Contract with Fitch Ratings has expired, Nasional Re awaits final audit for rating process
13 June 2023
Jakarta, May 29th, 2023, rating agency Fitch Ratings has withdrawn the IFS (Insurer Financial Strength) rating of PT Reasuransi Nasional Indonesia (Nasional Re) from 'CC'. At the same time, Fitch Ratings Indonesia also withdrew the National IFS rating at 'CC(idn)'.
National Re’s Board of Directors stated that the contract with Fitch Ratings has expired on May 20, 2023. National Re is in the process of appointing a rating agency for the next period.
Currently, the audit process is nearing completion. National Re will use the audited financial statements for the upcoming rating process
With financial improvement efforts that have continued since the beginning of 2023, Nasional Re believes the company's performance will continue to improve. Thus the company can contribute positively to the national insurance industry.
