AM Best upgrades Asian Re's rating

AM Best has revised Asian Re's financial strength rating from “B+” to “B++”, and long-term credit rating from “bbb-” to “bbb”. The outlook was upgraded from positive to stable.

The decision was motivated by the steady improvement in the Thai reinsurer's operating performance over the past few years, as reflected in a combined ratio of 85.3% in 2024 (2023: 101.6%) and a return on equity (ROE) of 9.4% in 2024 (2023: 4.6%).

The rating also acknowledges Asian Re's strong balance sheet, limited business profile and appropriate enterprise risk management.