Thai Reinsurance Public Company Limited’s (Thai Re) combined ratio improved to 99% by end-2020 from a peak of 114% in 2018, supported by fewer claims from legacy unprofitable businesses and better performance from non-conventional businesses, notes Fitch Ratings.
The company’s average combined ratio in 2018-2020 recovered to 106%, and Thai Re expects its profitability to improve as unprofitable businesses are phased out.
The reinsurer’s earnings risk from the coronavirus is minimal with limited exposure to health-related products in addition to low domestic infection rates, says Fitch.
The international credit rating agency has affirmed the Insurer Financial Strength (IFS) Rating at ‘A-‘ (Strong). The outlook is stable.
The affirmation reflects Thai Re’s ‘Favourable’ business profile, ‘Strong’ capitalisation, and ‘Good’ investment and liquidity risk, which are…
