S&P Global Ratings has affirmed its AA- financial strength rating on Singapore-based NTUC Income Insurance Co-operative Ltd.
The outlook is stable, which reflects the rating agency's view that the company will maintain its very strong linkage with the Singapore government.
S&P is of the view that the company's risk position has improved based on the insurer's reduced dependence on non-traditional forms of capital and its managed exposure to risky assets, prompting the agency to revise upward its assessment of NTUC Income Insurance's financial risk profile.
The rating agency anticipates that the company will maintain its solid competitive position and high likelihood of extraordinary support from the Singapore government.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.