S&P Global affirms Orient Takaful Egypt at A with positive outlook

S&P Global Ratings has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Orient Takaful Insurance (Orient Takaful Egypt), a senior official said on Thursday.

Orient Takaful Egypt managing director Mohamed Mostafa Mohamed Abdelrassoul said the outlook of this credit rating was positive.

In June, AM Best has assigned an FSR of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Orient UNB Takaful PJSC (United Arab Emirates) and Orient Takaful Egypt. The outlook assigned to these ratings is stable, Abdelrassoul added.

Orient Takaful Egypt’s current shareholding comprises Dubai-headquartered Orient Insurance, a fully owned unit of Al-Futtaim Group (80 percent).