AM Greatest Affirms Credit score Scores of Al-Sagr Nationwide Insurance coverage Firm P.S.C.

LONDON, December 23, 2021–(BUSINESS WIRE)–AM Greatest has affirmed the Monetary Energy Ranking of B (Truthful) and the Lengthy-Time period Issuer Credit score Ranking of “bb” (Truthful) of Al-Sagr Nationwide Insurance coverage Firm P.S.C. (ASNIC) (United Arab Emirates). The outlook of those Credit score Scores (rankings) is detrimental.

The rankings mirror ASNIC’s steadiness sheet power, which AM Greatest assesses as enough, in addition to its enough working efficiency, restricted enterprise profile and marginal enterprise danger administration.

The steadiness sheet power evaluation displays ongoing erosion of ASNIC’s capital base following an AED 39.2 million internet loss for the nine-month interval ended 30 September 2021. This follows declines within the firm’s capital place in 2019 and 2020. Regardless of the excess deterioration, ASNIC continues to narrowly keep risk-adjusted capitalization on the very sturdy stage, as measured by Greatest Capital Adequacy Ratio (BCAR). The enough steadiness sheet power evaluation additionally considers ASNIC’s elevated monetary leverage because of its overdraft rising by AED 90.8 million to achieve AED 138.2 million on the finish of third-quarter 2021. The corporate’s funding portfolio has a excessive focus of risky home actual property and fairness property. The detrimental outlooks mirror the potential for additional weakening in steadiness sheet power metrics, as a result of potential for additional working and/or funding losses. Working efficiency has skilled a major downward pattern in 2021, pushed by underwriting losses on motor enterprise and a share in internet losses of an affiliate. The restricted enterprise profile evaluation displays product and geographic focus in its native market. AM Greatest views ERM as marginal for the corporate’s dimension and scope of operations.

This press launch pertains to Credit score Scores which were printed on AM Greatest’s web site. For all ranking data regarding the discharge and pertinent disclosures, together with particulars of the workplace answerable for issuing every of the person rankings referenced on this launch, please see AM Greatest’s Latest Ranking Exercise internet web page. For added data concerning the use and limitations of Credit score Ranking opinions, please view Information to Greatest’s Credit score Scores. For data on the correct media use of Greatest’s Credit score Scores and AM Greatest press releases, please view Information for Media – Correct Use of Greatest’s Credit score Scores and AM Greatest Ranking Motion Press Releases.

AM Greatest is a worldwide credit standing company, information writer and knowledge analytics supplier specialising within the insurance coverage business. Headquartered in america, the corporate does enterprise in over 100 international locations with regional places of work in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico Metropolis. For extra data, go to www.ambest.com.

Copyright © 2021 by A.M. Greatest Ranking Providers, Inc. and/or its associates. ALL RIGHTS RESERVED.

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Contacts

Algirdas Karvelis
Monetary Analyst
+44 20 7397 0285

[email protected]

Michael Dunckley
Affiliate Director, Analytics
+44 20 7397 0276

[email protected]

Christopher Sharkey
Supervisor, Public Relations
+1 908 439 2200, ext. 5159

[email protected]

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644

[email protected]

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