bolttech Insurance steadies outlook with health line shift: Fitch Ratings

Its net income dipped last year due to slower topline growth and adverse motor claims. 

bolttech Insurance’s (Hong Kong) profitability is expected to stabilise as it reduces reliance on the volatile motor segment and expands its accident and health portfolio, now its largest line by premiums, Fitch Ratings said.

Net income fell to $250k (HK$2m) in 2024 from $3.95m (HK$31m) in 2023 due to slower topline growth and adverse motor claims. 

The prior year benefited from a reserve release linked to actuarial changes. 

Despite the decline, the combined ratio remained below 100% over the past three years, and the three-year average ROE held at 4%.

The insurer maintains strong capital levels, with a 320% risk-based capital ratio at end-2024.

Whilst bolttech holds a modest 1% market share in Hong Kong’s non-life sector, its shift is expected to support steadier performance in the near term, the ratings agency said.