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AXA Insurance Singapore Pte. Ltd. Mar 01
Standard & Poors, March 2001
Abstract
The 'BBpi' rating on AXA Insurance Singapore Pte. Ltd. (AXA Insurance) reflects continued poor underwriting and operating performance, and weakened capitalization following two years of structural and operational disruption associated with mergers. This is partially mitigated by the company's very strong market position. AXA Insurance has an 8% market share of direct net written premiums, making it the second-largest player in the highly fragmented Singapore market. Key lines of business include motor, marine, casualty, and property; however, the book is well distributed across lines and between commercial and personal business. Despite its relatively strong business position, AXA Insurance's operating performance for 1999 was again disappointing, with an underwriting loss of Singapore dollar (S$) 12.1 million in 1998 and a combined...
Companies mentioned in this report are: AXA Insurance Singapore Pte. Ltd.,AXA
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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