AM Best Affirms Credit Ratings of National General Insurance Company (P.J.S.C.)

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

The ratings reflect NGI’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.

NGI’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 the company’s risk-adjusted capitalisation to remain at the strongest level, supported by its continued ability to generate internal capital through the retention of profits. The company’s balance sheet strength is supported further by a strong liquidity profile. During 2024, NGI de-risked its investment portfolio through the sale of two plots of land leaving the investment portfolio well-balanced by asset class, albeit still largely concentrated in the UAE.

NGI has a track record of strong operating performance and generated a profit after tax of AED 127.5 million in 2024 (2023: AED 74.9 million), translating to a return on equity of 20.9% in 2024 (2023: 14.4%) (as calculated by AM Best). NGI reported strong results in 2024, despite unprecedented weather events in the UAE, with results positively impacted by the one-off sale of two plots of land. The company’s earnings continue to be supported by positive investment returns, as well as robust underwriting results stemming from both its non-life and life portfolios, which have reported overall profits in each of the past 10 years of operation (2015-2024).

NGI holds a well-established position in the UAE insurance market as a mid-tier player, reporting insurance revenue of AED 874.0 million in 2024 (AED 745.8 million in 2023). NGI’s net insurance revenue is largely concentrated in the UAE market, and the company’s revenue is weighted toward medical business on a net basis. AM Best expects the company to grow modestly over the short-to-medium term, through strategic partnerships and innovative product offerings, with a focus on achieving bottom line profitability and maintaining a balanced underwriting portfolio.

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.

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