Chennai Jan 27 (IANS) India s largest non-life insurer and central government-owned New India Assurance Company Ltd has the largest capital and surplus in the general insurance industry in the country the company said citing A.M. Best s credit rating.
In a regulatory filing in BSE New India Assurance said A.M. Best has affirmed its Financial Strength rating as A-(Excellent) and Long-Term Issuer Credit Rating of "A".
According to New India Assurance the ratings reflect the company s balance sheet strength which A.M. Best categorizes as very strong as well as its adequate operating performance favourable business profile and appropriate enterprise risk management.
"New India s balance sheet strength reflects solid risk-adjusted capitalisation that is supported by low underwriting leverage. Its capital and surplus are by far the largest among all non-life insurers in India standing at Rs 359 billion ($5.5 billion) as of March 31 2017 " the US-based insurance rating agency said.
"The favourable business profile reflects the company s solid market position; New India is the largest non-life insurer in India with a clear lead in almost every line of business. In addition the company s business is diversified by geography and line of business both within India and overseas " the rating agency said.
--IANS
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