Adnic wins top ratings from international agencies
Abu Dhabi, August 27, 2014
Abu Dhabi National Insurance Company (Adnic), a leading provider of insurance solutions for individuals and corporates, has won an A (excellent) rating with a stable outlook and an A- rating with a positive outlook from leading international agencies A M Best and Standard and Poor’s (S&P) respectively.
According to A M Best, its rating reflects Adnic’s strong risk-adjusted capitalisation, its established position in the United Arab Emirates (UAE), and its consistently strong profitability.
It also that Adnic’s risk-adjusted capitalisation remains strong, and this has been driven by the company’s decision to become a “genuine risk carrier” with improved retention across its business lines and diversification of its investment portfolio from cash to fixed-income securities.
S&P’s rating was based on Adnic’s strong financial risk profile and satisfactory business risk profile, as well as its capital and earning strength and diverse investment portfolio.
Its report on Adnic also noted that the company’s liquidity is exceptional given its large pool of liquid assets relative to its potential liquidity needs.
Walid Sidani, chief executive officer of Adnic, said: “This reaffirmation of Adnic’s positive and stable outlook by S&P and A M Best reflects the strength of our business strategy and success in executing our Perpetual Excellence Plan.
“As part of this, we have been focused on expansion, product innovation and leveraging new technology, as well as ensuring sustainable profitability in our core business of risk underwriting.”
Adnic continues to maintain a leading position within the UAE market and a diversified business portfolio across a number of sectors, including healthcare, aviation, motor, life, energy and travel insurance.
The company achieved a five per cent growth rate last year, with premium revenue increasing to Dh2.4 billion ($655 million). - TradeArabia News Service