Standard & Poor’s rating agency affirmed Oman United Insurance Company (OUIC) at BBB, with a ‘stable’ outlook, the company said in a bourse filing.
S&P viewed the Omani company as one of the leading insurers in Oman, with moderately strong capital and earnings underpinned by reported shareholders’ funds of OMR 24.8 million by the end of March, 2015.
OUIC’s business risk profile was assessed as fair, and its financial risk profile as moderately strong.
S&P noted that the risk-based capital modeling of OUIC indicated very strong capital adequacy ratios, as having improved to intermediate from moderate.
OUIC’s management and governance are still viewed as fair, though improving.
