Orient wins A rating by AM Best
Dubai, April 29, 2010
Orient, Al-Futtaim’s market leading insurance company, has been assigned a financial strength rating of “A” (Excellent) and an issuer credit rating of “a” by A.M. Best Company. The outlook for both ratings is stable.
The ratings reflect Orient’s superior risk-adjusted capitalisation, strong business position in the UAE insurance market and very good profitability.
Orient which carries an A ratings from AM Best and A- from S&P is the only company in the Middle East which carries such combined high ratings.
AM Best is the world’s leading insurance ratings agency which issues financial-strength ratings for insurance companies and financial instruments issued by insurance companies.
“This rating from A.M. Best validates the successful execution of our strategy to focus on the basics of our business and generate long-term profitability,” said Omar Elamin, senior managing director, Orient.
“It is an especially meaningful achievement when we consider the challenging market conditions and economic uncertainties that face the insurance industry today.”
"Through the outstanding efforts of our employees and the steadfast support of all our stakeholders and well-wishers, we have successfully transformed Orient which continues to be a top-performing super-regional insurance company,” Elamin added.
In AM Best’s opinion, Orient has a superior risk-adjusted capitalisation, which is supportive of the current business and the projected growth in the next two years.
The historically high level of profits retention has enabled the company to consistently increase its capital base, and AM Best expects Orient to keep this approach going forward, further strengthening its risk-adjusted capitalisation.
AM Best acknowledges Orient’s commitment to expand in other Mena countries as a positive step, which is smoothed by the presence of the parent group (Al-Futtaim) in the targeted markets. – TradeArabia News Service