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BUSINESS • 27/03/2026 10:43 AM

AM Best Affirms Excellent Ratings Of Nan Shan General

KUALA LUMPUR, March 27 (Bernama) -- AM Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) of Taiwan’s Nan Shan General Insurance Co Ltd (Nan Shan General), with a stable outlook.

In a statement, AM Best said the credit ratings (ratings) reflect Nan Shan General’s very strong balance sheet strength, adequate operating performance, neutral business profile and appropriate enterprise risk management.

The company’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, improved to the strongest level at year-end 2025, supported by consistent earnings growth and partial profit retention.

AM Best expects the insurer to maintain its balance sheet strength over the medium term, backed by an insurance risk profile characterised by personal lines and small- to medium-sized commercial accounts, prudent investments and a sound reinsurance programme.

Operating performance remained favourable in 2025, driven by improved underwriting results and stable investment income. Premium growth has exceeded the industry average for three consecutive years, mainly driven by expansion in the voluntary motor, travel and commercial lines.

The insurer’s personal lines segment, accounting for about 74 per cent of its portfolio, benefited from positive underwriting margins, while its net operating expense and combined ratios edged down to 37.2 per cent and 90.0 per cent, respectively, representing the lowest levels for both metrics over the last five-year period. Return on equity remained at a double-digit level.

Investment performance also strengthened, supported by capital gains in equities and stable interest income from bonds. The company is expected to maintain a focus on domestic fixed-income securities with moderate equity exposure.

Nan Shan General benefits from its parent, Nan Shan Life Insurance Co Ltd (Nan Shan Life) through brand recognition, distribution support and capital backing, despite its relatively modest business scale.

-- BERNAMA

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