A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Orient Insurance PJSC (Orient) (United Arab Emirates). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Orient’s track record of excellent technical performance, very strong risk-adjusted capitalisation and domestic business profile, as well as the company’s robust enterprise risk management (ERM).
Orient has consistently reported excellent technical results over the past five years. The company’s non-life operation generated an exceptional five-year average combined ratio of 69% (2012 to 2016). Orient’s life business also 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 top-line growth is expected to support continued strong technical performance.
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