Fitch Assigns Suez Canal Insurance Company 'B+'
Wednesday, 03 31 2021, Category: Rating, Country: Egypt
This rating action commentary replaces the version published on 22 March 2021 to include Criteria Variation.
Fitch Ratings has assigned Egypt's Suez Canal Insurance Company (SCI) an Insurer Financial Strength (IFS) Rating of 'B+' and a National IFS Rating of 'AA-(egy)'. The Outlooks on these ratings are Stable.
The IFS Rating of SCI reflects its favourable business profile in Egypt and good financial performance and earnings that are balanced by high investment and asset risk and weak capitalisation.
The National IFS Rating of 'AA-'(egy) reflects SCI's strong position in the Egyptian insurance market, good financial performance and earnings, conservative investment strategy by local standards and weak capitalisation.