AM Best upgrades GIC Re's outlook

AM Best has confirmed the "B++" (good) financial strength and "bbb+" (good) long-term credit ratings of General Insurance Corporation of India (GIC Re).

The outlook for the former rating was upgraded from stable to positive and for the latter from negative to positive.

The rating agency considers the company's operating performance to be adequate, with a five-year weighted average return on equity (ROE) of 5.3%.

AM Best's decision also takes into account the company's improved balance sheet strength, favorable business profile, appropriate enterprise risk management and the neutral impact of GIC Re's ownership by the Indian Government.