Min Xin Insurance taps Hong Kong bancassurance, mainland inward business

Capital injections also lift AM Best’s outlook for the insurer.

AM Best expects stronger and sustained parental support to underpin Min Xin Insurance Company Limited’s credit profile over the medium term, leading the agency to revise the insurer’s outlooks to positive from stable.

The positive outlook reflects expectations of continued capital injections and business support from MXIC’s parent group. 

MXIC is wholly owned by Min Xin Holdings Limited, which is majority owned by Fujian Investment & Development Group Co., Ltd., a Chinese state-owned enterprise. 

AM Best said the parents have both the capacity and willingness to provide ongoing support, as shown by increased capital injections and backing for profitable expansion.

AM Best expects this support to remain elevated as MXIC expands group-related business. 

eThe insurer has set up a new bancassurance partnership with an associated bank in Hong Kong and is exploring inward business linked to Fujian Investment & Development Group’s mainland China risks, which could strengthen its balance sheet and earnings over time.