December A.M. Best. Credit Ratings Asia-Pacific

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1 December 2014 A.M. Best Credit Ratings Asia-Pacific

2 A.M. Best Asia-Pacific Credit Ratings This report includes credit ratings for all companies domiciled in Asia-Pacific, as well as their Outlooks and s. Credit ratings consist of the Financial Strength Rating (FSR) and Issuer Credit Rating (ICR) for each company. Detailed reports, including rationales, are made available to subscribers on our website shortly after ratings are released. These company reports have been considerably enhanced, reflecting expanded financial analysis and commentary. For explanations of rating terminology, refer to the Guides to Best s Ratings following this report. Credit ratings are effective as of 30 November, For current ratings please visit Country Totals Australia....9 Bhutan...1 China...10 Guam...5 Hong Kong India...5 Indonesia...2 Japan Macau...5 Malaysia...9 December 2014 Micronesia, Federated States of....1 Nepal...2 New Zealand Philippines...3 Singapore...13 South Korea...11 Taiwan...5 Thailand...2 Vietnam...5 AMB# Name Ultimate Parent ICR Copyright 2014 by A.M. Best Company, Inc. ALL RIGHTS RESERVED. No part of this report or document may be distributed in any electronic form or by any means, or stored in a database or retrieval system, without the prior written permission of the A.M. Best Company. For additional details, refer to our Terms of Use available at the A.M. Best Company website: FSR Australia AIG Australia Limited American International Group, Inc a Stable A Stable Ansvar Insurance Limited Allchurches Trust Limited a- Stable A- Stable Chubb Insurance Company of Australia Limited The Chubb Corporation aa+ A++ Stable First American Title Insurance Company of Australia Pty Limited First American Financial Corporation a- A General Reinsurance Australia Ltd Berkshire Hathaway Inc aa+ Stable A++ Stable General Reinsurance Life Australia Ltd. Berkshire Hathaway Inc aa+ Stable A++ Stable Guild Insurance Limited The Pharmacy Guild of Australia a- A Pacific International Insurance Pty Limited GRAMAR Family Holdings Pty Ltd bbb Stable B++ Stable QBE Insurance (International) Ltd QBE Insurance Group Limited a Negative A Negative Bhutan Royal Insurance Corporation of Bhutan Limited bbb- Stable B+ Stable China Aioi Nissay Dowa Insurance (China) Company Limited MS&AD Insurance Group Holdings, Inc. a- Negative A- Negative China Continent Property & Casualty Insurance Company Ltd China Investment Corporation a Stable A Stable China Life Reinsurance Company Ltd. China Investment Corporation a Stable A Stable China Property & Casualty Reinsurance Company Ltd. China Investment Corporation a Stable A Stable China Reinsurance (Group) Corporation China Investment Corporation a Stable A Stable General Reinsurance AG (Shanghai Branch) aa+ Stable A++ Stable Hyundai Insurance (China) Co., Ltd. Hyundai Marine & Fire Insurance Co Ltd a- Stable A- Stable Lloyd s Insurance Company (China) Limited Lloyd s a+ A NIPPONKOA Insurance Company (China) Limited Sompo Japan Nipponkoa Holdings, Inc. a- Stable A- Stable Starr Property & Casualty Insurance (China) Company, Limited Starr International Company, Inc. a- Stable A- Stable Guam Century Insurance Company (Guam) Limited Tan Holdings Corporation bbb+ Stable B++ Stable Dongbu Insurance Co., Ltd. (U.S. Guam Branch) a+ Stable A Stable First Net Insurance Company bbb+ Stable B++ Stable Pacific Indemnity Insurance Company a- Stable A- Stable Tokio Marine Pacific Insurance Limited Tokio Marine Holdings, Inc. aa- Stable A+ Stable Hong Kong AIG Insurance Hong Kong Limited American International Group, Inc a Stable A Stable Asia Capital Reinsurance Group Pte. Ltd. (Hong Kong Branch) a- Stable A- Stable Blue Cross (Asia-Pacific) Insurance Limited Bank of East Asia Limited a- A BOC Group Life Assurance Company Limited China Investment Corporation a Stable A Stable China BOCOM Insurance Company Limited Bank of Communications Co., Ltd. a- Stable A- Stable

