Dubai – Mubasher: Dubai National Insurance and Reinsurance (DNIR) has been awarded a ‘B++’ financial strength rating (FSR) and a ‘bb+’ long-term credit rating, with a stable outlook by A.M. Best.
The ratings reflect DNIR’s strong capital, risk management, and strong operating performance, the ratings agency said in a statement, indicating possible expansions for the Dubai-listed insurance firm in the coming years.
DNIR also enjoys a strong liquidity and its balance sheet shows low levels of debt, A.M. Best said, noting that the insurance firm’s main challenges are its investments in real estate stocks.
DNIR last reported AED 31 million in profits in the first six months of 2017, down from AED 32.2 million in the year-ago period, while insurance premiums amounted to AED 166.3 million in H1-17, up from AED 20.7 million in the same period of 2016.
The research firm forecasted that DNIR will continue its strong performance, backed by positive internal capital generation, healthy premium growth, declining debt, and available liquidity.
