A.M. Best affirms credit ratings of PT Asuransi Jasa Indonesia (Persero)

KUALA LUMPUR, March 29 (Bernama) -- A.M. Best has affirmed the financial strength rating of B++ (good) and the long-term issuer credit rating of ‘bbb+´ of PT Asuransi Jasa Indonesia (Persero) (Jasindo) Indonesia. "The outlook of these credit ratings is stable," A.M Best said in a statement. "The ratings reflect Jasindo´s balance sheet strength, which A.M. Best categorised as strong, as well as its favorable operating performance, neutral business profile and appropriate enterprise risk management. "Jasindo´s strong risk-adjusted capitalisation, as measured by Best´s Capital Adequacy Ratio is supported by its low underwriting leverage," the statement added. Ownership by the Indonesia government provides the insurance company with access to business from other state-owned enterprises. In addition, Jasindo´s overall performance has been strong with profits coming from most business lines. The five-year average combined ratio and operating ratio, standing at 86 per cent and 80 per cent, respectively, compare favourably with the industry averages. A.M. Best is the world's oldest and most authoritative insurance rating and information source. -- BERNAMA