Abu Dhabi – Mubasher: AM Best has maintained the financial strength and long-term issuer credit ratings of Insurance House (IH) at 'B+' and 'BBB-', respectively, with a stable outlook.
The credit rating reflects the company's strong liquidity level, strong balance sheet, adequate operating performance, and marginal enterprise risk management (ERM), according to a press release on Monday.
The Chairman of Insurance House, Mohammed Abdulla Alqubaisi, said: "These maintained ratings are a reflection of the company's strong level of liquidity to support its insurance obligations, excellent financial flexibility, proper execution of strategic initiatives to stablise day-to-day operations, and committed and experienced senior management team."
It is noteworthy to mention that during the first nine months (9M) of 2021, the company's net profits declined to AED 7.831 million, compared to AED 8.123 million in the year-ago period.
