AM Best Affirms National General Insurance Company's Ratings with Stable Outlook

Strategic Insights -

National General Insurance Company (P.J.S.C.) (NGI) has maintained its Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating of "a-" (Excellent) according to an AM Best report. NGI's strong balance sheet, solid operating performance, and effective risk management have contributed to this assessment. The company's risk-adjusted capitalization is expected to remain strong, supported by its ability to generate internal capital and a favorable liquidity profile.

Key Takeaways:

  • NGI's balance sheet strength is assessed as very strong, with a Best's Capital Adequacy Ratio (BCAR) at the strongest level.
  • The company generated a profit after tax of AED 127.5 million in 2024, with a return on equity of 20.9%, compared to AED 74.9 million and 14.4% in 2023.
  • NGI's operating performance has been strong over the past 10 years, with profits in both non-life and life portfolios.
  • The company has a well-established position in the UAE insurance market as a mid-tier player, reporting insurance revenue of AED 874.0 million in 2024.
  • NGI's revenue is weighted toward medical business on a net basis, with a focus on achieving bottom-line profitability and maintaining a balanced underwriting portfolio.

Statistics:

  • NGI's Best's Capital Adequacy Ratio (BCAR) is at the strongest level.
  • The company's return on equity in 2024 was 20.9%, compared to 14.4% in 2023.
  • NGI's profit after tax in 2024 was AED 127.5 million, with 10 years of consecutive profits in both non-life and life portfolios.
  • The company's insurance revenue in 2024 was AED 874.0 million.
  • NGI has a well-established position in the UAE insurance market as a mid-tier player.

Sources:

  • "AM Best Affirms National General Insurance Company's Ratings with Stable Outlook," AM Best, no date given (directly accessible on businesswire.com through the provided link).
  • Guide to Best's Credit Ratings (directly accessible on ambest.com).
  • Guide to Proper Use of Best's Ratings & Assessments (directly accessible on ambest.com).
  • National General Insurance Company website does not provide the information needed for the thorough answer, so the references are related to the directly accessible links.