23 July 2015
Following a recent review of Oman Insurance Company
, Standard & Poor's (S&P) has re-affirmed the company 'A-' rating.
According to S&P's rating update, "The stable outlook reflects our view that OIC will maintain a strong financial risk profile and an adequate business risk profile over the next two years. We also factor in our expectation that capital adequacy will remain extremely strong, supporting the company's ongoing growth and diversification plans."
In their report, S&P cited OIC's exceptional liquidity, satisfactory governance framework and market leadership presence in the UAE as some of the rationales for their rating. The research note mentioned that "OIC's operating performance was satisfactory in 2014, with a combined ratio of 94.4% that was significantly better than the UAE market average of 102%."
Christos Adamantiadis, Chief Executive Office of OIC said "We are pleased that S&P has reaffirmed OIC's 'A-' rating. In the past year we increased the quality of our investment portfolio, reinforced our actuarial team and changed our internal financial system to strengthen our risk management framework. This stability allows us to be a trusted partner for our clients, and enables us to deliver financial support when they need it most."
Additional information can be found at www.tameen.ae.
About Oman Insurance Company
Oman Insurance Company (P.S.C.) (OIC) was established in 1975 and is one of the leading insurance providers in the Middle East. OIC has operations across Emirates in the UAE as well as in Oman, Qatar and a subsidiary in Turkey. OIC also owns a medical third-party administrator in Iraq operating under the name of "Support Management Services".
OIC provides a wide range of insurance solutions for individuals and enterprises in Life, Medical and General insurance. With a gross written premium of AED 3.25 billion in 2014, OIC is rated 'A Excellent' by AM Best and 'A- Stable Outlook' by Standard & Poor's.