AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of MS First Capital Insurance Limited (MSFC) (Singapore). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect MSFC’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. In addition, the ratings factor in rating enhancement from its ultimate parent, MS&AD Insurance Group Holdings, Inc. (MS&AD).

MSFC’s balance sheet strength assessment is underpinned by its risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which is expected to remain at the strongest level over the medium term. The company has demonstrated prudent capital management, which has supported consistent internal capital generation over the years. The company’s investment portfolio is viewed to be of low risk, consisting mainly of cash, term deposits and high-quality bonds. MSFC maintains a high reliance on reinsurance to support its underwriting of large risks and to manage its accumulation of catastrophe exposures, although credit risk is partially mitigated by the good credit quality of its reinsurance panel.

AM Best views MSFC’s operating performance as strong, as evidenced by its consistently favourable operating results. The company has consistently generated robust underwriting returns supported by underwriting discipline and technical expertise in core lines of business across different geographies. Underwriting results showed an improvement in 2025, mainly driven by more favourable loss experience. In addition, investment results, arising mainly from interest income, also continue to contribute positively to the company’s overall profitability.

MSFC’s business profile is assessed as neutral. The company is a dominant non-life insurer in Singapore, with strong branding and technical expertise. MSFC’s underwriting portfolio is well-diversified by geography, whereby a large volume of overseas business is sourced from various markets within Asia. MSFC maintains long-standing relationships with brokers and reinsurers, which continue to support its access to quality business in markets. Additionally, MSFC continues to receive business referrals from affiliates of MS&AD.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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