By: Central News Agency
Moody’s Investors Service has upgraded its ratings for Cathay Life Insurance Co., one of Taiwan’s largest life insurers, on the back of the company’s improving profitability, solid capitalization and strong business profile.
Moody’s has upgraded its insurance financial strength rating (IFSR) for Cathay Life, the insurance flagship of Cathay Financial Holding Co., to Baa1 from Baa2, and also hiked Cathay Financial’s issuer rating to Baa2 from Baa3.
The ratings agency said that the outlook of both Cathay Life and Cathay Financial is stable.
The upgrade in Cathay Financial reflected the upgrade of Cathay Life’s IFSR as the life insurer is the financial holding’s largest subsidiary in terms of assets, shareholder’s equity and net income, Moody’s said. [FULL STORY]