Mubasher: Moody's Investors Service on Thursday affirmed the insurance financial strength rating (IFSR) of Al Fujairah National Insurance Company (AFNIC) at "Baa1", according to a statement.

Moody's has changed the outlook of AFNIC to "Stable" from "Negative".

The change in outlook to "Stable" reflects the company's sustained improvements in its standalone credit metrics including strong bottom line profitability, high stability of returns on a five-year period, lowered and diminishing levels of leverage, and further improvements to asset quality with the high risk assets (HRA).

Moody's added that the affirmation of AFNIC's IFSR reflects the company’s current and ongoing compliance with the UAE regulations, and good levels of capitalisation.

The stable outlook reflects our view that the company will maintain its improved standalone credit profile whilst continuing to benefit from its ownership by the Government of Fujairah.