SINGAPORE--(BUSINESS WIRE)--AM Best has maintained the under review with negative implications status for the Financial Strength Rating of C++ (Marginal) and the Long-Term Issuer Credit Rating of “b” of National Insurance Company Limited (National) (India).
The under review with negative implications status has been extended pending the receipt of an expected capital injection by India’s government, as communicated by National's management, as well as the review of operating results for the financial year ending March 31, 2019.
On Aug. 17, 2018, the ratings of National were downgraded, following a significant reduction in National’s capital position. The ratings were placed under review with negative implications pending the progress of initiatives to improve risk-adjusted capitalization. These initiatives are still ongoing, and the company’s management expects significant capital injections by India’s government. Therefore the under review with negative implications status is extended. National is a fully owned government company and the third-largest non-life insurer in India.
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