kong) Limited
|Jason Shum |
Associate Director, Analytics
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Senior Director, Analytics
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Manager, Public Relations
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Managing Director, Strategy & Communications
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FOR IMMEDIATE RELEASE
HONG KONG - AUGUST 04, 2022 10:14 AM (EDT)
AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) to Generali Life (Hong Kong) Limited (Generali Hong Kong) (Hong Kong). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Generali Hong Kong’s inclusion as a member of the lead rating unit of Assicurazioni Generali S.p.A. (Generali) (Italy), which has a balance sheet strength that AM Best assesses as strong, as well as its strong operating performance, very favorable business profile and appropriate enterprise risk management.
Generali Hong Kong is a wholly owned subsidiary of Generali. Generali is among the leading insurance groups worldwide, with gross premium written of EUR 75.8 billion in 2021.
Since its establishment in 2016, Generali Hong Kong has been adding to Generali’s life insurance portfolio in the region, initially through a diversified broker channel, then 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.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.