AM Best Affirms Credit Ratings of Misr Life Insurance Company
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” (Good) of
The ratings reflect MLIC’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
MLIC’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s risk-adjusted capitalisation is supported by considerable amounts of soft capital, including discretionary bonus reserves and unrealised gains on its real estate portfolio. AM Best expects MLIC’s BCAR scores to remain comfortably above the minimum level required for the strongest BCAR assessment, supported by its good internal capital generation. Despite the company’s relatively conservative investment allocation by asset class, AM Best considers the quality of MLIC’s assets to be weak given the concentration in
MLIC has a track record of strong operating performance, as evidenced by a five-year (2017-2021) weighted average return-on-equity (ROE) of 16.2%. Overall performance has been consistently strong in recent years, with MLIC reporting an ROE of 18.4% for the year-ended
MLIC has an excellent position in its domestic market. The company’s gross written premium increased by 53.8% during fiscal-year 2021 to
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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Source: AM Best
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