Dubai – Moody's Investors Service has assigned an ‘A2’ Insurance Financial Strength (IFS) rating to Oman Insurance Company, with a ‘Stable’ outlook.
The rating indicates the UAE-based company’s strong market position in MENA, diversified business and solid financial profile, as well as progress made to enhance profitability, according to a statement to Dubai Financial Market (DFM) on Thursday.
Moody’s stated: “Oman Insurance Company is the leading insurer in the UAE, the region’s largest insurance market, with a market share of about 18% and with top three positions in life, medical and consumer lines insurance.”
Meanwhile, the CEO of Oman Insurance, Jean-Louis Laurent Josi, referred: “Up to Q3 2019, we have increased our solvency ratio approximately 225%+, our highest solvency in the past years.”
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