Dubai – Mubasher: The US-based credit rating agency AM Best has revised the UAE’s leading insurer Oman Insurance Company outlook to stable from negative and affirmed its financial strength rating of “A” (excellent) and long-term issuer credit rating of “A”.

“The revision of the outlooks to stable follows the strong corrective actions implemented by management on insurance and investment operations,” the insurer said in a statement to the Dubai Financial Market (DFM) on Sunday.

Over the course of 2019, the insurer’s balance sheet has been strengthened following the full repayment of external borrowings and a drop in overdue debtor balances.

“The balance sheet strength assessment benefits from the company’s conservative investment strategy, which was de-risked further in 2019 following the sale of holdings in unlisted equities in 2019.”

Oman Insurance Company came in the third position among the biggest listed insurance companies in terms of gross written premium. Last year, gross premium revenues fell to AED 3.5 billion from AED 3.7 billion a year earlier.