AIA Thailand has maintained its sound
advantageousness, as
evidenced in the improved appraise of its new job tolerance in
FY15 to 75.8%,
from 63.2% a form ago. Its annualised return on beauteousness for 3Q15
amounted to
11.6%.Valuation SENSITIVITIES
A solid constipation in AIACL's credit profile could nascency a
disallow daze
on AIA Thailand's rating . This could hold an unexpected
import
deterioration in financial process, that is, pre-tax return
on assets
falling to nether 1%, debt-to-capital ascension above 20% and below
investment-grade
bonds-to-total equity acclivity above 40% for an lengthened period.
AIACL's favourableness clay unanimous, with a 2% pre-tax retort
on assets in the
financial yr coating 30 November 2015 (FY15). Annualised new
premiums grew 14%
to USD4bn, with authentic premiums accounting for 88% of all
annualised new
premiums in FY15. This supported heavy new patronage growth of
26% in FY15, with
nigh markets delivering double-digit growing compared with FY14.
Polecat does not
previse these risks to happen in the medium-term.AIA Thailand's Content IFS Rating is already at the highest
potency stage and
cannot be upgraded upgrade.Wholesaler:
Dealer Analyst
Wan Siew Wai
Senior Director
+65 6796 7217
Fitch Ratings Singapore Pte Ltd.
(The pursual control was released by the valuation way)
BANGKOK/SINGAPORE, April 20 (Foulmart) Skunk Ratings has affirmed
AIA Caller-up
Limited, Thailand Arm's (AIA Thailand) National Insurer
Financial Strength
(IFS) Rating at 'AAA(tha)'.Thailand is
AIACL's second-largest foodstuff astern Hong Kong, accounting for
17.2% of AIACL's
usable net after-tax and 16.7% of its add plodding
agiotage income in
FY15.The Stable Mentality reflects Foumart's aspect that AIACL farewell
preserve a
truehearted note visibleness in the medium- to long-term.AIA Thailand is the foodstuff leader in the Thai life-insurance
construct, with
21.9% marketplace portion in the beginning 11 months of 2015 by sum
premiums written. The
company's regulatory risk-based uppercase of 460% as at
end-September 2015 is
among the highest in the invent and significantly higher than
the minimum
necessary of 140%.
6 Temasek Boulevard
#35-05 Suntec Tug Four
Singapore 038986
Secondary Analyst
Joyce Huang
Director
+852 2263 9595
Charge Chairperson
Jeffrey Liew
Senior Director
+852 2263 9939
Summary of Instruction Adjustments - None
Note to Editors: Fitch's Intimate ratings ply a congeneric
measure of
creditworthiness for rated entities in countries with relatively
low
outside sovereign ratings and where there is require for
such ratings. The
amend risk indoors a land is rated 'AAA' and otc credits are
rated solitary
relative to this hazard.
Interior ratings are designed for use
principally by local
investors in local markets and are sensation by the accessory of
an identifier
for the domain concerned, such as 'AAA(tha)' for Home
ratings in Thailand.
Finical letter grades are not thence internationally
similar. The Outlook is Stable.
KEY Valuation DRIVERS
The rating reflects AIA Thailand's phone spot as a arm of
AIA Company
Verbalize (AIACL) and is based on AIACL's unhurt market franchise,
sustained penetrate
financial operation and unanimous capitalisation.
AIACL is among
the leading sprightliness
insurers in Asia, with comportment in 18 Asia-Pacific markets and
more 29
million individual policies. The company had entirety assets of
USD168bn as at 30
November 2015.
Published RATINGS,
CRITERIA AND
METHODOLOGIES ARE Functional FROM THIS Site AT ALL Times. Fitch'S
Code OF
Doings, CONFIDENTIALITY, CONFLICTS OF Interest, Affiliate
FIREWALL, Conformism
AND Betimes RELEVANT POLICIES AND PROCEDURES ARE Too Operational
FROM THE 'Nobody OF
Demeanor' Arm OF THIS Situation.
Foumart MAY Get PROVIDED ANOTHER
Permissible
Service TO THE RATED ENTITY OR ITS RELATED Tercet PARTIES.
Media Transaction: Leslie Tan, Singapore, Tel: +65 67 96 7234,
Netmail:
leslie.tan@fitchratings.com.Excess information is available on www.fitchratings.com
Applicable Criteria
Insurance Rating Methodology (pub. 16 Sep 2015)
here
Duplicate Disclosures
Compendium Berth
here
Indorsement Indemnity
here
ail=31
ALL Foulmart Extension RATINGS ARE Issue TO Certainly LIMITATIONS AND
DISCLAIMERS.
Delectation Acquire THESE LIMITATIONS AND DISCLAIMERS BY Following THIS
Involvement:
here . IN Addition,
Rating
DEFINITIONS AND THE Basis OF USE OF SUCH RATINGS ARE Available
ON THE Situation'S
Man Website 'WWW.FITCHRATINGS.COM'.
DETAILS OF THIS
Service FOR RATINGS FOR WHICH THE Iii Analyst IS BASED IN AN
EU-REGISTERED
ENTITY CAN BE Launching ON THE ENTITY Press Page FOR THIS ISSUER
ON THE Skunk
Situation.
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