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AM Best Affirms Credit Ratings of Nan Shan General Insurance Co., Ltd.

By: via Business Wire

AM Best has affirmed 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). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Nan Shan General’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

Nan Shan General’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), has improved moderately and remained at the very strong level at year-end 2024. The company’s capital position was enhanced by positive earnings growth and partial profit retention. AM Best expects Nan Shan General to maintain its balance sheet strength assessment over the medium term, supported by an insurance risk profile characterised by personal lines and small- to medium-sized commercial accounts, controlled asset risk and a reinsurance programme placed with highly rated reinsurers. Notwithstanding, the moderately high dividend payout ratio is expected to contribute to a slower pace of organic growth in the company’s capital and surplus over the short to intermediate term.

Nan Shan General posted a significant rise in operating results in 2024, supported by stable underwriting and investment performance. The company’s return on equity has increased to the double-digit level. Nan Shan General’s top-line performance has continued to outperform the industry growth, mainly driven by expansions in voluntary motor, travel insurance and commercial lines. Its loss experience has remained stable following the settlement of pandemic insurance claims in 2023, despite the increasing premium retention level in the voluntary motor and commercial fire lines. Nan Shan General’s net commission ratio exhibited an increasing trend over the past few years due to decreasing reinsurance commission income. The company has projected a gradual improvement in underwriting profitability over the next three years, supported by stable performance in the dominant personal lines and the profitable commercial liability business.

Nan Shan General has reported improved investment returns including capital gains and losses. The company’s bond portfolio has continued to contribute a steady stream of interest income, which helped stabilise its investment performance. AM Best expects Nan Shan General to continue to focus on domestic fixed-income securities and maintain moderate exposure to equity securities with an aim to boost overall investment returns.

Nan Shan General is a wholly owned subsidiary of Nan Shan Life Insurance Co., Ltd. (Nan Shan Life), which is the third-largest life insurance company in Taiwan in terms of total assets. While Nan Shan General’s business scale is modest within Nan Shan Life, the company benefits from parental support in terms of the shared brand recognition, strong distribution synergy and capital commitments.

Negative rating actions could occur if there is a material decline in Nan Shan General’s risk-adjusted capitalisation, for example, due to a much faster-than-expected expansion in underwriting and/or investment risks that outpaces the growth in capital and surplus, or the company experiences large underwriting losses that significantly erode its capital strength. Negative rating actions also could arise if Nan Shan Life experiences a significant deterioration in its credit fundamentals, which AM Best views as having a material negative impact on Nan Shan General. Although it is deemed to be unlikely over the short to intermediate term, positive rating actions could occur if the company demonstrates sustainable improvement in operating performance while maintaining the appropriate 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.

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