3 A.M. Best s Asia-Pacific Credit Ratings AMB# Name Ultimate Parent ICR FSR hong kong (continued) China Overseas Insurance Limited China State Construction Engineering Cp bbb Stable B++ Stable China Taiping Insurance HK Company Limited China Taiping Insurance Group Ltd. a Stable A Stable Federal Insurance Company (Hong Kong Branch) aa+ A++ Stable Hong Leong Insurance (Asia) Limited Hong Leong Company (Malaysia) Berhad a- Stable A- Stable Peak Reinsurance Company Limited Fosun International Holdings Ltd. a- Stable A- Stable The People s Insurance Company of China (Hong Kong), Limited People s Ins Co (Group) of China Ltd a- Stable A- Stable Starr International Insurance (Asia) Limited Starr International Company, Inc. a Stable A Stable Sun Hung Kai Properties Insurance Limited Sun Hung Kai Properties Limited a Stable A Stable Taiping Reinsurance Company Limited China Taiping Insurance Group Ltd. a Stable A Stable Tugu Insurance Company Limited bbb Stable B++ Stable Wing Lung Insurance Company Limited China Merchants Bank Co., Ltd. a- Stable A- Stable India General Insurance Corporation of India a- Stable A- Stable National Insurance Company Limited bbb+ Stable B++ Stable The New India Assurance Company Limited a- Stable A- Stable The Oriental Insurance Company Limited bbb+ Stable B++ Stable United India Insurance Company Limited bbb+ B++ Indonesia PT Asuransi Jasa Indonesia (Persero) bbb+ Stable B++ Stable PT. Asuransi Samsung Tugu Samsung Fire & Marine Insurance Co, Ltd a- Stable A- Stable Japan Aioi Nissay Dowa Insurance Company Limited MS&AD Insurance Group Holdings, Inc. aa Stable A+ Stable AIU Insurance Company, Ltd. American International Group, Inc a Stable A Stable American Family Life Assurance Company of Columbus (Japan Branch) aa- Stable A+ Stable American Home Assurance Company (Japan Branch) a Stable A Stable Assicurazioni Generali S.p.A. (Japan Branch) a Stable A Stable The Fuji Fire & Marine Insurance Company, Limited American International Group, Inc a Stable A Stable Hyundai Marine and Fire Insurance Co., Ltd. (Japan Branch) a Stable A Stable Meiji Yasuda Life Insurance Company Meiji Yasuda Life Insurance Company aa- Stable A+ Stable Mitsui Sumitomo Insurance Company, Limited MS&AD Insurance Group Holdings, Inc. aa Stable A+ Stable Nippon Life Insurance Company Nippon Life Insurance Company aa- Stable A+ Stable Sompo Japan Nipponkoa Insurance Inc. Sompo Japan Nipponkoa Holdings, Inc. aa- Stable A+ Stable Starr Indemnity & Liability Company (Japan Branch) a Stable A Stable The Toa Reinsurance Company, Limited The Toa Reinsurance Company, Limited aa- Stable A+ Stable Tokio Marine & Nichido Fire Insurance Co., Ltd. Tokio Marine Holdings, Inc. aa+ Stable A++ Stable Macau AIG Insurance Hong Kong Limited (Macau Branch) a Stable A Stable China Taiping Insurance (Macau) Co., Ltd. China Taiping Insurance Group Ltd. a Stable A Stable Luen Fung Hang Insurance Company Limited a- Stable A- Stable Macau Insurance Company Limited Dah Sing Financial Holdings Limited a- Stable A- Stable Macau Life Insurance Company Limited Dah Sing Financial Holdings Limited a- Stable A- Stable Malaysia ACR ReTakaful Berhad ACR ReTakaful Holdings Limited a- Stable A- Stable Asia Capital Reinsurance Malaysia Sdn Bhd Khazanah Nasional Berhad a- Stable A- Stable Energas Insurance (L) Limited Petroliam Nasional Berhad a Stable A Stable General Insurance Corporation of India (Labuan Branch) a- Stable A- Stable Labuan Reinsurance (L) Ltd a- Stable A- Stable Lonpac Insurance Bhd LPI Capital Berhad a- Stable A- Stable Malaysian Reinsurance Berhad MNRB Holdings Berhad a- A Singapore Reinsurance Corporation Limited (Labuan Branch) a- Stable A- Stable Wentworth Insurance Company Limited (Labuan Branch) a- Stable A- Stable Micronesia, Federated States Of Marble Reinsurance Corporation Marubeni Corporation a- Stable A- Stable Nepal National Insurance Company Limited (Nepal Branch) bbb+ Stable B++ Stable The Oriental Insurance Company Limited (Nepal Branch) bbb+ Stable B++ Stable New Zealand Aioi Nissay Dowa Insurance Company, Limited (New Zealand Branch) aa Stable A+ Stable American Income Life Insurance Company (New Zealand Branch) aa- Stable A+ Stable AMI Insurance Limited Insurance Australia Group Limited a- Stable A- Stable Beneficial Insurance Limited