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AM Best upgrades UAE’s ADNTC outlooks to positive

AM Best upgrades UAE’s ADNTC outlooks to positive
AM Best also maintained ADNTC’s financial strength rating at A-
Takaful
TKFL
-1.79% 2.75 -0.05

Abu Dhabi – Mubasher: Abu Dhabi National Takaful Co (ADNTC), a leading takaful operator in the MENA region, said that the US-based credit rating agency AM Best has affirmed its long-term issuer credit rating at A- for the third consecutive year, revising its outlooks to positive from stable.

The American agency has also maintained ADNTC’s financial strength rating at A- (Excellent), according to a press release.

The agency has revised the Emirati bank’s outlooks to positive due to projections that ADNTC will improve its position in the UAE market while maintaining a better performance among its takaful and conventional insurance peers.

Khamis Buharoon Al Shamsi, board chairman of ADNTC, said: “AM Best’s confidence to reaffirm the ratings is an endorsement to our consistently outstanding performance. We take great pride in being the highest rated company amongst all takaful operators worldwide by AM Best.

“We continue to grow stronger as evidenced by our financial results for the first half of 2019. Led by visionary board of directors, highly-skilled management team and dedicated staff, we are optimistic that 2019 will be another remarkable year for the company,” Al Shamsi added.

In August, ADNTC announced it had achieved a combined net profit of AED 65.4 million for the first half of 2019, up 35% from AED 48.5 million in the prior-year period.