Dubai Islamic Insurance and Reinsurance Company (Aman) has announced that its Credit Rating within Standard & Poor’s Ratings Services has increased reflecting Aman’s good capitalization, good financial flexibility, and good competitive position in the UAE market. The outlook of Aman has been revised to stable from negative and an affirmative ‘BBB’ long-term counterparty credit and insurer financial strength ratings were assigned.
Aman has displayed resilience to the financial downturn over the past two years and the company has continued to grow profitably, while taking management actions to achieve prudent growth. Aman has also continued to post good underwriting earnings, and its current ratings were supported by the good competitive position in its home market of Dubai and good underlying earnings.
The report mentioned that Aman will maintain the quality of its underwriting earnings, while growing selectively in new business lines. Also, Aman’s adequate liquidity will likely prevent it from realizing losses on its investments and that the company will continue its management actions to reduce the volatility of capital adequacy.
Commenting on the new rating, CEO and Managing Director Mr. Hussein Al Meeza said that Aman’s performance over the past two years resulted in considerable growth and an increase in the volume of insurance work. He stated that despite the financial turmoil that struck the economies in year 2009, Aman’s results were healthy due to the operational stability and the introduction of new insurance services by the company.
