<div id="readability-page-1"><div>AM Best Revises Outlooks to Positive for Dah Sing Insurance Company Limited AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Dah Sing Insurance Company Limited (DSI) (Hong Kong). These Credit Ratings (ratings) reflect DSI’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the parental support DSI receives from Dah Sing Financial Holdings Limited (DSFH) in terms of capital, brand recognition, business development, product distribution, risk management and operations. The conversion of HKD 550 million in redeemable preference shares held by DSFH into paid-in capital in early 2024 demonstrates this parental support to uplift the capital quality of DSI. The revision of the outlooks to positive from stable reflects sustained improvement in DSI’s business profile, as demonstrated by the portfolio expansion, business diversification and the strengthened market position. The company’s gross written premiums (GPW) recorded a cumulative growth of 66% from 2020 to 2024, driven by strategic expansion in the accident &amp; health, motor, and employees’ compensation lines, while maintaining a conservative stance on catastrophe risk in its inward reinsurance portfolio. Under its business plan, DSI is expected to maintain healthy growth through new initiatives in the medium term, positioning the company competitively in the Hong Kong non-life insurance market. Moreover, DSI has enhanced its actuarial modelling for pricing and performance monitoring. The company’s GPW is produced through diversified distribution channels, with the majority of business sourced from corporate intermediaries, followed by bancassurance supported by the affiliated Dah Sing Bank. DSI’s risk-adjusted capitalisation remained at the strongest level at year-end 2024, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s reported capital and surplus (C&amp;S) under HKFRS 17 surged 19% to HKD 2.8 billion in 2024, driven by full net profit retention and growth in the valuation of equity investments measured at fair value through other comprehensive income (OCI). DSI maintains a moderately high proportion, yet well-diversified equity investment portfolio. AM Best expects DSI to implement robust investment selection and diversification strategies, as well as appropriate investment controls, to mitigate the high investment risk exposure. DSI remained profitable in 2024, with an adjusted return on C&amp;S, including gains or losses both through profit or loss and OCI, of 17.5%, mainly supported by favourable investment results in tandem with the buoyant capital market conditions during the year. The company’s underwriting performance also has improved, owing to better underwriting controls and risk selection in key business lines such as property damage and employees’ compensation. Positive rating actions could occur if DSI demonstrates successful implementation of its business plan, which will enhance its competitive advantage of securing profitable business and market position. Negative rating actions could occur if there is a material deterioration in DSI’s risk-adjusted capitalisation due to large investment losses or a significant increase in risk exposure. Negative rating actions also could arise if there is a sustained unfavourable trend in the company’s operating performance, for example, due to substantial equity investment losses. Negative rating actions are also possible if DSFH’s credit profile deteriorates materially or if the holding company reduces the level of support it provides to DSI. Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication. This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings &amp; Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com. Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. 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大新金融

AM Best 已将大新保险有限公司（DSI）的展望从稳定调整为积极，同时确认其财务实力评级为 A- 和长期发行人信用评级为 “a-”。这反映了 DSI 强劲的资产负债表、充足的运营表现以及来自大新金融控股的母公司支持。DSI 的毛保费在 2020 年至 2024 年间增长了 66%，这一增长得益于战略扩展。该公司保持盈利，资本回报率为 17.5%，预计将在香港非寿险市场维持健康增长。如果商业计划成功实施，可能会出现积极的评级行动

AM Best 将大新保险有限公司的展望调整为积极