Al Wathba National Insurance Co. (AWNIC) has received an upward revision of its rating outlook by S&P Global Ratings. The outlook has ascended to positive from stable, affirming the company’s ‘BBB-’ long-term issuer credit and insurer financial strength ratings.
AWNIC’s strategic financial manoeuvres in 2023 have yielded a substantial reduction in its reliance on external funding, showcasing a commendable fortification of its financial risk profile. This strategic shift, coupled with the company’s unwavering commitment to excellence, has garnered noteworthy recognition from S&P Global Ratings.
AWNIC maintains a robust financial stance, boasting exceptional capital adequacy even amid the challenges of a previously volatile period that has now been successfully navigated. This resilience is credited to the company’s adept management of robust investment returns, laying the foundation for even more robust performance in the upcoming quarters.
On November 14, 2023, S&P Global Ratings officially announced the positive adjustment of AWNIC’s outlook from stable to positive. Simultaneously, the ‘BBB-’ long-term issuer credit and insurer financial strength ratings were resolutely affirmed, underscoring confidence in the company’s financial prowess.
The positive outlook not only reflects current financial strength but also signals the prospect of an upgraded rating within the next two years, contingent upon AWNIC’s continued demonstration of substantial growth in underwriting performance. The commitment to maintaining superior capital adequacy stands out as a pivotal factor propelling this positive trajectory.
Frederik Bisbjerg, CEO of Al Wathba National Insurance Co, said: “This positive outlook from S&P Global Ratings is a testament to our dedication to sound financial practices and sets the stage for future triumphs. We are resolutely committed to continuous improvement, ensuring our customers and stakeholders not only experience unwavering reliability but also witness the unfolding of our dynamic growth journey.”