Fitch Ratings affirmed Muang Thai Life Assurance PCL's international and national insurer financial strength ratings at BBB and AAA(tha), respectively.

The outlook is stable.

The ratings reflect the company's strong capital position and market position, solid financial performance, adequate investment risks, as well as support from its major shareholders KASIKORNBANK PCL and Ageas Insurance International NV, Fitch said Dec. 9.

The rating agency said it expects the company to maintain its sound financial performance with its vigilant pricing policy and good investment income.

The ratings could be downgraded if the company's risk-based capital ratio falls below 250% or if its capitalization weakens. The ratings could also be lowered if Thailand's long-term local currency issuer default rating is lowered.

Fitch said an upgrade was unlikely in the near term as Muang Thai Life's international insurer financial strength rating is at par with the country's long-term local currency issuer default rating, while its national insurer financial strength rating is already at its highest possible level.