Standard & Poor's (S&P) Ratings Services raised its long-term counterparty credit and insurer financial strength ratings on the UAE's leading insurer - Oman Insurance Co. (PSC) to 'A-' from 'BBB+' on November 16, 2012. S&P's cited the progress made by Oman Insurance (OIC) in reducing its exposure to high risk assets beyond S&P's expectations, material reductions in financial leverage, increased awareness of enterprise risk management, extremely strong capital adequacy and strong financial risk profile as key factors in their ratings change decision.
"The upgrade acknowledges our stated objectives of i) de-risking our investment portfolio, ii) strengthening our balance sheet and capital structure and iii) focusing on long-term growth and geographical diversification" said Patrick Choffel, OIC's Chief Executive Officer. "It also recognizes our operational performance, strong earnings momentum while undertaking significant organizational changes. OIC is ending 2012 with two major international rating agency upgrades, a rare accomplishment in the current business environment. AM Best raised OIC's rating from A Excellent negative outlook to A Excellent stable outlook in August of this year. These changes and our continued investment in our business will help OIC to achieve industry leading revenue growth and profitability."
Mr. Choffel further added "OIC's operating performance is wholly supported by the new management team which has shown commitment and alignment with our stated objective. The board of directors of OIC is also committed to the new team in their pursuit of growth, improved service and stakeholder returns. Now more than ever, we believe OIC is better positioned to meet the needs of today's informed customer. This upgrade is very welcome news, as it helps us provide better service and greater security to a growing number of corporate and individual customers across the region. The combination of extensive customer offerings, sound financial management and integrity positions OIC as the regional insurer of choice."
-Ends-
Oman Insurance Company (OIC) is the largest insurance company in the UAE and second largest in the Middle East with operations across all emirates as well as in neighboring Oman, Qatar and Turkey.
Established in 1975, OIC is a multi-line composite insurer. The company is rated A- by S&P and A Excellent by AM Best. Supported by leading global Reinsurers like Swiss Re, Ace Tempest Re, Lloyds, Everest Re, Scor, Hannover Re, Generali etc, OIC underwrites all types of risks in General, Life & Health insurance and customizes coverage to meet customer's needs.
OIC is the winner of several coveted awards and certifications, like the Mohammed Bin Rashid Al Maktoum Business Award - Finance Category (2007) and the latest being the prestigious AON-Hewitt Employer of the year award (2010).
For further information, kindly contact:
Mr. Zulfiquar Ali
Oman Insurance Company,
Building W5, Block B, DAFZA.
P.O. Box: 5209, Dubai, UAE
Tel (Office): +9714 2337701
Fax: +9714 2337771
Email: zulfiquarali@tameen.ae
Ms. Amna Tariq
PR Executive
PR Squad
P.O. Box: 29138, Dubai, UAE
Tel: +971529200650
Email: amna@prsquad.ae
© Press Release 2012
