Malayan Insurance Co. Inc. (Malayan) has once again secured recognition as one of the country’s most financially resilient insurers after global credit rating agency AM Best reaffirmed its Financial Strength Rating (FSR) of B++ (Good) for the 21st straight year. The insurer likewise maintained a Philippines National Scale Rating (NSR) of aa+.PH (Superior).

The affirmation reflects Malayan’s strong balance sheet, sound enterprise risk management, and robust risk-adjusted capitalization that AM Best expects to remain at the strongest level in the medium term.

However, AM Best revised the outlooks for both ratings to negative from stable, citing pressures on the broader insurance industry, including underwriting volatility stemming from increased exposure to natural catastrophes.

Despite this, Malayan has consistently recorded positive overall earnings, with investment income providing a steady stream of profitability.

“The recent pressures on underwriting performance are a reflection of the current industry landscape, especially with the increased natural catastrophes affecting the entire sector. However, Malayan remains fully committed to navigating these conditions with resilience and strategic agility,” said Paolo Abaya, Malayan’s Chief Executive Officer.

To mitigate risks, the company has been implementing portfolio remediation measures, which AM Best believes could enhance underwriting profitability going forward.