Skip to main content

AM Best Affirms Credit Ratings of Emirates Insurance Company P.J.S.C.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Emirates Insurance Company P.J.S.C. (EIC) (United Arab Emirates). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect EIC’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

EIC’s balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best expects prospective risk-adjusted capitalisation to remain at the strongest level, supported by internal capital generation. The company’s balance sheet strength assessment also benefits from its strong liquidity position and prudent reserving practices. Offsetting factors in the balance sheet strength assessment include EIC’s investment concentration toward domestic equities, although the company has started to reduce its holding of some equities with proceeds reinvested in fixed income securities. In addition, AM Best views the company to have a moderately high reliance on reinsurance; however, the associated credit risk is mitigated partially by the use of a diversified reinsurance panel of sound financial strength.

EIC has a track record of strong operating performance, illustrated by a weighted average return-on-equity ratio of 8.6% over the past five years (2018-2022). The company’s earnings have been supported over time by robust underwriting performance, as evidenced by a five-year weighted average combined ratio of 89.7% (2018-2022). Despite heightened competition in recent years in the UAE insurance market, specifically in motor and medical lines, EIC has been able to maintain solid underwriting returns. In 2022, the company reported a combined ratio of 85.3% (2021: 96.3%).

EIC maintains a well-established brand and position in the UAE insurance market. In 2022, the company generated gross written premium (GWP) of AED 1.1 billion (USD 309 million), ranking it as the fifth-largest listed insurer in the UAE. EIC writes a diversified portfolio of non-life insurance and reinsurance business, although there is a weighting toward domestic motor and medical business on a net premium basis. EIC’s business profile is enhanced by geographic diversification from its specialist international reinsurance arm, which contributed approximately 13% of total GWP in 2022.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.