Asian Reinsurance Corporation (Asian Re), a Thailand-based reinsurer providing risk transfer solutions across Asia in Thailand, has shown notable progress in its financial and operational performance during 2024.
The company achieved a combined ratio of 84.9%, representing a significant improvement of 15.3% compared to the previous year.
Net profit more than doubled, increasing by 117.9% to reach USD 7.01 million.
In addition, Asian Re maintained a robust solvency ratio of 336% under Thailand’s Risk-Based Capital guidelines, indicating a solid liquidity position and conservative underwriting leverage.
AM Best, the credit rating agency specialising in insurance and reinsurance, assessed Asian Re’s financial strength and operating results.
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As a result, AM Best upgraded Asian Re’s Financial Strength Rating from B+ (Good) to B++ (Good), and its Long-Term Issuer Credit Rating from “bbb-” (Good) to “bbb” (Good), maintaining a stable outlook.
This upgrade recognises the company’s sustained improvement in profitability, strong balance sheet, and effective enterprise risk management framework.
Asian Re’s capital adequacy, measured by Best’s Capital Adequacy Ratio (BCAR), is expected to remain at the strongest level over the medium term, supporting its solid solvency profile.
Since 2018, Asian Re’s management has executed several strategic initiatives that have allowed the company to grow its portfolio steadily at a compound annual growth rate of 14%, reaching USD 26.3 million in premiums in 2024 alongside consistent underwriting profits.
The company continues to pursue new business partnerships and initiatives aimed at expanding its market presence and underwriting capabilities, positioning Asian Re for further success in the years ahead.
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