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New India Assurance audit qualifications lead to rating downgrade to B++

AM Best has downgraded New India's Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to BBB+ from A-

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The rating downgrades follow a revision in AM Best's assessment of the PSU insurer's ERM from appropriate to marginal.

IANS New Delhi

3 min read Last Updated : Jul 20 2020 | 7:30 AM IST

New India Assurance Company's credit rating has been downgraded by insurance rating agency AM Best as the state-owned insurer's deficiencies in financial reporting continue to result in audit qualifications.

AM Best has downgraded New India's Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to BBB+ from A-.

The outlook of these credit ratings (ratings) has been revised to stable from negative. These ratings reflect New India's balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, favourable business profile and marginal enterprise risk

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