AM Best has confirmed the "B++" (good) financial strength and "bbb+" (good) long-term credit ratings of First Insurance Company (SFIC), Jordan.
AM Best [4]'s decision was based on the company's strong balance sheet, limited business profile, appropriate enterprise risk management and strategic importance to its parent company, Solidarity Group Holdings.
The rating also reflects SFIC's strong operational performance. Over the 2018-2022 period, the weighted average combined ratio and weighted average return on equity (ROE) stood at 95.7% and 6.7% respectively.
The insurer enjoys a solid competitive position in the Jordanian insurance market. Over the past five years, the company's turnover has increased by an average of 7.3%, reaching 58.9 million JOD (83 million USD) in 2022. For the record, the company was ranked third among Jordanian insurers in 2022.