S&P confirms Stable Outlook for Oman Ins. Company
Monday, 07 29 2019, Category: Rating, Country: U.A.E
S&P Global Rating has reaffirmed the ‘A-’ Stable Outlook rating for Oman Insurance Company, acknowledging the strong creditworthiness of the leading listed insurer in the UAE, with capital adequacy above the ‘AAA’ level being robust and sufficient to support its business growth and diversification plans.
The company’s liquidity position remarkably improved to ‘exceptional’ from ‘very strong’ due to efforts made in de-risking the investment portfolio. Further, the company had drastically reduced its bank borrowings by year-end 2018, with all borrowings completely paid-off by the first half of 2019.
Oman Insurance Company provides a wide range of comprehensive insurance solutions for individuals and commercial clients in life, healthcare and general insurance. Oman Insurance has retained its UAE market-leading position with a gross premium written of AED3.7 billion in 2018. The company leverages its longstanding relations with prominent international insurers and reinsurers to support its business growth and diversification plans.
Source: Times of Oman