Malayan Insurance: AM Best rating

AM Best has confirmed Malayan Insurace's "B++" (good) financial strength rating. However, the rating agency has downgraded the Philippine insurer's long-term credit rating from "bbb+" to "bbb". The outlook remains stable.

The second rating downgrade reflects the company's weakening balance sheet fundamentals and risk-adjusted capitalization, following the surge in natural catastrophe claims.

AM Best also considers Malayan Insurance's operating performance to be adequate, as demonstrated by an average return on equity and a five-year average combined ratio of 3.8% and 102.8% respectively.