• News

     Standard & Poor’s ratings

    Jul 22, 2015 01:21 PM

    It is our honor to announce a report issued by Standard & Poor’s ratings which affirmed the ratings of Oman United Insurance at BBB with a stable outlook. The report pointed out the following:

    • Oman United Insurance Co. SAOG (OUIC) was viewed as one of the leading life, health and non-life composite insurers in Oman, with moderately strong capital and earnings underpinned by reported shareholders’ funds of Omani riyal (OMR) 24.8 million at end-March 2015. Ouic has an adequate competitive position by global standards.
    • Therefore OUIC’s business risk profile was assessed as fair and its financial risk profile as moderately strong.
    • The risk-based capital modeling of OUIC indicated very strong capital adequacy ratios. Now OUIC’s risk position is assessed  as having improved to intermediate from moderate. OUIC’s management and governance are still viewed as fair, albeit improving.
    •  OUIC’s ratings affirmed at ‘BBB’.
    • The stable outlook reflected S&P’s view that, despite competitive pressures, capital and earnings at OUIC will remain moderately strong and management will continue to favor bottom-line earnings over top-line growth.

    Nassir Bin Salim Al Busaidi
    Managing Director