AM Best Affirms Excellent Ratings For FuSure Reinsurance With Stable Outlook 

KUALA LUMPUR, June 3 (Bernama) -- AM Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) of Hong Kong’s FuSure Reinsurance Company Limited (FuSure), with a stable outlook for both credit ratings (ratings).

In a statement, the global credit rating agency said the ratings reflected FuSure’s very strong balance sheet, adequate operating performance, limited business profile and appropriate enterprise risk management.

The ratings also consider the explicit and implicit support provided by its ultimate parent, Tencent Holdings Limited (Tencent), which includes capital, business development, investment, risk management and operational support.

In March 2025, FuSure obtained its long-term reinsurance licence from the Hong Kong Insurance Authority, expanding its scope beyond general reinsurance and officially becoming a composite reinsurer.

To support its business expansion, FuSure received a third round of capital injection from shareholders, raising its paid-up capital to 2.68 billion Chinese yuan (US$367 million). AM Best expects the company’s risk-adjusted capitalisation to remain at the strongest level based on its latest business plan through 2028. (US$1=RM4.21)

FuSure has posted a net profit since 2022 and achieved a 5.5 per cent return on equity (ROE) in 2024. It projects mid-single-digit ROE with double-digit annual premium growth from 2025 to 2028.

Since its establishment in 2021, FuSure has focused on health and accident reinsurance in Greater China, supported by Tencent’s capabilities in distribution and product innovation. It is also expanding its underwriting portfolio geographically and intends to enter long-term medical, critical illness, and life insurance segments following its composite licensing.

Despite growth prospects, AM Best noted that execution risk remains a concern due to the company’s start-up status and high growth trajectory. However, this is mitigated by an experienced management team and strong support from Tencent.

Tencent currently holds 85.01 per cent of FuSure’s shares and is listed on the Hong Kong Stock Exchange. It has demonstrated continued commitment through capital infusions and operational support, contributing to the rating enhancement.

-- BERNAMA