AM Best affirms credit ratings of Emirates Insurance Company

AM Best affirms its financial strength rating of "A-" (excellent) and long-term credit "a-" from Emirates Insurance Company. The outlook for both ratings is stable.

The rating agency reported that the insurer's 2019 results are solid. The company’s turnover reached 1.136 billion AED (309.23 million USD), thus increasing by 22.8% compared to 1.043 billion AED (283.98 million USD) in 2018.

Emirates Insurance Company's net profit amounted to 140.108 million AED (38.13 million USD), the best result achieved since 2007. The average combined ratio over the 2015-2019 was established at 90%. The return on equity (ROE) was set at 10%.

The company maintains a good competitive position on the Emirati insurance market where it ranks fifth in terms of gross written premiums in 2019.