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AM Best Upgrades Issuer Credit Rating of Shinkong Insurance Company Limited

By: via Business Wire

AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” (Excellent) from “a” (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Shinkong Insurance Company Limited (Shinkong Insurance) (Taiwan). The outlook of the Long-Term ICR has been revised to stable from positive, whilst the outlook of the FSR is stable.

The Credit Ratings (ratings) reflect Shinkong Insurance’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

The upgrading of the Long-Term ICR reflects Shinkong Insurance’s robust profitability metrics, supported by strong underwriting gains and stable investment income. Shinkong Insurance reported solid underwriting profits, outperforming historical trends and setting record high net technical results in the last two years. The company’s historical operating performance is characterized by relatively low volatility, benefitting from limited loss impact from pandemic insurance policies, adequate pricing, prudent risk selection, as well as disciplined expense management. The company’s well-diversified investment portfolio provides a steady stream of net investment income.

Shinkong Insurance reported the highest net income among its industry peers in 2024, representing 16.4% of the domestic non-life segment’s profits. The company has outperformed the majority of its peers in multiple metrics including loss experience, expense ratios and return measures over the last few years. According to AM Best’s calculations, the company’s five-year average return on equity was 13.1%, while return on premium reached 20.6% in 2024, outpacing the performance of comparable peers.

Shinkong Insurance’s risk-adjusted capitalisation remains at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Organic earnings growth has contributed to higher capital and surplus levels despite paying dividends to shareholders in 2024. The company’s balance sheet strength is further complemented by its conservative investment appetite, a comprehensive reinsurance programme with strong partners and financial flexibility supported by its publicly traded status. The company’s statutory risk-based capital ratio remains at a healthy level.

Shinkong Insurance is the third-largest insurer in Taiwan’s non-life insurance market based on gross premiums written. The underwriting portfolio has been moderately diversified with a majority of its business in motor. The company’s distribution channel mix remains stable with its direct channel continuing to be the largest contributor.

Negative rating actions could occur if there is a material decline in Shinkong Insurance’s profitability to a level that is not commensurate with its strong operating performance assessment. Negative rating actions could also occur if there is a substantial deterioration in the company’s balance sheet strength. Whilst deemed unlikely in the intermediate term, positive rating actions could occur if the company’s balance sheet metrics consistently improve to a level beyond the current very strong 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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