Moody's affirms ICIEC's rating

Moody’s [4]has affirmed, the "Aa3" financial strength rating of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) for the 14^th consecutive year. The rating outlook is stable.

The rating agency justifies its decision by the improvements in the Saudi insurer's financial position and the ongoing support of its shareholders. The rating also reflects the company's resilience in the face of the coronavirus pandemic.

In 2020, ICIEC recorded a combined ratio of 43.7%, compared to 39.9% in 2019.

Moody's expects a continuous improvement of the company's performance.