A.M. Best has affirmed the financial strength rating of A (Excellent) and the issuer credit rating of “a” of Orient Insurance PJSC (Orient) (United Arab Emirates). The outlook for each rating remains stable. The ratings reflect Orient’s track record of excellent technical performance, very strong Risk adjusted capitalisation, strong domestic business profile and robust enterprise risk management (ERM).
Orient has consistently reported excellent technical results over the past five years. The company’s nonlife operation has generated an exceptional five year average combined ratio of 66.6% (2011 to 2015). Orient’s life business also has reported good profits in each of the past five years. Excellent underwriting performance has been maintained despite prevailing competitive market conditions in the United Arab Emirates (UAE), with significant pressure on premium rates across most lines of business. Orient’s prudent approach to risk selection and focus on profitability over topline growth is expected to support continued strong technical performance.
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