Dubai – Mubasher: S&P Global Ratings has upgraded the long-term issuer credit and insurer financial strength ratings of Oman Insurance Company to 'A' from 'A-', with a stable outlook.
The rating reflects the company’s sustainable operating performance and strong capital adequacy and liquidity, according to a press release.
The rating agency pointed out that the company’s capital adequacy remains above the AAA level as per the S&P model, expecting that the capital adequacy will continue to boost in the next two years.
The CEO of Oman Insurance Company, Jean-Louis Laurent Josi, noted: "Oman Insurance has now amongst the strongest ratings in the Middle East with, on top of the S&P ‘A’ rating, an ‘A2’ rating from Moody’s and an ‘A’ rating from AM Best."
In April 2021, S&P assigned the insurer a positive outlook and affirmed its rating at 'A-'.
