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AM Best has confirmed the "B++" (good) financial strength and "bbb+" long-term credit ratings of Al Dhafra Insurance Company (ADIC).
The outlook for the first rating remains stable, while that for the second has been changed from stable to negative.
The rating reflects the Emirati insurer's strong balance sheet and appropriate business risk management. ADIC's commercial profile is limited, reflecting its position as a mid-tier insurer in the local market.
The negative outlook on the credit rating came following the company's deteriorating operating performance, which was illustrated by a combined ratio of 101.4% and a return on equity (ROE) of 6% in 2022.