Abu Dhabi-Mubasher: A.M. Best upgraded the financial strength rating of Abu Dhabi National Takaful Company (ADNTC) to A- (Excellent) from B++ (Good) and its issuer credit rating to “a-” from “bbb+”.
Such rating is the highest one assigned to a Takaful operator by A.M Best worldwide, according to a statement.
These upgrades reflect the company’s excellent risk-adjusted capitalisation, strong technical performance, and niche market profile.
“With the positive trend continuing, the first half of 2016 witnessed net profit increase by 70% to AED 30 million ($8 million) compared to AED 17.8 million ($5 million) for the same period last year,” the company’s Chairman Khamis Buharoon Al Shamsi said.
“The company was revamped with the establishment of ERM framework and corporate governance charters across all functions at par with international standards,” CEO Osama Abdeen noted.
