AM Best [4] has confirmed its "B++" (good) financial strength and "bbb" long-term credit ratings on Société Centrale de Réassurance (SCR [5]). The outlook for both ratings is stable.
The rating reflects the company's strong balance sheet, neutral business profile and appropriate enterprise risk management.
AM Best also praises the Moroccan reinsurer's strong operating performance. Over the past five years (2016-2020), the average non-life combined ratio has stood at 93% and the return on equity (ROE) at 12%.
In 2020, SCR posted a turnover of 2.633 billion MAD (292.32 million USD), which is 30.5% higher than 2.017 billion MAD (207.86 million USD) recorded in 2019. This increase is driven by the enhancement of the Moroccan and foreign conventional business and the Disaster Event Coverage (DEC) premium.
The net income rose by 14.3% to reach 317.758 million MAD (35.27 million USD).