ADNTC PSC receives strength rating of âA-â and long-term issuer credit rating of âa-â
Abu Dhabi National Takaful Co. PSC (ADNTC) has received a financial strength rating of ‘A-’ (excellent) and a long-term issuer credit rating of ‘a-’ from international rating agency A.M. Best. The outlook for these credit ratings is stable.
The positive ratings reflect ADNTC’s strong risk-adjusted capitalisation, in addition to its consistently excellent technical and operating performances as one of the most progressive insurance companies in the United Arab Emirates. A.M. Best expects the company to continue excelling given its high quality of leadership, effective underwriting controls and experienced management team. The agency also anticipates ADNTC’s capitalisation to remain sufficiently robust to support prospective strategic initiatives.
“A.M. Best’s confidence to reaffirm the ratings is an endorsement to our consistently outstanding performance. We continue to grow stronger as evidenced by our results for the first half of 2017. Led by a highly-skilled management team and dedicated staff, we are optimistic that 2017 will be another remarkable year for the company,” said Khamis Buharoon Al Shamsi, Chairman of the Board of Directors of Abu Dhabi National Takaful Company P.S.C.
ADNTC has an exceptional track record of technical and net profitability. It kept the momentum of its strong Q1 2017 performance by achieving a combined net profit of AED 40.9 million (Policyholders & Shareholders before release of Qard Hasan) and an underwriting profit of AED 34.1 million at end of Q2 2017. The combined net profit for the first half of 2017 increased by 35 per cent from last year’s AED 30.3 million, while the underwriting profit surpassed 2016’s AED 22.8 million by 50 per cent.
“The Financial Strength Rating of ‘A-’ (Excellent) and the Long-Term Issuer Credit Rating of ‘a-’ from A.M. Best affirms the success of our overall strategy and business model that is geared towards serving the needs of the takaful market. They are also testaments not only to our continuous exceptional financial performance over the years, but also to our effective enterprise risk management, operational efficiency, disciplined underwriting, and prudent investment policy. The effective execution of our strategies, product offerings and superior services constitute a solid foundation for our company to proceed in its journey of success. ADNTC will continue to maintain its industry leadership and deliver on its promise of unparalleled quality and service delivery by exceeding the expectations of its shareholders, business partners and loyal customers,” said Osama Abdel-Raouf Abdeen, Chief Executive Officer of Abu Dhabi National Takaful Company P.S.C.