2023-11-13 05:39:35
Kuwait – Mubasher: Standard & Poor’s Credit Ratings Agency confirmed the rating of Al-Ahlia Insurance Company at “A-” with a stable future outlook, which indicates the company’s financial strength and its ability to meet its financial obligations.
According to a statement on the Kuwait Stock Exchange today, Monday, the future outlook reflects the expectation that the company’s capital adequacy will continue at the “AAA” level, which shows the very strong level of the company’s financial position, strong operational performance, and balanced business profile, in addition to the appropriate level of risk management in the near term.
The agency expected the company’s capitalization to remain higher than the agency’s “AAA” index, with the company maintaining its competitive position, distinguished growth trend, and superior underwriting performance, as the company and its subsidiaries constitute Kuwait Re, the second largest insurance group in Kuwait and maintains a market share estimated at 20% of premiums.
This comes as Al Ahlia maintains its distinguished positive growth trend with a compound annual growth rate of 12% over the past five years, and expectations of increased diversification of the company’s business over the next two years, with the proportion of cash and short-term deposits rising to 55% in 2022 from 36% in 2018. .
Standard & Poor’s noted that the company’s exposure to stocks and real estate decreased to 23% of total investments, compared to 42% in 2018.
In the first nine months of the current year, Al Ahlia Insurance achieved a profit of 15.24 million dinars, compared to a profit of 12.12 million dinars for the same period of the previous year, a growth of 25.7%.
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