AM Best has assigned a Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' (Excellent) to
The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Asuransi Astra's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings also factor in a neutral impact from Asuransi Astra's ultimate parent,
Asuransi Astra's balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the strongest level at
AM Best also views Asuransi Astra's operating performance as strong, demonstrated by its five-year average combined ratio of 88.5% and return-on-equity ratio of 18.0% (2018-2022). Profitable business from its parent group,
AM Best assesses Asuransi Astra's business profile as neutral. Asuransi Astra is a large insurance organisation in
AM Best views the company's ERM framework as appropriate given the current size and complexity of the company's operations. Asuransi Astra's excess of loss reinsurance programme provides appropriate protection for peak earthquake exposures. The company performs stress tests to evaluate the impact of various scenarios on the company's regulatory capital adequacy.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
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