Oman Insurance Company's Outlook revised to "Positive" by S&P on improved operating performance

The rating agency also reaffirmed the capital adequacy of Oman Insurance above the AAA level based on their risk-based capital model

  

Oman Insurance Company, UAE’s leading insurer, has been assigned a positive outlook by S&P Global Ratings, based on improved operating performance while affirming an A- rating. The rating agency also reaffirmed the capital adequacy of Oman Insurance above the AAA level based on their risk-based capital model.

According to S&P, the positive outlook indicates that they could raise the ratings over the next two years if Oman Insurance further strengthens its operating performance while maintaining its market share and capital adequacy.

S&P said in its statement, “The outlook revision reflects positive operating performance and an improving capital base in the past two years. Oman Insurance has improved its underwriting and investment income consistently in that time, despite weaker economic conditions and recent market volatility. The company maintains robust capital adequacy, above that required at the 'AAA' confidence level as per our risk-based capital model.”

Oman Insurance continues to maintain its number 1 position in the United Arab Emirates, among more than 30 listed insurers, in terms of net earned premiums. The company also posted a net profit of AED 196.5 million, up by 3% compared to 2019, making it the highest in the past 5 years.

Commenting on the occasion, Jean-Louis Laurent Josi, CEO of Oman Insurance said, “I am proud that the transformation of our company and the hard work of the teams are paying off. Oman Insurance is more than ever extremely financially solid, with local solvency at more than 250%, and an all-time high customer satisfaction. Thanks to our digital transformation, we will continue our efforts to become a reference in the region for excellent customer service.”

Oman Insurance Company is also rated A2 IFS ‘Stable’ by Moody’s and ‘A Excellent’ by AM Best.

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases