SINGAPORE, March 23 (Bernama-BUSINESS WIRE) — AM Best has affirmed the Financial Strength Rating of C (Weak) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “ccc” of National Insurance Company Limited (National) (India). The outlook of these Credit Ratings (ratings) is negative. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.
The ratings reflect National’s balance sheet strength, which AM Best categorizes as weak, as well as its marginal operating performance, neutral business profile and weak enterprise risk management. The ratings also factor in a neutral impact from the company’s ultimate ownership by the Government of India.