Mubasher: Moody’s Investors Service has decided to withdraw its ‘Baa1’ insurance financial strength rating (IFSR) and stable outlook on Warba Insurance Company.

The global rating agency stated that the rating withdrawal was for “business reasons”, according to a statement.

In 2016, Moody's assigned a ‘Baa1’ IFSR to Warba Insurance, with a stable outlook.

The company reported a 79.3% year-on-year increase in profits during the first quarter of 2019, recording KWD 683,500 ($2.3 million).

Warba Insurance is a Kuwait-based insurer that writes both life and non-life.