AM Best confirms Al Dhafra Insurance Company's rating

AM Best has confirmed the “B++” (good) financial strength and “bbb+” long-term credit ratings of Al Dhafra Insurance Company (ADIC). The outlook for both ratings is stable.

The rating reflects ADIC's strong balance sheet, solid operating performance, neutral business profile and appropriate enterprise risk management.

The company's strong performance is evidenced by a weighted average return on equity (ROE) of 10.9% over the 2019-2023 period.

The Emirati insurer closed the 2023 financial year with insurance revenue of 320.6 million AED (87.4 million USD).