SINGAPORE, Dec 12 (Bernama-BUSINESS WIRE) — AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” (Good) of The New India Assurance Company Limited (New India) (India). Concurrently, AM Best has affirmed the India National Scale Rating (NSR) of aaa.IN (Exceptional) of New India with a stable outlook.
The Credit Ratings (ratings) reflect New India’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, favourable business profile and marginal enterprise risk management (ERM). In addition, the ratings factor in a neutral impact from New India’s ultimate majority ownership by the Government of India.