Kuwait - AM Best affirms ratings of Al Ahleia Ins.; outlook stable
Tuesday, 05 19 2020, Category: Rating, Country: Kuwait
A.M. Best Rating Services has affirmed Al Ahleia Insurance’s financial strength rating (FSR) at ‘A-’ (Excellent) and the long-term issuer credit rating at ‘a-‘.
The outlook for these credit ratings remains stable, according to a bourse statement on Monday.
The ratings capture the insurer’s robust balance sheet as well as its strong operating performance, neutral business profile, and appropriate enterprise risk management (ERM).
“Al Ahleia has an established position as a top four insurer in Kuwait’s direct market, with a leading market share in the commercial insurance segment. The group achieves geographical diversification through its reinsurance operation, Kuwait Re, which provides proportional and non-proportional cover to cedants in the Middle East and North Africa, Asia-Pacific and Central and Eastern Europe,” the rating agency’s report said.
It is noteworthy that in 2019, Al Ahleia reported higher annual profits by 7.9% at KWD 10.24 million ($33.58 million) as compared to KWD 9.49 million ($31.13 million).