AM Best assigned MAAGAP stable B+, “bbb-” and aa.PH ratings, citing strong capital and adequate performance despite catastrophe exposure, reinsurance dependence and a limited Philippines non-life market position.
AM Best assigned MAAGAP Insurance Inc. a Financial Strength Rating of B+ (Good), a Long-Term Issuer Credit Rating of “bbb-” (Good) and a Philippines National Scale Rating of aa.PH (Superior), all with a stable outlook. The agency said the Philippines non-life insurer’s ratings reflect strong balance sheet strength, adequate operating performance, a limited business profile and appropriate enterprise risk management. It expects risk-adjusted capitalization, measured by Best’s Capital Adequacy Ratio, to remain at the strongest level over the medium term, supported by earnings retention and a low-to-moderate risk investment portfolio, while noting elevated reliance on reinsurance for catastrophe-exposed underwriting. AM Best cited a five-year average return on equity of 8.8% for fiscal years 2021-2025, improving underwriting in fiscal 2025 after volatility from natural catastrophes and large losses, and an approximate 2% market share based on 2025 gross premiums written.