Beneficial Holdings Limited bbb- Stable B+ Stable BNZ Life Insurance Limited National Australia Bank Limited a Stable A Stable CBL Insurance Limited CBL Corporation Limited bbb- B CIGNA Life Insurance New Zealand Limited Cigna Corporation a- Stable A- Stable Co-operative Life Limited Co-operative Bank Limited bbb+ Stable B++ Stable Consumer Insurance Services Limited Haier Group Company bbb+ Stable B++ Stable DPL Insurance Limited Dorchester Pacific Limited bbb- Stable B+ Stable The Education Benevolent Society Incorporated bbb Stable B++ Stable Farmers Mutual Group a Stable A Stable Fidelity Life Assurance Company Limited a- Stable A- Stable December

4 A.M. Best s Asia-Pacific Credit Ratings AMB# Name Ultimate Parent ICR FSR new zealand (continued) First American Title Insurance Company of Australia Pty Limited (New Zealand Branch) a- A FMG Insurance Limited Farmers Mutual Group a Stable A Stable General Reinsurance Australia Ltd (New Zealand Branch) aa+ Stable A++ Stable General Reinsurance Life Australia Limited (New Zealand Branch) aa+ Stable A++ Stable Health Services Welfare Society Limited bb+ Stable B Stable Kiwi Insurance Limited New Zealand Post Limited a- Stable A- Stable Mitsui Sumitomo Insurance Company Limited (New Zealand Branch) aa Stable A+ Stable The New India Assurance Company Limited (New Zealand Branch) a- Stable A- Stable New Zealand Local Government Insurance Corporation Limited New Zealand Local Govt Ins Corp Ltd bbb- Negative B+ Negative nib nz limited nib holdings limited a- Stable A- Stable Pacific International Insurance Pty Ltd (New Zealand Branch) bbb Stable B++ Stable Partners Life Limited Partners Group Holdings Limited bbb Stable B++ Stable Pinnacle Life Limited bb+ Stable B Stable Police Health Plan Limited New Zealand Police Association bbb+ Stable B++ Stable Product Care (NZ) Limited ICF Holdings Pty Ltd bbb Stable B++ Stable Provident Insurance Corporation Limited bbb Stable B++ Stable RGA Reinsurance Company (New Zealand Branch) aa- Stable A+ Stable Sovereign Assurance Company Limited Commonwealth Bank of Australia aa- Stable A+ Stable Tokio Marine & Nichido Fire Insurance Company Limited (New Zealand Branch) aa+ Stable A++ Stable TOWER Insurance Limited TOWER Limited a- Negative A- Negative TOWER Life (N.Z.) Limited TOWER Limited a- Negative A- Negative Union Medical Benefits Society Limited a- Stable A- Stable Virginia Surety Company, Inc. (New Zealand Branch) a- Stable A- Stable Youi NZ Pty Limited Rand Merchant Insurance Holdings Ltd bbb Stable B++ Stable Philippines Malayan Insurance Co., Inc. Pan Malayan Mgmt & Investment Corp bbb+ Stable B++ Stable National Reinsurance Corporation of the Philippines bbb Stable B++ Stable Starr International Insurance (Philippines Branch) a Stable A Stable Singapore AIG Asia Pacific Insurance Pte. Ltd. American International Group, Inc a A Stable Asia Capital Reinsurance Group Pte. Ltd. ACR Capital Holdings Pte. Ltd. a- Stable A- Stable China Taiping Insurance (Singapore) Pte. Ltd. China Taiping Insurance Group Ltd. a- A ECICS Limited IFS Capital Limited a- Stable A- Stable ERGO Insurance Pte. Ltd. Munich Reinsurance Company a- Stable A- Stable Federal Insurance Company (Singapore Branch) aa+ A++ Stable First Capital Insurance Limited Fairfax Financial Holdings Limited a Stable A Stable Korean Reinsurance Company (Singapore Branch) a Stable A Stable Samsung Reinsurance Pte. Ltd. Samsung Fire & Marine Insurance Co, Ltd a Stable A Stable SCOR Reinsurance Asia-Pacific Pte Ltd SCOR SE a+ Stable A Stable Singapore Reinsurance Corporation Limited a- Stable A- Stable Starr International Insurance (Singapore) Pte. Ltd. Starr International Company, Inc. a Stable A Stable United Overseas Insurance Limited United Overseas Bank Limited aa- Stable A+ Stable South Korea Dongbu Insurance Co., Ltd. Dongbu Insurance Co., Ltd. a+ Stable A Stable Federal Insurance Company (Korea Branch) aa+ A++ Stable General Reinsurance AG (Seoul Branch) aa+ Stable A++ Stable Hanwha General Insurance Company Limited bbb Stable B++ Stable Hyundai Marine & Fire Insurance Co., Ltd. Hyundai Marine & Fire Insurance Co Ltd a Stable A Stable Korea P&I Club a- Stable