Abu Dhabi – December 21, 2020 – Insurance House P.S.C (IH) has maintained its Financial Strength of “B+” (Good) and Long-Term Issuer Credit Rating of “BBB-“ with a stable outlook for both; by AM Best, the international credit rating agency, for the second year in a row.
This credit rating is calculated according to IH’s Financial Strength Rating (FSR) and Issuer Credit Rating (ICR), which reveal financial strength: a strong liquidity level, risk-adjusted capitalization, a strong balance sheet, and efficient operating performance.
Mohammed Abdulla Alqubaisi, Chairman of Insurance House, commented: “We are very proud of the assigned credit ratings that Insurance House has maintained this year, and we believe that this is an additional stepping stone to a prosperous future of growth and continued success”.
Despite the global pandemic and the rise of competitors in the insurance market, Insurance House has grown to make its place as one of the leading insurance companies in the Middle East.
Mohammed Othman, Chief Executive Officer of Insurance House, commented: “These sustained ratings showcase the company’s strong and stable financial situation, solid and sturdy advancement strategies, committed and experienced senior management team, and clear policies & procedures covering all the business’s attributes.”
“Insurance House’s credit rating by the international AM Best has and will continue to reinforce existing business relationships while making way for new global relationships founded on the basis of superior service quality”, added Othman.
In the first three quarters of 2020, Insurance House registered a Net Profit of AED 8.12 million, showcasing its resilient and robust performance despite all the sector’s challenges and economic circumstances. The Net Premiums Earned during Q3 were stable at AED 114.46 million, the Gross Underwriting Income was AED 102.73 million, and Net Claims Incurred accounted for AED 62.65 million.
IH’s Total Shareholders’ Equity stood at AED 128.9 million (after distributing a 4% cash dividend of AED 4.75 million during Q1-Q2), a figure comfortably higher than the minimum capital requirement of AED 100 million that is mandated by the UAE Insurance Authority.