HONG KONG, Dec 5 (Bernama-BUSINESS WIRE) — AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Nan Shan General Insurance Co., Ltd. (Nan Shan General) (Taiwan) remain unchanged in view of the negative impact from pandemic insurance claims on the company’s financials as of the end of September 2022, based on AM Best’s expectation of the company’s business and capital plans over the short to intermediate term.
Nan Shan General’s reported capital and surplus declined by more than half during the first nine months of 2022 to TWD 2.0 billion. The main drag was a net loss of TWD 1.3 billion attributable to significant claims related to pandemic insurance products, as well as negative changes in other comprehensive income due to unfavourable capital market conditions. Nonetheless, the company’s local solvency ratio remained above the regulatory minimum as of the end of September 2022.
