Moody's has affirmed Fubon Insurance's A2 IFSR and revised the outlook to stable.

Moody's Ratings has affirmed Fubon Insurance Co., Ltd.'s A2 insurance financial strength rating (IFSR) on March 21, 2025, changing the outlook from negative to stable. This affirmation is based on Fubon Insurance's leading position as the largest non-life insurer in the local market and its strong financial flexibility as part of Fubon Financial Holding Co., Ltd. However, these strengths are balanced by significant gross catastrophe risk due to geographic concentration and higher asset risk exposure compared to global competitors due to substantial equity and real estate investments.

The change in outlook reflects a significant reduction in potential pressures on Fubon Insurance's capitalization and profitability due to challenges in collecting reinsurance receivables related to Covid-related policies. The insurer made notable progress in collecting these receivables in the fourth quarter of 2024, leading to a substantial decrease in gross receivables.