Dubai-based Oman Insurance (OIC) has gained a "positive" outlook rating from S&P following a positive performance.
The rating could be raised if the insurer further strengthens its operating performance while maintaining its market share and capital adequacy, S&P said in a statement.
“The outlook revision reflects [a] positive operating performance and an improving capital base in the past two years,” the ratings agency said.
“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.”
The company posted a net profit of 196.5 million dirhams ($53.5 million) in 2020, up by three percent from 2019.
“I am proud that the transformation of our company and the hard work of the teams are paying off," said Jean-Louis Laurent Josi, CEO of Oman Insurance.
“Oman Insurance is more than ever extremely financially solid, with local solvency at more than 250 percent, 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.”
(Writing by Imogen Lillywhite; editing by Cleofe Maceda)
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