AM Best affirms its Suez Canal Insurance rating

AM Best has confirmed its "B-" (fair) financial strength and "bb-" long-term credit ratings of Suez Canal Insurance (SCI). The outlook for both ratings is stable.

According to the rating agency, the Egyptian insurer has an adequate annual performance. On an annual average, the return on equity (ROE) for the last five years (2016-2020) stands at 16.8%. Underwriting is loss-making with a five-year average combined ratio of 101.6%.

The rating also reflects balance sheet strength and appropriate enterprise risk management.