AWNIC achieves positive S&P rating outlook upgrade, signalling dynamic growth

AWNIC achieves positive S&P rating outlook upgrade, signalling dynamic growth

Abu Dhabi, United Arab Emirates: Al Wathba National Insurance Co. (AWNIC), a trailblazer in the UAE insurance arena, proudly unveils a major milestone following the recent upward revision of its rating outlook by S&P Global Ratings. The outlook has ascended to POSITIVE from stable, affirming the company's 'BBB-' long-term issuer credit and insurer financial strength ratings.

Positive Shift in Financial Landscape

AWNIC's strategic financial maneuvers in 2023 have yielded a substantial reduction in its reliance on external funding, showcasing a commendable fortification of its financial risk profile. This strategic shift, coupled with the company's unwavering commitment to excellence, has garnered noteworthy recognition from S&P Global Ratings.

AWNIC maintains a robust financial stance, boasting exceptional capital adequacy even amid the challenges of a previously volatile period that has now been successfully navigated. This resilience is credited to the company's adept management of robust investment returns, laying the foundation for even more robust performance in the upcoming quarters.

Outlook Revisions and Affirmations

On November 14, 2023, S&P Global Ratings officially announced the positive adjustment of AWNIC's outlook from stable to positive. Simultaneously, the 'BBB-' long-term issuer credit and insurer financial strength ratings were resolutely affirmed, underscoring confidence in the company's financial prowess.