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 Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.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