A- Stable Korean Reinsurance Company a Stable A Stable LIG Insurance Company Limited LIG Insurance Company Limited a- Stable A- Stable Meritz Fire & Marine Insurance Co., Ltd. Meritz Financial Group Inc. a- Stable A- Stable RGA Reinsurance Company (South Korea Branch) aa- Stable A+ Stable Samsung Fire & Marine Insurance Co., Ltd. Samsung Fire & Marine Insurance Co, Ltd aa+ Stable A++ Stable Taiwan ACE Insurance Company of North America (Taiwan Branch) aa+ Stable A++ Stable Central Reinsurance Corporation a Stable A Stable Federal Insurance Company (Taiwan Branch) aa+ A++ Stable Fubon Insurance Co., Ltd. Fubon Financial Holding Co., Ltd. a+ Stable A Stable South China Insurance Co., Ltd. Hua Nan Financial Holdings Co. Ltd. a- A- Thailand Asian Reinsurance Corporation bb B Stable Bangkok Insurance Public Company Limited a- Stable A- Stable Vietnam BIDV Insurance Corporation Bank for Invest & Develop of Vietnam JSC bbb- Stable B+ Stable PVI Insurance Corporation Vietnam National Oil & Gas Group bbb Stable B++ Stable PVI Reinsurance Joint-stock Corporation Vietnam National Oil & Gas Group bbb- B Samsung Vina Insurance Co., Ltd. Samsung Fire & Marine Insurance Co, Ltd a- Stable A- Stable Vietnam National Reinsurance Corporation bbb Stable B++ Stable December

5 Guide to Best s issuer credit ratings A Best s Issuer Credit Rating assigned to an insurance company is an independent opinion of an insurer s financial strength and ability to meet its ongoing senior financial It is based on a comprehensive quantitative and qualitative evaluation of a company s balance sheet strength, operating performance and business profile. Best s issuer credit ratings rating descriptor definition investment Grade non-investment Grade aaa aa a bbb bb b ccc, cc c rs s Exceptional Superior Excellent Good Fair Marginal Weak Poor Regulatory Supervision/ Liquidation Suspended Assigned to insurance companies that have, in our opinion, an exceptional ability to meet their ongoing senior financial Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing senior financial Assigned to insurance companies that have, in our opinion, an excellent ability to meet their ongoing senior financial Assigned to insurance companies that have, in our opinion, a good ability to meet their ongoing senior financial Assigned to insurance companies that have, in our opinion, a fair ability to meet their ongoing senior financial Financial strength is vulnerable to adverse changes in underwriting and economic conditions. Assigned to insurance companies that have, in our opinion, a marginal ability to meet their ongoing senior financial Financial strength is vulnerable to adverse changes in underwriting and economic conditions. Assigned to insurance companies that have, in our opinion, a weak ability to meet their ongoing senior financial Financial strength is very vulnerable to adverse changes in underwriting and economic conditions. Assigned to insurance companies that have, in our opinion, a poor ability to meet their ongoing senior financial Financial strength is extremely vulnerable to adverse changes in underwriting and economic conditions. Assigned to insurers placed under a significant form of regulatory supervision, control or restraint - including cease and desist orders, conservatorship or rehabilitation - that prevents conduct of normal, ongoing insurance operations, or in liquidation by a court of law or by a forced liquidation. Assigned to rated insurance companies when sudden and significant events impact operations and rating implications cannot be evaluated due to a lack of timely or adequate information; or in cases where continued maintenance of the previously published rating opinion is in violation of evolving regulatory requirements. Ratings from aa to ccc may be enhanced with a + (plus) or - (minus) to indicate whether credit quality is near the top or bottom of a category. rating Modifiers Modifier descriptor definition u Under Review pd Public Data rating outlooks Indicates the rating may change in the near term, typically within six months. Generally is event driven, with positive, negative or developing implications. Indicates