Dubai: National General Insurance Co. PJSC announced that AM Best, the credit rating agency has affirmed their Financial Strength Rating of “A-”(Excellent). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect NGI’s strong performance and proven commitment.
The ratings reflect the robust balance sheet and proven commitment of NGI which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The balance sheet strength assessment also reflects NGI’s low-risk and highly liquid asset portfolio, as well as favourable operating cash flow. In addition, the company benefits from solid financial flexibility. The ratings also take into consideration the dependence on reinsurance programs and the history of dividend payments.
NGI has a history of strong and stable operating performance and profitability measures that have increased through 2020. NGI has reported premium growth and strong underwriting profit, a trend that is expected to continue in the near term. The ratings also reflect the organization’s established market presence and overall market share in the UAE Insurance Sector. In addition, the ratings acknowledge NGI’s well-established ERM program with a fully developed risk management framework and committee structure.
“NGI has a long tradition and commitment of building trust with our clients and regulators along with our unwavering dedication said Dr. Abul Zahra A. Ali, Chief Executive Officer (CEO) National General Insurance (NGI) “We are proud to have retained the ‘A-Excellent’ rating and are pleased that AM Best has validated our competent position. added Mr. Abdul Zahra.