AM Best confirms SNIC Insurance's rating

AM Best has affirmed its B+ (good) financial strength and "bbb-" long-term credit ratings for SNIC Insurance, a Bahrain-based insurance company. The outlook for both ratings is stable.

According to the rating agency, SNIC's operating performance is adequate. In 2021, the insurer has recorded a 30% increase in its turnover which totaled 12.7 million BHD (34.1 million USD).

The average return on equity (ROE) over the period (2017-2021) stood at 3.8%.