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AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Emirates Insurance Company P.J.S.C. (EIC). The outlook of these ratings remains stable.
According to AM Best, EIC enjoys a strong operating performance illustrated by an average combined ratio of 89.7% over five years (2018-2022) and a return on equity (ROE) of 8.6%.
Having reported a turnover of 1.1 billion AED (309 million USD) in 2022, EIC maintains a good competitive position on the UAE insurance market where it ranks fifth in terms of gross written premiums.
The rating also reflects the strength of the local insurer’s balance sheet, its limited business profile and appropriate enterprise risk management.
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