A.M. Best has removed from under review with developing implications and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" of Macau Life Insurance Co. Ltd. (MLIC) (Macau). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in the A.M. Best's interactive rating process.
The ratings reflect MLIC's balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, very limited business profile and appropriate enterprise risk management.
On June 2, 2016, Dah Sing Financial Holdings Ltd. and Macau Insurance Co. Ltd. announced that they agreed to sell 100% of MLIC's shares to Thaihot Investment (Bermuda) Company Limited (Thai Hot) (Bermuda). The acquisition was completed on Nov. 9, 2017. A.M. Best expects MLIC to maintain its current distribution relationship with Banco Comercial de Macau, S.A. after the closing of the transaction, while MLIC's pension fund management business was excluded from the transaction.