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AM Best has confirmed the B (fair) financial strength and bb+ (fair) long-term credit ratings of Compagnie Algérienne des Assurances (CAAT). The outlook for both ratings is stable.
The rating reflects the company's strong balance sheet, good operating performance, limited business profile and marginal enterprise risk management.
With a 25.4 billion DZD (182.09 million USD) turnover, in 2021, CAAT maintains its position as the second largest Algerian insurer in terms of gross written premiums.
Over the last five years (2017-2021), the company's operational performance has been supported by solid technical results. The company thus recorded a weighted average combined ratio of 86.5% and a return on equity of 10.8%.
