AM Best affirms ratings for Orient Ins. and Orient Takaful Egypt
Monday, 06 22 2020, Category: Islamic Banking, Country: U.A.E
AM Best has affirmed the financial strength rating of A (Excellent) and the long-term issuer credit ratings of a+ of UAE’s Orient Insurance and its subsidiary Orient Takaful Insurance Company – Egypt, according to a recent statement.
The outlook of these credit ratings is stable.
The ratings reflect Orient’s balance sheet strength, which AM Best categorises as very strong, as well as its very strong operating performance, neutral business profile, and appropriate enterprise risk management, the statement read.
Orient’s balance sheet strength is underpinned by risk-adjusted capitalisation at the strongest level, with Best’s Capital Adequacy Ratio (BCAR) scores comfortably above 50 percent at the 99.6 percent confidence level.
“The group’s balance sheet strength is supported by its prudent reserving practices and strong liquidity position. The majority of capital consumption arises from the group’s investment portfolio, which includes a material strategic equity holding that accounted for approximately 22% of total invested assets at year-end 2019.”
Source: Amwal Al Ghad