AM Best affirms Al Ahleia Insurance Company's rating

AM Best has confirmed Al Ahleia Insurance Company's financial strength rating of "A-" (Excellent) and its long-term credit rating of "a-" (Excellent). The outlook for both ratings remains stable.

The rating agency noted that the company's operating performance is strong, with a five-year (2018-2022) average combined ratio of 91.8% and an average return on equity (ROE) of 10.6%.

The rating reflects the solid performance of Al Ahleia's non-life insurance operations in Kuwait, as well as the improved average combined ratio of its reinsurance subsidiary Kuwait Re (94.8% over the 2018-2022 period).

In 2022, the insurer posted a consolidated turnover of 126 million KWD (412.8 million USD) and a profit before tax of 18.7 million KWD (61 million USD).

AM Best also praised Al Ahleia's strong balance sheet, neutral business profile and appropriate enterprise risk management.