Moody’s financial services company has affirmed Al-Ain Ahlia Insurance Co.’s (AAAIC) insurance financial strength rating (IFSR) at A3, according to Mubasher on Friday.
The rating agency changed Al-Ain Ahlia’s outlook to stable from negative, according to a statement.
“The affirmation of Al-Ain Ahlia’s A3 IFSR reflects the company’s strong market position and brand, as the fourth-largest player in the UAE insurance market in terms of premium in 2018, and its good technical experience in the oil and gas business lines,” Moody’s said.
Moody’s ascribed the change in the insurance company’s outlook to its regulatory solvency ratio.
The Abu Dhabi-listed insurance reported a 3.25% year-on-year drop in profits for the full-year 2018, recording AED 48.5 million.
