A.M. Best assigns ‘A+’ rating to Orient Takaful Insurance – Egypt

Specialist insurance ratings agency A.M. Best has assigned the long-term issuer credit rating of A+ to Orient Takaful Insurance – Egypt, Orient’s chief executive said on Thursday.

A.M. Best also assigned the financial strength rating of A (Excellent) to the Egyptian company, which is a subsidiary of Orient Insurance PJSC.

The outlook assigned to these ratings is stable, Orient Takaful’s chief executive Mohamed Abdel Rasool told Amwal Al Ghad.

The ratings reflect Orient’s balance sheet strength, which A.M. Best categorises as very strong, as well as its very strong operating performance, neutral business profile and appropriate enterprise risk management.

Started its operations in 2009, Orient Takaful Egypt’s current shareholding comprises Dubai-headquartered Orient Insurance, a fully owned unit of Al-Futtaim Group (60 percent), in addition to Abu Dhabi Islamic Bank (20 percent), and the Union National Bank (20 percent).