In a regulatory filing in BSE, New India Assurance said, A.M. Best has affirmed its Financial Strength rating as A-(Excellent) and Long-Term Issuer Credit Rating of "A".
According to New India Assurance, the ratings reflect the company's balance sheet strength which A.M. Best categorizes as very strong, as well as its adequate operating performance, favourable business profile and appropriate enterprise risk management.
"New India's balance sheet strength reflects solid risk-adjusted capitalisation that is supported by low underwriting leverage. Its capital and surplus are by far the largest among all non-life insurers in India, standing at Rs 359 billion ($5.5 billion) as of March 31, 2017," the US-based insurance rating agency said.
"The favourable business profile reflects the company's solid market position; New India is the largest non-life insurer in India, with a clear lead in almost every line of business. In addition, the company's business is diversified by geography and line of business, both within India and overseas," the rating agency said.
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