AM Best revises GIC Re’s credit rating

Chennai: Global credit rating agency AM Best has revised its outlook on General Insurance Corporation of India’s (GIC Re) financial strength rating (FSR) from Stable to Positive. The rating agency has also revised GIC Re’s Long Term Issuer Credit Rating to Positive from Negative. These revisions come alongside the affirmation of GIC Re’s FSR of B++ (Good) and Long-Term ICR of “bbb+” (Good), highlighting the corporation’s robust financial standing. Moreover, AM Best has assigned GIC Re an India National Scale Rating (NSR) of aaa.IN (Exceptional) with a stable outlook, underlining the company’s exceptional performance within the Indian market.