AM Best upgrades GIC Re's long-term credit rating outlook

AM Best affirms its "B++" financial strength and "bbb+" long-term credit ratings on General Insurance Corporation of India (GIC Re).

The outlook for the former rating remains stable while the outlook for the second rating has been raised from negative to stable.

The upward revision of the long-term credit rating outlook reflects the company's improving balance sheet strength in the year 2021.

The rating agency also supports its decision with the company's strong operational performance, favourable business profile, and appropriate enterprise risk management. The Government of India's majority shareholding in GIC Re has also been taken into consideration in the rating.