S&P reaffirms 'A- ' rating for Oman Insurance Company

Business Wednesday 20/July/2016 17:47 PM
By: Times News Service
S&P reaffirms 'A- ' rating for Oman Insurance Company

Muscat: Standard & Poor's (S&P) has reaffirmed an ‘A-‘ stable outlook rating for Oman Insurance Company (OIC) following a recent review. This outlook reflects the view that OIC will maintain extremely strong capital adequacy, supported by profitable earnings in 2016-2018.
According to S&P rating update “OIC's capital position and earnings will remain very strong, while the company continues to de-risk its investment portfolio.”
In the report, S&P cited OIC’s strong liquidity, satisfactory governance framework and market leadership presence in the UAE as some of the rationales for their rating. The research note mentioned that “we expect a higher net income in 2016-2018 as the effects of a more disciplined underwriting starts to become apparent.”
Oman Insurance Company retained its satisfactory business risk profile even in the current soft market. The company continues to strengthen and diversify its business in and outside the UAE, constantly building on effective management and corporate governance.
Christos Adamantiadis, chief executive officer of Oman Insurance Company said “We are pleased that S&P has reaffirmed OIC’s ‘A-’ rating. In the past year we have implemented a number of significant strategic initiatives to constantly outperform, lead through service and empower customers. This has proved valuable in retaining our leading position as we seek to provide outstanding insurance solutions that help create and protect wealth and wellbeing for our individual and corporate customers.”