S&P upgrades Dubai-listed OIC outlook to positive

S&P Global Ratings has upgraded the outlook of Dubai-listed Oman Insurance Company (OIC) to positive, based on its improved operating performance.

The positive outlook indicated that the ratings agency could raise the ratings of the insurer over the next two years if OIC further strengthens its operating performance while maintaining its market share and capital adequacy, the Dubai firm said in a statement.

“The outlook revision reflects positive operating performance and an improving capital base in the past two years. Oman Insurance has improved its underwriting and investment income consistently in that time, despite weaker economic conditions and recent market volatility. The company maintains robust capital adequacy, above that required at the 'AAA' confidence level as per our risk-based capital model,” S&P said in its statement.

Oman Insurance posted a net profit of Dh196.5 million in 2020, up by three per cent compared to 2019, making it highest in the past five years.

“Oman Insurance is more than ever extremely financially solid, with local solvency at more than 250 per cent, and an all-time high customer satisfaction. Thanks to our digital transformation, we will continue our efforts to become a reference in the region for excellent customer service,” said Jean-Louis Laurent Josi, CEO of Oman Insurance.

Oman Insurance Company is also rated A2 IFS ‘Stable’ by Moody’s and ‘A Excellent’ by AM Best.

waheedabbas@khaleejtimes.com