Oman Insurance PSC : S&P reaffirms 'A-' rating for Oman Insurance Company

UAE's leading insurer, Oman Insurance Company (OIC), continues to retain its Standard & Poor's (S&P) 'A-' Stable Outlook rating following a recent review. According to S&P's report, 'the stable outlook reflects the view that OIC's capital adequacy will remain at the 'AAA' level and support its growth and diversification plans over the next two years.'

OIC's leading market position, improving operating performance, wide distribution network and longstanding relationships with a number of international insurers like Bupa Global, are factors that were taken into consideration for this rating.

Despite a highly competitive market and challenging economic conditions, Oman Insurance has successfully grown its GWP by 11.5% in 2016 to AED 3.56 billion. Signaling this success is the company's continuous adjustments to the business mix, strong corporate governance framework and management's commitment to deliver its strategic plans.

'It has been a relentless drive to implement our Forward 2018 strategy, built on four key pillars: constantly outperform, lead through service, extend boundaries from protection to prevention and empower our customers through digital services.' stated Christos Adamantiadis, Chief Executive Office at Oman Insurance. 'The confirmation of our rating reverberates the successes we've enjoyed on that journey, with the launch of our e-commerce platform, our wellness initiative LivFit, and various learning and development programs. We believe our strong A- rating is an affirmation of the trust that our partners, clients and customers have in us, as we continue to seamlessly deliver protection solutions to safeguard their interests.'