A.M. Best Affirms Credit Ratings of Oman Insurance Company P.S.C.
The ratings reflect OIC’s balance sheet strength, which
OIC’s balance sheet strength is underpinned by risk-adjusted capitalisation, which, as measured by Best’s Capital Adequacy Ratio (BCAR), is consistent with the strongest assessment. Furthermore, the balance sheet strength assessment benefits from a conservative investment strategy, low financial leverage and a well-rated reinsurance panel to mitigate its significant reinsurance dependence.
In 2017, the company reported a profit after tax of AED 104.5 million, a 32% increase relative to the prior year (2016: AED 78.9 million). OIC’s improved operating performance was driven primarily by the stronger earnings from its medical line of business, which offset the weaker results arising from its life and commercial lines. However, whilst overall performance trends are developing positively, the persisting volatility on OIC’s technical account raises some concerns, which are exacerbated by the continued impairments of the company’s insurance receivables.
OIC has a leading market position in the
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180906005780/en/
Financial Analyst
[email protected]
or
Associate Director, Analytics
[email protected]
or
Manager, Public Relations
[email protected]
or
Director, Public Relations
[email protected]
Source:
Quick Ways To Save Money On Car Insurance – The Best Auto Insurance Tips
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News