AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' (Excellent) to
The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has assigned the Indonesia National Scale Rating (NSR) of aaa.ID (Exceptional) to Asuransi Astra with a stable outlook.
The ratings reflect Asuransi Astra's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings also factor in a neutral impact from Asuransi Astra's ultimate parent,
Asuransi Astra's balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the strongest level at
AM Best also views Asuransi Astra's operating performance as strong, demonstrated by its five-year average combined ratio of 88.1% and return-on-equity ratio of 17.6% (2019-2023). Profitable business from its parent group,
AM Best assesses Asuransi Astra's business profile as neutral. Asuransi Astra is a large insurance organisation in
Additionally, AM Best views the company's ERM framework as appropriate given the current size and complexity of the company's operations.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM 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 this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
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