{"id":87349,"date":"2023-12-11T00:00:00","date_gmt":"2023-12-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/am-best-affirms-al-fujairah-national-ins-company-rating-outlook-negative\/"},"modified":"2023-12-11T00:00:00","modified_gmt":"2023-12-11T00:00:00","slug":"am-best-affirms-al-fujairah-national-ins-company-rating-outlook-negative","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2023\/12\/11\/am-best-affirms-al-fujairah-national-ins-company-rating-outlook-negative\/","title":{"rendered":"AM Best affirms Al Fujairah National Ins Company rating, outlook negative"},"content":{"rendered":"

Ins.-focused ratings agency AM Best affirmed Al Fujairah National Ins Company (AFNIC)\u2019s financial strength rating at B++<\/strong>,and the company\u2019s long-term Issuer credit rating at bbb, according to a press release<\/a>. Both ratings were given a negative outlook. <\/p>\n

The rationale: <\/strong>AFNIC's ratings demonstrate the company's robust balance sheet strength, evaluated as strong by AM Best. The ratings also reflect AFNIC's \u201cstrong operating performance, limited business profile and marginal enterprise risk management\u201d. <\/p>\n

The credit ratings also factor in the support from AFNIC's main shareholder<\/strong>, the Government of Fujairah-Department of Industry and Economy, which owns over 80% of AFNIC. The entity has repeatedly backed AFNIC through capital injections and allowed the company to accumulate capital through bonus shares instead of liquidity distributions.<\/p>\n

Why the negative outlook? <\/strong>AFNIC has been reporting \u201closs making operating results\u201d since 2022. At the end of 2022, the company reported a net loss of AED 14.4 and an additional AED 13.4 mn loss in 9M 2023. These losses are mainly due to poor technical performance, which was partially counteracted by positive investment returns. The reduction in earned premiums, and many large losses have strained AFNIC\u2019s expenses base. These challenges are straining the rating agency\u2019s operating performance assessment. <\/p>\n","protected":false},"excerpt":{"rendered":"

Ins.-focused ratings agency AM Best affirmed Al Fujairah National Ins Company (AFNIC)\u2019s financial strength rating at B++,and the company\u2019s long-term Issuer credit rating at bbb, according to a press release. Both ratings were given a negative outlook. The rationale: AFNIC's ratings demonstrate the company's robust balance sheet strength, evaluated as strong by AM Best. The […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1556],"tags":[405,404,19,7],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87349","post","type-post","status-publish","format-standard","hentry","category-economy","tag-al-fujairah-national-insurance-company","tag-am-best","tag-economy","tag-enterpriseam-uae","wpautop","entry"],"acf":{"mongo_id":"9f7e693e-d559-45b9-936d-527e44be7716","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/615.jpgbr!_StoryDek_!%20The%20ratings%20also%20reflect%20AFNIC's%20\u201cstrong%20operating%20performance,%20limited%20business%20profile%20and%20marginal%20enterprise%20risk%20management\u201d","photo_position":"above","homepage_title":"","full_issue_title":"AM Best maintains Al Fujairah National Ins Company's credit ratings with a negative outlook","related_issue":[87338],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.3a86968d-3ba7-46c8-9a74-722e20c31447.mp3"},"yoast_head":"\nAM Best affirms Al Fujairah National Ins Company rating, outlook negative - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2023\/12\/11\/am-best-affirms-al-fujairah-national-ins-company-rating-outlook-negative\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AM Best affirms Al Fujairah National Ins Company rating, outlook negative\" \/>\n<meta property=\"og:description\" content=\"Ins.-focused ratings agency AM Best affirmed Al Fujairah National Ins Company (AFNIC)\u2019s financial strength rating at B++,and the company\u2019s long-term Issuer credit rating at bbb, according to a press release. 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