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A.M. BEST AFFIRMS RATING OF AIOI INSURANCE COMPANY LTD.
(Full text of a statement. Contact details follow below.)
OLDWICK, N.J.--(BUSINESS WIRE)--Jan. 31, 2006--A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and assigned an issuer credit rating of "a" to Aioi Insurance Company Ltd (Aioi) (Japan). The outlook for both ratings is stable.
The rating reflects Aioi's solid market profile, improved risk-adjusted capitalization, enhanced asset portfolio and stable operating performance.
Aioi is the fourth-largest general insurer in Japan with premium market share of about 10.8% in fiscal year 2004. The company continues to leverage the experience of Toyota Motors, its major shareholder, to further develop its automobile insurance business. The business tie-up with Toyota Motors and other new business distribution channels would further increase Aioi's consolidated premium income.
The company's Best's Capital Adequacy Ratio, which measures capitalization on a risk-adjusted basis, has improved steadily over the past few years despite the extraordinary catastrophic events in Japan. Aioi has a relatively lower exposure in the fire insurance businesses, and its reinsurance program has also helped to stabilize its current capitalization in the event of catastrophe risk. The local solvency ratio has also shown similar improvement, with an increase to 952% in fiscal year 2004 (from 910% in fiscal year 2003). A.M. Best expects that the company's capitalization will improve further in fiscal year 2005.
The quality of Aioi's asset portfolios is enhanced with a more stable income stream and lesser equity exposure. ...
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