Malayan Insurance Co. Inc. maintained its AM Best financial strength rating of B++ (good) and the long-term issuer credit rating of “bbb+” (good) this year.
The insurance unit of the Yuchengco Group also kept its “stable” credit ratings outlook despite the pandemic’s continuous impact on the economy.
“These ratings reflect Malayan’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,” it said.
The ratings underscored Malayan’s financial solvency and claims-paying ability and capacity to meet debt obligations.
Malayan Insurance president and chief executive officer Paolo Abaya said the credit ratings were a testament of its stability and reliability. “Aside from providing relevant insurance products, our organization remains robust and resilient so that we are always prepared to secure the lives and assets of our countrymen,” he said.