Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

Our 80,000 qualified print subscribers—and 130,000 12-month engaged online audience—trust us to dive in and provide original journalism you won’t find elsewhere covering key emerging areas such as laser-driven inertial confinement fusion, lasers in space, integrated photonics, chipscale lasers, LiDAR, metasurfaces, high-energy laser weaponry, photonic crystals, and quantum computing/sensors/communications. We cover the innovations driving these markets.

Laser Focus World is part of Endeavor Business Media, a division of EndeavorB2B.

Laser Focus World Membership

Never miss any articles, videos, podcasts, or webinars by signing up for membership access to Laser Focus World online. You can manage your preferences all in one place—and provide our editorial team with your valued feedback.

Magazine Subscription

Can you subscribe to receive our print issue for free? Yes, you sure can!

Newsletter Subscription

Laser Focus World newsletter subscription is free to qualified professionals:

The Daily Beam

Showcases the newest content from Laser Focus World, including photonics- and optics-based applications, components, research, and trends. (Daily)

Product Watch

The latest in products within the photonics industry. (9x per year)

Bio & Life Sciences Product Watch

The latest in products within the biophotonics industry. (4x per year)

Laser Processing Product Watch

The latest in products within the laser processing industry. (3x per year)

Get Published!

If you’d like to write an article for us, reach out with a short pitch to Sally Cole Johnson: [email protected]. We love to hear from you.

Photonics Hot List

Laser Focus World produces a video newscast that gives a peek into what’s happening in the world of photonics.

Following the Photons: A Photonics Podcast

Following the Photons: A Photonics Podcast dives deep into the fascinating world of photonics. Our weekly episodes feature interviews and discussions with industry and research experts, providing valuable perspectives on the issues, technologies, and trends shaping the photonics community.

Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

AM Best Affirms Credit Ratings of Well Link Life Insurance Company Limited

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Well Link Life Insurance Company Limited (Well Link Life) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Well Link Life’s balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM).

Well Link Life has been operating a life insurance business in Hong Kong since April 2019, with endowments, participating savings and qualified deferred annuity products (QDAP) as its major offerings. The company has established distribution partnerships with a network of brokers and developed a tied agent team, as well as an online application platform to serve customer needs. In addition, Well Link Life operates six wealth management centres in Hong Kong.

Well Link Life’s strong level of balance sheet strength is underpinned by its risk-adjusted capitalisation being assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). However, the BCAR has declined over the last two years, driven by reductions in the capital and surplus combined with increased size of investments and insurance liability. According to the company’s business and capital plan, AM Best expects its risk-adjusted capitalisation to remain at the strongest level in 2024 and 2025, but face downward pressure from 2026 onward, due to higher required capital for supporting significant top-line growth over the projection period (2025 – 2027).

The company’s investment portfolio is mainly composed of publicly listed bonds and stocks. The bond portfolio is mainly consisted of high-quality securities, while the company has been diversifying its equity portfolio in terms of sector and geography. Liquidity remains healthy.

AM Best views Well Link Life’s operating performance as marginal. The company’s return-on-equity ratio was -13.8% in 2023, per AM Best’s calculation. The operating losses were mainly attributable to negative insurance service results, marginally offset by improved investment performance. Losses from onerous insurance contracts mostly arising from saving-type products materially weighed down on the company’s insurance service results under the HKFRS17 basis. Well Link Life undertook several initiatives to improve underwriting profitability in 2024.

As a start-up insurer, Well Link Life faces challenges from new business strains. The company’s bottom-line performance was negatively impacted by expense overrun, but it expects higher operating expense efficiency over the intermediate run. Well Link Life’s investment performance has materially improved driven by capital gains and higher dividend and interest income in 2023. The investment momentum is expected to continue in 2024, with a double-digit investment yield rate.

The company’s market presence remains limited in Hong Kong’s life insurance segment, a well-developed and highly competitive marketplace. Well Link Life’s individual life new business market share grew to 1.6% by direct written premiums as of the first three quarters of 2024, and it ranked 12th among Hong Kong-based life insurers. During 2023 and 2024, the company actively promoted its participating saving products through the broker channel, which accounted for around 90% of new business in 2024. Going forward, the company plans to further expands its long-term participating business and grows its non-participating lines moderately.

Well Link Life’s ERM is considered appropriate to its risk profile. It has established the three lines of defense governance structure, formulated various risk policies and performed stress testing. The company performs annual Own Risk and Solvency Assessment (ORSA) and submits its ORSA report to the local insurance regulator, the Hong Kong Insurance Authority.

The stable outlooks reflect AM Best’s expectation that the balance sheet strength will remain strong and regulatory solvency will remain robust over the medium term, while the company executes its business and capital plans. Controlled asset risk is expected to contribute towards a strong balance sheet strength assessment.

Negative rating actions could occur if there is a material deterioration in Well Link Life’s balance sheet strength metrics such that it no longer supports the strong assessment. Positive rating actions could occur if the company demonstrates a sustained and profitable operating performance, while maintaining its strongest level of risk-adjusted capitalisation. While unlikely in the near term, positive rating actions could occur if the company’s capital position significantly improves, for instance, through external financial support or raising capital from existing and/or new investors. In addition, negative rating actions could take place if a deterioration in the company’s risk management capabilities negatively impacts the ERM assessment.

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 © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.