AM Best confirms Toa Re's rating

AM Best has confirmed the “A” (excellent) financial strength and “a+” (excellent) long-term credit ratings of Toa Re (Japan) and its subsidiaries Toa Reinsurance Company of America (TRA) and Toa 21^st Century Reinsurance Company (Switzerland). The outlook is stable.

The rating reflects the Japanese reinsurer's strong balance sheet, adequate operating performance, favorable business profile and appropriate enterprise risk management.

In fiscal year 2023, Toa Re posted a net profit of 15.6 billion JPY (103.1 million USD), underpinned by higher returns on investments. The company's underwriting performance also improved thanks to the rebalancing of the non-life portfolio and the absence of the Covid-19 claims that weighed heavily on the reinsurer's statements in 2022.