Kuala Lampur:AM Best has affirmed the financial strength rating of A+ (Superior) and the long-term issuer credit rating of 'aa-' (Superior) for Singapore's MS First Capital Insurance Limited (MSFC).

According to BERNAMA News Agency, the outlook for these ratings is stable, reflecting MSFC's robust balance sheet, strong operating performance, neutral business profile, and appropriate enterprise risk management. The ratings also benefit from enhancement by its parent company, MS and AD Insurance Group Holdings Inc.

MSFC's balance sheet strength is supported by its risk-adjusted capitalisation, with Best's Capital Adequacy Ratio expected to remain at the strongest level in the medium term. The company has shown effective capital management, ensuring consistent internal capital generation. Its investment portfolio, viewed as low risk, mainly comprises cash, term deposits, and high-quality bonds.

As a leading non-life insurer in Singapore, MSFC relies heavily on reinsurance for underwriting large risks and managing catastrophe exposures. This reliance is mitigated by the good credit quality of its reinsurance partners.

AM Best regards MSFC's operating performance as strong, evidenced by favorable operating results and robust underwriting returns. These returns are supported by disciplined underwriting and technical expertise across various geographies. Improved underwriting results in 2025 were driven by favorable loss experiences, while investment results, primarily from interest income, continued to enhance profitability.

MSFC's business profile is considered neutral, with strong branding and technical expertise. It maintains a diversified underwriting portfolio across Asia and benefits from long-standing relationships with brokers and reinsurers, as well as referrals from MS and AD affiliates.