AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” of Orient Insurance PJSC (Orient) (United Arab Emirates) and Orient Takaful Insurance Company (S.A.E.) (Orient Takaful) (Egypt), a subsidiary of Orient. The outlook of these Credit Ratings (ratings) is stable
Excerpts from the report
“The group has a track record of consistently outperforming its peers in terms of underwriting and overall profitability, which has been largely free of material fluctuations despite severe competition and regulatory changes in the UAE market. Orient continues to demonstrate very strong operating performance, as evidenced by the excellent five-year (2015-2019) weighted average combined ratio and return on equity of 77.8% and 13.0%, respectively. AM Best expects that Orient’s prudent approach to risk selection and focus on profitability over top-line growth will support continued strong technical performance”