AM Best Affirms Noor Takaful General’s Credit Ratings from Under Review with Negative Implications

AM Best has affirmed United Arab Emirates (UAE)-based Noor Takaful General (NTG)’s Financial Strength Rating (FSR) at B (Fair) and the Long-Term Issuer Credit Rating of ‘bb’, with a Negative Outlook. Previously, these ratings had been placed under review with negative implications.

Ratings Rationale

The ratings reflect NTG’s robust balance sheet strength, satisfactory operating performance, limited business profile, marginal enterprise risk management (ERM), and is reinforced by its risk-adjusted capitalisation, which was at the strongest level as at year-end 2019. The balance sheet strength also accounts for NTG’s conservative investment portfolio as well as its suitable reinsurance programme with financially sound rein...