Mubasher: A.M. Best Rating Services has affirmed the credit rating of Kuwait Reinsurance Company at “A-“ (Excellent), with a ‘Stable’ outlook.
The rating highlights the robustness of the insurer’s balance sheet, coupled with its adequate operating performance, neutral business profile, and appropriate enterprise risk management, according to a statement to Boursa Kuwait on Sunday.
“The company’s balance sheet strength also benefits from prudent reserving practices and sufficient liquidity to support operations with liquid assets to net technical reserves of 102% at year-end 2019,” the rating agency’s report said.
Kuwait Reinsurance’s business profile is backed by its good geographical diversification, with operations spanning the Middle East and North Africa (MENA), Asia-Pacific, and Central and Eastern Europe.
It is noteworthy that in 2019, Kuwait Reinsurance posted a 40.4% rise in profits at KWD 4.73 million from KWD 3.37 million in 2018.
