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For more than 30 years, Cabling Installation & Maintenance has provided useful, practical information to professionals responsible for the specification, design, installation and management of structured cabling systems serving enterprise, data center and other environments. These professionals are challenged to stay informed of constantly evolving standards, system-design and installation approaches, product and system capabilities, technologies, as well as applications that rely on high-performance structured cabling systems. Our editors synthesize these complex issues into multiple information products. This portfolio of information products provides concrete detail that improves the efficiency of day-to-day operations, and equips cabling professionals with the perspective that enables strategic planning for networks’ optimum long-term performance.

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AM Best Assigns Credit Ratings to Min Xin Insurance Company Limited

By: via Business Wire

AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb+” (Good) to Min Xin Insurance Company Limited (MXIC) (Hong Kong). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect MXIC’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

Established in 1974, MXIC is a long-standing player in Hong Kong and Macau’s non-life insurance markets. MXIC is 100% owned by Min Xin Holdings Limited (MXHL), a holding company that engages primarily in banking investment, provision of micro credit business and insurance, property investment and strategic investment. MXHL is majority owned by its ultimate parent, Fujian Investment & Development Group Co., Ltd. (FIDG), a Chinese state-owned enterprise and investment platform of the Fujian provincial government.

MXIC has a diversified underwriting portfolio, which mainly includes property damage, motor, employees’ compensation, travel and accident. As of year-end 2023, 62% of its premium is generated from Macau, with the remainder from Hong Kong. The company remains a small player in both markets, according to gross premium written statistics disclosed by domestic regulators. Specifically in Macau, MXIC leverages its bancassurance channel which includes one of its affiliated banks to source profitable property damage business. Prospectively, MXIC plans to further strengthen its bancassurance channel in Macau, while in Hong Kong it also strives to establish intermediary and bancassurance partnerships to expand its local business there.

The company’s balance sheet strength assessment of strong is underpinned by its risk-adjusted capitalisation level, which was at the strongest level at year-end 2023, as measured by Best’s Capital Adequacy Ratio (BCAR). The company has achieved substantial growth in its capital and surplus (C&S) over the past decade, mostly attributable to rounds of capital injection from MXHL, in addition to full retention of net profit. Other supporting factors include its healthy regulatory solvency position, good liquidity and appropriate reinsurance arrangement. Partially offsetting factors include investment concentration in one of its investment properties, and its limited C&S size at HKD 318.3 million (USD 40.8 million) as of year-end 2023, on an HKFRS 17 basis.

AM Best views MXIC’s operating performance as adequate. The company has reported significant top line growth while maintaining annual net profits since 2018. In 2023, under HKFRS 17, while the insurance service revenue decreased slightly, the company delivered a net profit of HKD 4.9 million with a return-on-equity ratio of 1.5%. The company’s profitable bottom line was primarily driven by steady investment return, supported by stable rental income from its investment properties and interest income from cash and bond investments. Conversely, MXIC’s underwriting profitability has been thin over the years, largely attributable to its high expenses relative to the small premium scale. While MXIC’s Macau operation delivered stable underwriting profit during the past five years, its Hong Kong operation was more volatile with an underwriting loss in 2023.

Positive rating actions could occur if MXIC receives continued explicit and implicit support from its parent, which contributes to a stronger market presence in the Hong Kong and Macau non-life markets. Positive rating actions also could occur if MXIC successfully implements its business plan after the removal of regulatory premium cap and delivers sustained improvement and stability in its operating performance while maintaining a robust level of risk-adjusted capitalisation. Negative rating actions could occur if MXIC experiences a material deterioration in its risk-adjusted capitalisation. Negative rating actions also could arise if there is material deterioration in the company's operating profitability, for instance, due to unfavourable underwriting loss experience or investment loss.

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, Best’s Performance Assessments, Best’s Preliminary Credit Assessments 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 specialising 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. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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