SINGAPORE (Standard & Poor's) March 15, 2002--Standard & Poor's said today it affirmed its single-'A'-plus counterparty credit and insurer financial strength ratings on the Asia Insurance Co. Ltd., based on its position as a major general insurer in the Singapore market, its solid capitalization, consistent and strong operating profitability, conservative reserving practices, and strong liquidity position. Moderating factors are the continued pressures on the company's underwriting position, reflecting the overall difficult and competitive environment in the industry. Standard & Poor's recognizes, however, that the management of the company has taken various measures to address the tough environment. "In the event that the measures undertaken are not successful in arresting the recent decline in the underwriting performance, the company's profile could
