AM Best Revises Outlooks to Negative for Al Ittihad Al Watani
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) and Long-Term Issuer Credit Rating of “bbb-” (Good) of Al Ittihad Al Watani (L’Union Nationale) Société Générale D’Assurances du Proche Orient, sal (Al Ittihad) (
These Credit Ratings (ratings) reflect Al Ittihad’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management.
The revision of the outlooks to negative reflects pressure on Al Ittihad's credit quality stemming from the impact of the deteriorating economic, political and financial conditions in
Al Ittihad’s balance sheet strength is underpinned by risk-adjusted capitalisation that is comfortably above the minimum level required for the strongest assessment, as measured by Best’s Capital Adequacy Ratio (BCAR), after adjustments made to reflect the heightened risks associated with its Lebanese assets (approximately a quarter of Al Ittihad’s investments expected at year-end 2020). The balance sheet strength assessment also factors in the company’s highly liquid and conservative investments held in the
Al Ittihad’s operating performance has improved significantly since 2017 as a result of management actions, including putting the company’s Lebanese portfolio into run-off and focusing on its profitable operations in the
Al Ittihad’s business profile assessment reflects its market position as a mid-tier player in the highly competitive
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 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
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