AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" (Good) of Asian Reinsurance Corporation (Asian Re) (Thailand). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has assigned the Thailand National Scale Rating (NSR) of aa+.TH (Superior) to Asian Re. The outlook assigned to the NSR is stable.
The ratings reflect Asian Re’s balance sheet strength, which AM Best assesses as strong, as well its adequate operating performance. The company has reported robust operating performance in recent years, evidenced by a return-on-equity ratio of 8.3% in 2025 (2024 : 9.4%).
Asian Re’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which A.M. Best expects to remain at the very strong level over the medium term, reflecting a robust solvency level.
The management has implemented a number of strategic initiatives over the years, which has enabled the portfolio to grow steadily since 2018 with a CAGR of 13.5%, achieving premium of USD 28.95mn in 2025 and underwriting profit for 2024 & 2025.
Highlights of Asian Re's business performance in 2025 include:
- Combined Ratio for 2025 is 91.4%
- Net profit for 2025 is USD 6.70mn
- Current Solvency ratio remains robust at 372% as per Thailand RBC guidelines, showing a comfortable position of liquidity and low underwriting leverage
The corporation has positive operating results for the last 5 years, following several initiatives taken by the management in respect of underwriting, conservative risk selection, successful diversification of the portfolio and risk management. Asian Re’s ERM procedures & framework remains adequate.