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AM Best Affirms Credit Ratings of Macau Insurance Company Limited

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 Macau Insurance Company Limited (MIC) (Macau). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect MIC’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.

MIC’s balance sheet strength remained at the strongest level at year-end 2024, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s capital and surplus decreased by 7.8% to MOP 920 million in 2024, mainly reflecting a planned large one-off dividend upstream, which was partially compensated by its net profit and fair value gain of equity investments through other comprehensive income. Although MIC’s strategic asset allocation reflects its appetite to equity investments, market risks are mitigated partially by the company’s surplus capital, diversified equity portfolio and hedging strategy.

In view of the robust solvency level and capital efficiency, MIC has paid MOP 309 million in a special dividend to the ultimate parent, Dah Sing Financial Holdings Limited. The special dividend was executed in two stages, June 2023 and June 2024, with the majority being settled by the transfer of equity investments, which lowered the equity securities risk. AM Best does not see a significant weakening in MIC’s risk-adjusted capitalisation, as measured by BCAR. In addition, MIC has applied a 25% dividend payout ratio based on profit after tax starting 2023, and expects to maintain this dividend payout policy in the near term. Based on MIC’s business plan, AM Best expects the company’s risk-adjusted capitalisation will remain solid to manage its underwriting and investment risks.

MIC’s operating results have been consistently positive over the past years. Although the combined ratio increased to 91.6% in 2024, due to a rise in the loss ratio, the company has continued to achieve favourable investment gains owing to the changes in fair value of equity investments. AM Best expects MIC to maintain underwriting profitability by expanding its profitable business, with higher premium retention in personal lines.

MIC was ranked third in Macau’s non-life insurance market in 2024, with a market share that rebounded to 11.6% following a decline in 2023. This was attributed to a strong gross premiums written (GPW) growth of 33%, driven by productions from casinos renovation projects and increased participation in reinsurance inward policies. Going forward, MIC aims to capture growth prospects in both commercial and personal lines, for example, local medical and employees’ compensation business, as well as business opportunities in the Greater Bay Area. The company also embraces digitalisation to enhance the service level, data accuracy and process efficiency to support future business expansion.

Negative rating actions could arise if MIC’s business profile exhibits a sustained diminishing trend that materially deviates from its indicated plans. Negative rating actions also could occur if there is a significant decline in MIC’s absolute amount of capital due to material investment losses or larger-than-expected dividend payouts. Positive rating actions could occur if MIC demonstrates successful implementation of its business plan to achieve sustained improvement and stability in its operating performance, while maintaining a robust level of risk-adjusted capitalisation.

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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