AM Best has affirmed the A (excellent) financial strength rating of the General Insurance Corporation of India. The rating outlook remains stable.
It said the rating reflected the company's excellent risk-adjusted capitalisation, its leading business profile in the Indian reinsurance market, and its excellent operating performance as a result of consistently high returns from its investment portfolio.
The ratings agency said offsetting factors in the rating were the company's reliance on its domestic investment and insurance markets as well as continuing weakness in the company's underwriting performance, particularly in the Indian motor market.
