2018. 9. 12.

news.ambest.com/presscontent.aspx?altsrc=9&refnum=27072

Press Release - SEPTEMBER 11,
2018

Print This Page

A.M. Best Revises Outlooks to Stable forHyundai Marine & Fire Insurance Co., Ltd.

Related Companies
For information about each company, including the Best's
Credit Reports, group members (where applicable) andnews stories, click on the company name. An additionalpurchase may be required.
AMB#CONTACTS:
Sergio Hidenori Agena
Christopher Sharkey
Associate Financial Analyst Manager, Public Relations+852 2827 3407
+1 908 439 2200, ext. 5159
sergio.agena@ambest.com christopher.sharkey@ambest.com
Christie Lee
Director, Analytics+852 2827 3413
christie.lee@ambest.com

Company Name

091222 Hyundai Marine & Fire Ins Co Ltd JPB
011686 Hyundai Marine & Fire Ins Co Ltd USB
093505 Hyundai Marine & Fire Insurance Co Ltd
085468 Hyundai Marine & Fire Insurance Co Ltd

Jim Peavy
Director, Public Relations+1 908 439 2200, ext. 5644
james.peavy@ambest.com

FOR IMMEDIATE RELEASEHONG KONG - SEPTEMBER 11, 2018
A.M. Best has revised the outlooks to stable from negativeand affirmed the Financial Strength Rating of A (Excellent)
and the Long-Term Issuer Credit Rating of “a” of Hyundai
Marine & Fire Insurance Co., Ltd. (HMF) (South Korea).
The ratings reflect HMF’s balance sheet strength, which A.M.
Best categorizes as strong, as well as its adequate operating
performance, favorable business profile and appropriate
enterprise risk management.
The company’s risk-adjusted capitalization, as measured byBest’s Capital Adequacy Ratio (BCAR), improved to a verystrong level after HMF issued a total of KRW 500 billion(approximately USD 450 million) in hybrid bonds in August
2018. These bonds receive full equity credit in the BCAR
assessment due to their level of subordination, interest
deferment option and long maturity. A.M. Best expects thecompany’s risk-adjusted capitalization to remain at a verystrong level in the medium term. The balance sheet
assessment is at the strong level as HMF’s asset leverageand premium leverage ratios, albeit improved, remain high.
Financial leverage and interest coverage remain supportive of
the current ratings.
Positive rating actions are unlikely in the near future. Negative
rating actions could occur if the company’s risk-adjusted
capitalization deteriorates substantially.
http://news.ambest.com/presscontent.aspx?altsrc=9&refnum=27072

1/2

2018. 9. 12.

news.ambest.com/presscontent.aspx?altsrc=9&refnum=27072

Ratings are communicated to rated entities prior topublication. Unless stated otherwise, the ratings were notamended subsequent to that communication.
This press release relates to Credit Ratings that havebeen published on A.M. Best’s website. For all rating
information relating to the release and pertinent
disclosures, including details of the office responsible for
issuing each of the individual ratings referenced in thisrelease, please see A.M. Best’s Recent Rating Activity
web page. For additional information regarding the useand limitations of Credit Rating opinions, please view
Understanding Best’s Credit Ratings. For information on
the proper media use of Best’s Credit Ratings and A.M.
Best press releases, please view Guide for Media - Proper
Use of Best’s Credit Ratings and A.M. Best Rating Action
Press Releases.
A.M. Best is a global rating agency and information
provider with a unique focus on the insurance industry.

Copyright © 2018 A.M. Best Company, Inc. and/or its affiliates ALL RIGHTS RESERVED
No part of this report may be distributed in any electronic form or by any means, or stored in a database or retrieval system, without theprior written permission of A.M. Best. Refer to our terms of use for additional details.

http://news.ambest.com/presscontent.aspx?altsrc=9&refnum=27072

2/2