Asian Reinsurance Corporation reported adequate operating performance despite volatility in underwriting results, according to AM Best. The Thailand-based reinsurer posted a return on equity of 8.3% in 2025, compared with 9.4% in 2024. Its combined ratio rose to 92.6% from 85.3% a year earlier, largely due to catastrophe events.
AM Best expects operating performance to remain supported by underwriting discipline and steady investment returns. The agency noted that Asian Re continues to strengthen and diversify its business across Asia, the Middle East, and Africa, with ongoing strategic initiatives supporting medium-term growth.
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good), both with a stable outlook, and assigned a Thailand National Scale Rating of aa+.TH (Superior), also with a stable outlook.
Asian Re’s balance sheet strength is supported by very strong risk-adjusted capitalisation at year-end 2025. However, AM Best noted its relatively modest capital base, which makes it more sensitive to shock events, as well as exposure to higher-risk investments including deposits in a sanctioned country.
Overall, AM Best views Asian Re’s enterprise risk management as appropriate for its size and complexity, noting continued improvements in its risk framework. The insurer wrote USD29m in gross premiums in 2025 and is expected to continue expanding its underwriting footprint.