Abu Dhabi – Mubasher: S&P Global Ratings has lowered Al Wathba National Insurance Company’s (AWNIC) long-term counterparty credit and insurer financial strength ratings to “BBB” from “BBB+”, with a “Negative” outlook, according to a statement.

Despite the negative outlook, the company is expected to return to underwriting profitability in 2017.

Although the company had a weak technical performance, it reported net profits of AED 54 million in 2016, compared to AED 18 million in 2015.