rating assigned to a company that chose not to participate in A.M. Best s interactive rating process. (Discontinued in 2010) Indicates the potential direction of a Best s Issuer Credit Rating over an intermediate term, generally defined as 12 to 36 months. Negative Indicates possible rating upgrade due to favorable financial/market trends relative to the current rating level. Indicates possible rating downgrade due to unfavorable financial/market trends relative to the current rating level. Stable Indicates low likelihood of a rating change due to stable financial/market trends. under review implications Indicates the potential direction of a Best s Issuer Credit Rating that is in Under Review status based on information currently available. Negative Indicates there is a reasonable likelihood the company s rating will be raised as a result of A.M. Best s analysis of a recent event. Indicates there is a reasonable likelihood the company s rating will be lowered as a result of A.M. Best s analysis of a recent event. Indicates there is uncertainty as to the final rating outcome, but there is a reasonable likelihood the company s rating will change as a result of Developing A.M. Best s analysis of a recent event. not rated designation The Not Rated (NR) designation may be assigned to issuers that are not rated. rating disclosure When assigned to an insurance company the Best s Issuer Credit Rating opinion addresses the relative ability of an insurer to meet its ongoing senior financial The rating is not assigned to specific insurance policies or contracts, or any other financial obligations, and does not address any other risk, including, but not limited to, liquidity risk, market value risk, an insurer s claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. The Best s Issuer Credit Rating is not a recommendation to purchase, hold or terminate any insurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract, or any other financial obligation for a specific purpose or purchaser. Best s Issuer Credit Ratings are distributed via press release and/or the A.M. Best website at and are published in the Credit Rating Actions section of Best s Journal. Best s Issuer Credit Ratings are proprietary and may not be reproduced without permission. Copyright 2014 by A.M. Best Company, Inc. Version December

6 GUIDE TO BEST S FINANCIAL STRENGTH RATINGS A Best s Financial Strength Rating is an independent opinion of an insurer s financial strength and ability to meet its ongoing insurance policy and contract The rating is based on a comprehensive quantitative and qualitative evaluation of a company s balance sheet strength, operating performance and business profile. Best s Financial Strength Ratings Rating Descriptor Definition Assigned to companies that have, in our opinion, a superior ability to meet their ongoing insurance A++, A+ Superior Assigned to companies that have, in our opinion, an excellent ability to meet their ongoing insurance A, A- Excellent Assigned to companies that have, in our opinion, a good ability to meet their ongoing insurance B++, B+ Good Secure B, B- Fair Assigned to companies that have, in our opinion, a fair ability to meet their ongoing insurance Financial strength is vulnerable to adverse changes in underwriting and economic conditions. C++, C+ Marginal Assigned to companies that have, in our opinion, a marginal ability to meet their ongoing insurance Financial strength is vulnerable to adverse changes in underwriting and economic conditions. Vulnerable Negative Stable C, C- Weak D E Poor Under Regulatory Supervision Assigned to companies that have, in our opinion, a weak ability to meet their ongoing insurance Financial strength is very vulnerable to adverse changes in underwriting and economic conditions. Assigned to companies that have, in our opinion, a poor ability to meet their ongoing insurance Financial strength is extremely vulnerable to adverse changes in underwriting and economic conditions. Assigned to companies (and possibly their subsidiaries/affiliates) placed under a significant form of regulatory supervision, control or restraint - including cease and desist