S & P Affirms “A” Rating of Orient Insurance PJSC; Outlook Stable
On May 15, 2018, S&P Global Ratings affirmed its 'A' long-term issuer credit and insurer financial strength ratings on UAE-based insurer Orient Insurance PJSC (Orient). The outlook is stable.
Excerpts from the report
“The affirmation reflects our view of ongoing operating outperformance versus peers and sustained capital adequacy at current levels. In 2017, Orient became the largest UAE insurer out of 29 listed companies, having posted GPW of AED 4,027 million (2016: AED2,673 million).
Despite the growth recorded in 2017, Orient continues to maintain its capital adequacy in excess of our 'AAA' benchmark, as measured using our risk-based model.
The continued strength of capital was supported by Orient's operating performance, which continues to materially outperform that of its peers.”
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