S&P upgrades Adnic’s credit rating to ‘A’ with stable outlook
S&P raised its long-term issuer credit and insurer financial strength ratings based on Adnic’s strong financial performance indicators.
Abu Dhabi National Insurance Company’s (Adnic) credit rating has been upgraded from ‘A-’ to ‘A’ with a stable outlook by ratings agency Standard & Poor’s (S&P) on Wednesday.
S&P raised its long-term issuer credit and insurer financial strength ratings based on Adnic’s strong financial performance indicators. S&P noted Adnic’s leading insurer position in the UAE among more than 30 listed insurers, in term of gross written premiums (GWP). Adnic has built a strong track record of positive underwriting performance while maintaining its market share over the past five years. According to S&P, the company’s capital adequacy will remain at the ‘AAA’ benchmark in its model, supported by profitable earnings from both its underwriting and investment activities over the next two years.
Ahmad Idris, chief executive officer of Abu Dhabi National Insurance Company, said: “Adnic has been the UAE’s reliable insurer for nearly half a century, with our size, strength and competitive advantage. Our strong financial position and market share is maintained through a clear strategy, underwriting discipline, operational excellence and a diversified investment portfolio. We are pleased S&P has upgraded our rating to ‘A’ stable, which recognises our track record over many years.”
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