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FOR IMMEDIATE RELEASE
HONG KONG - JUNE 02, 2026 08:46 AM (EDT)
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “a” (Excellent) from “a-” (Excellent) of FuSure Reinsurance Company Limited (FuSure) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect FuSure’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect the implicit and explicit support from its ultimate parent, Tencent Holdings Limited (Tencent).
The upgrade reflects FuSure’s balance sheet strength that is strengthened by two rounds of material capital injection from shareholders, as well as anticipated additional capital commitment in the medium term. In addition, FuSure successfully executed its business plan in a disciplined manner.
Since its establishment in 2021, FuSure has focused on developing its market presence and competitive strengths in health reinsurance in the Greater China region, while leveraging its parent group Tencent’s support in business development, product innovation and distribution. Whilst health reinsurance remains the cornerstone of FuSure’s top line, over the years, the company has been actively diversifying its business profile in terms of line of business, geographic span, distributional channel and its client base. The business expansion includes long-term health reinsurance and commercial property business in Asia-Pacific. FuSure projects it will continue deliver double-digit top line growth in the medium term.
FuSure received an additional HKD 1 billion capital injection from its shareholders in 2025. As of year-end 2025, its total capital and surplus reached HKD 3.15 billion and greatly outpaced its initial five-year capital plan. The company’s very strong balance sheet strength is underpinned by its risk-adjusted capitalisation remaining comfortably at the strongest level as of year-end 2025 and in projected years, as measured by Best’s Capital Adequacy Ratio (BCAR). Other supporting factors include its diversified and liquid invested assets, predominantly in fixed income and cash and cash equivalents, and a conservative reinsurance strategy with high credit quality retrocessionaires panel.
FuSure has delivered positive operating performance since its second year of operation, and executes its business plan with discipline, evidenced by meeting its budget’s bottom line every year. In 2025, the company’s return on equity (ROE) was 5.2%, as calculated by AM Best, and it expects to continue delivering mid-single-digit ROE with double-digit annual net premium written growth over the period of 2026 to 2028. FuSure’s operating performance is largely supported by its stable investment income from the fixed-income portfolio.
FuSure receives rating enhancement from implicit and explicit support from its ultimate parent, Tencent, The parent has demonstrated a willingness to support FuSure’s business growth from two rounds of material capital injection in 2023 and 2025. AM Best expects FuSure to continue benefiting from the parent group from explicit capital support, and implicit support including defensible competitive advantages in health product design and pricing sophistication.
Negative rating actions could occur if the company materially deviates from its business plan resulting material operating performance deterioration to a level that no longer supports its current ratings. Negative rating actions could also occur if there is a material decline in the level of support it receives from its ultimate parent, Tencent. Although unlikely in the medium term, positive rating actions could occur if the company’s operating performance materially improves to a level that is superior to its peers’.
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 (BCR), Best’s Performance Assessments (PA), Best’s Preliminary Credit Assessments (PCA) 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 specializing 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.