NLGIC Group financial strength rating upgraded to Excellent (A-) by AM Best

NLGIC Group financial strength rating upgraded to Excellent (A-) by AM Best

- Rating reflects NLGIC Group’s robust financial profile, strong operating performance, and appropriate enterprise risk management strategy

- The recent purchase of RSA Middle East BSC (c) by NLGIC was a central driver of the rating upgrade.

Dubai: National Life & General Insurance Co. Group (NLGIC Group) today announced that its Financial Strength rating has been upgraded from B++ (Good) to A- (Excellent) by the global credit rating agency AM Best.

The move also saw NLGIC Group’s Long-Term Issuer Credit Rating revised upwards to “A-” (Excellent) from “BBB+” and its outlook revised to stable, indicating superior financial health.

The key drivers for the revised outlook, according to the AM Best report, are NLGIC Group’s balance sheet strength, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The report also confirms that NLGIC’s recent purchase of RSA Middle East BSC (c) has been a central reason for the strengthening of NLGIC Group’s business profile, providing both product and geographical diversification and consolidating NLGIC Group’s position in its existing markets.

Notably, AM Best reported that the company has a track record of strong operating profitability, demonstrated by a five-year (2017-2021) weighted average return-on-equity ratio of 17.7%. This historical operating profitability has