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RAM Ratings reaffirms AAA/stable/P1 rating of Etiqa General Insurance Bhd
Last update: 21/06/2018

KUALA LUMPUR, June 21 (Bernama) -- RAM Ratings has reaffirmed the AAA/stable/P1 insurer financial strength (IFS) ratings of Etiqa General Insurance Bhd's (EGIB) and the AA1/stable rating of its RM500 million subordinated Bonds (2013/2023).

RAM said the subordinated bonds were rated one notch below EGIB's long-term IFS rating to reflect their status as unsecured and subordinated obligations of EGIB.

"The ratings reflect EGIB's strategic role as Maybank Ageas Holding Bhd's (the group) general insurance arm and our expectation of ready support from the group, if needed."

"Notwithstanding a regulatory requirement that composite insurers and takaful operators legally segregrate their operations into single-licence companies, the group's operations remain holistically managed along business lines," the credit rating agency said in a statement today.

EGIB†is a leader in the general insurance and takaful market, with a combined 12 per cent market share, by gross premiums and contributions in 2017.

In a separate statement, RAM said it reaffirmed the AAA/stable/P1 IFS ratings of Etiqa Family Takaful Bhd (EFTB or the Takaful operator).†

Concurrently, it said the AA1/ stable rating of EFTB's RM300 million subordinated sukuk musharakah (2014/2024) has been reaffirmed.†

The subordinated†sukuk†were rated one notch below EFTB's long-term IFS rating to reflect its status as an unsecured and subordinated obligation of the Takaful†operator.†

EFTB's ratings also considered its sound capitalisation and ongoing distribution support and synergies through the network and customer base of its ultimate parent, Malayan Banking Bhd.



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