orders, conservatorship or rehabilitation, but not liquidation - that prevents conduct of normal, ongoing insurance operations. F In Liquidation Assigned to companies placed in liquidation by a court of law or by a forced liquidation. S Suspended Assigned to rated companies when sudden and significant events impact operations and rating implications cannot be evaluated due to a lack of timely or adequate information; or in cases where continued maintenance of the previously published rating opinion is in violation of evolving regulatory requirements. Rating Modifiers Modifier Descriptor Definition u Under Review Indicates the rating may change in the near term, typically within six months. Generally is event driven, with positive, negative or developing implications. pd Public Data Indicates rating assigned to insurer that chose not to participate in A.M. Best s interactive rating process. (Discontinued in 2010) s Syndicate Indicates rating assigned to a Lloyd s syndicate. Rating Outlooks Indicates potential direction of a Best s Financial Strength Rating over an intermediate term, generally defined as 12 to 36 months. Indicates possible rating upgrade due to favorable financial/market trends relative to the current rating level. Indicates possible rating downgrade due to unfavorable financial/market trends relative to the current rating level. Indicates low likelihood of a rating change due to stable financial/market trends. Under Review s Indicates the potential direction of a Best s Financial Strength Rating that is in Under Review status based on information currently available. Indicates there is a reasonable likelihood the company s rating will be raised as a result of A.M. Best s analysis of a recent event. Negative Indicates there is a reasonable likelihood the company s rating will be lowered as a result of A.M. Best s analysis of a recent event. Developing Indicates there is uncertainty as to the final rating outcome, but there is a reasonable likelihood the company s rating will change as a result of A.M. Best s analysis of a recent event. Not Rated Designation NR: Assigned to companies that are not rated by A.M. Best. Rating Disclosure A Best s Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance The ratings are not assigned to specific insurance policies or contracts and do not address any other risk, including, but not limited to, an insurer s claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. A Best s Financial Strength Rating is not a recommendation to purchase, hold or terminate any insurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. In arriving at a rating decision, A.M. Best relies on third-party audited financial data and/or other information provided to it. While this information is believed to be reliable, A.M. Best does not independently verify the accuracy or reliability of the information. For additional details, see A.M. Best s Terms of Use at Best s Financial Strength Ratings are distributed via press release and/or the A.M. Best website at and are published in the Credit Rating Actions section of Best s Journal. Best s Financial Strength Ratings are proprietary and may not be reproduced without permission. Copyright 2014 by A.M. Best Company, Inc. Version December

7 A.M. Best Company is the world s oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best Company World Headquarters Ambest Road, Oldwick, NJ Phone: +1 (908) WASHINGTON OFFICE 830 National Press Building th Street N.W., Washington, DC Phone: +1 (202) A.M. Best América latina, S.A. de C.V. Paseo de la Reforma 412 Piso 23 Mexico City, Mexico Phone: A.M. Best Europe Rating Services Ltd. A.M. Best Europe Information Services Ltd. 12 Arthur Street, 6th Floor, London, UK EC4R 9AB Phone: +44 (0) A.M. Best asia-pacific LTD. Unit 4004 Central Plaza, 18 Harbour Road, Wanchai, Hong Kong Phone: A.M. Best Asia-Pacific (Singapore) Pte. Ltd. 6 Battery Road, #40-02B, Singapore Phone: Dubai Office (MENA, SOUTH & CENTRAL ASIA) Office 102, Tower 2 Currency House, DIFC PO Box , Dubai, UAE Phone: *Regulated by the DFSA as a Representative Office NUS b

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