Moody's Investors Service has affirmed the Baa1 insurance financial strength rating of Kuwait Insurance Company. The rating outlook is stable.

Kuwait Insurance Company (KIC), whose insurance financial strength rating (IFSR) Moody's has affirmed at Baa1, is the largest Kuwaiti non-life insurer in terms of direct premiums.

According to Moody's report, the IFSR reflects KIC's strong position in the domestic market with an established brand and a good reputation for service and financial strength.

The rating also reflects the company's relatively strong diversification, albeit within a small market, and its strong capitalisation relative to peers.