AM Best Affirms Credit Ratings of Suez Canal Insurance
AM Best has affirmed the Financial Strength Rating of B- (Fair), the Long-Term Issuer Credit Rating of “bb-” (Fair) and the Egypt National Scale Rating (NSR) of aa.EG (Superior) of
The ratings reflect SCI’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management (ERM).
SCI’s balance sheet strength is underpinned by its risk-adjusted capitalisation at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR), for the fiscal year-end
AM Best assesses SCI’s operating performance as adequate, with the company having reported a five-year (2019 - 2023) weighted average return-on-equity ratio of 15.8%. The company’s underwriting results have been constrained by its high expense ratio, which remained above 54.0% in each of the past five years. Whilst the company’s overall earnings have been resilient, challenging macroeconomic conditions in
The business profile assessment reflects SCI’s position as a mid-tier insurer in
In recent years, SCI has undertaken steps to formalise its ERM function and promote a risk-aware culture across the organisation. AM Best expects that further improvements in SCI’s ERM framework and practices will support the company as it executes its strategic business plan.
SCI is exposed to the high economic, high political and very high financial system risks associated with operating in
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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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Source: AM Best
AM Best Affirms Credit Ratings of Misr Life Insurance Company
AM Best Affirms Credit Ratings of Misr Insurance Company
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