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AM Best 确认日本丰田汽车自保公司评级

2019年07月04日

作者:管理员

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Toyota Motor Insurance Company (TMIC) (Cedar Rapids, IA). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect TMIC’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

TMIC continues to maintain balance sheet strength at the strongest level supported by risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), low underwriting leverage, organic and steady growth of policyholders’ surplus, excellent liquidity with metrics outperforming the industry, and positive cash flows. 

AM Best assesses the company’s operating performance as adequate and is expected to return to historical levels following the deterioration in profitability, which is attributed to losses from its guaranteed auto protection (GAP) business and the rise in frequency and severity, mitigated by rate increases to address the issue. 

TMIC’s neutral business profile supports the Toyota organization as a wholly owned subsidiary and single-parent captive of Toyota Motor Insurance Services, Inc., a California corporation. TMIC provides vehicle service agreements, GAP agreements, excess wear and use coverage, and tire and wheel protection coverage for Toyota and Lexus customers, dealers, and affiliated companies. 

AM Best considers TMIC’s ERM to be appropriate, as the captive has leveraged the robust and formal corporate management practices that have been established and implemented by its U.S. parent, Toyota Motor Credit Corporation.

The stable outlooks reflect AM Best’s expectation that the company will maintain its strongest assessed balance sheet strength, adequate operating performance attending to its volatile GAP product line, and neutral business profile without divergence from its risk profile.

来源: A.M.Best


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