Abu Dhabi – Mubasher: Ratings agency Standard & Poor's has confirmed Al Wathba National Insurance Company's (AWNIC) rating at 'BBB+' with a stable outlook for the third consecutive year.
"This rating reflects the company's high solvency backed by positive financial performance," AWNIC said in a bourse statement on Thursday.
Vice chairman and managing director Rashed Al Ketbi commented that S&P decision to reaffirm AWNIC's rating places the company "in a forefront position in the local and regional markets," according to the statement.
"This rating also provides our customer with assurance and comfort of the long-term financial stability of the company," he added.
AWNIC last reported narrowing its losses by 83% year-on-year in the third quarter of 2016 to AED 2.844 million ($773,000), while net profits for the first nine months of 2016 were up 76.99% to AED 55.87 million in the year-ago period.
