Fitch Ratings maintained FWD Insurance Indonesia's national insurer financial strength rating at A+(idn) with a stable outlook, but also withdrew it due to commercial reasons, according to a Thursday release.
The rating stems from the life insurer's synergy with parent FWD Group Holdings, smaller loss, and frugal investment methods, Fitch said.
The company's business franchise should benefit from the synergies and leveraging of technical processes with its parent, which owns insurance businesses across Asia, Fitch said.
The life insurer also saw its net loss drop to 782 billion rupiah in 2024 from 1.797 trillion rupiah in the previous year.
Fitch believes the parent will continue to inject capital as the life insurer's business expands, with its regulatory risk-based capital ratio rising to 202% by May amid the increased market value of its equity investments.
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