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Press Release

NLGIC Group Financial Strength Rating Upgraded by AM best

•    The "A-" rating strengthens NLGIC Group's position as one of the region's leading multi-line Insurers.
•    Rating reflects NLGIC Group’s robust financial profile, strong operating performance, and appropriate enterprise risk management strategy
•    The recent purchase of RSA Middle East BSC (c) by NLGIC was a central driver of the rating upgrade. 

Dubai, 12th December 2022:  National Life & General Insurance Co. Group (NLGIC Group) today announced that its Financial Strength rating has been upgraded from B++ (Good) to A- (Excellent) by the global credit rating agency AM Best.
The move also saw NLGIC Group’s Long-Term Issuer Credit Rating revised upwards to “A-” (Excellent) from “BBB+” and its outlook revised to stable, indicating superior financial health. 
The key drivers for the revised outlook, according to the AM Best report, are NLGIC Group’s balance sheet strength, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The report also confirms that NLGIC’s recent purchase of RSA Middle East BSC (c) has been a central reason for the strengthening of NLGIC Group’s business profile, providing both product and geographical diversification and consolidating NLGIC Group’s position in its existing markets.
Notably, AM Best reported that the company has a track record of strong operating profitability, demonstrated by a five-year (2017-2021) weighted average return-on-equity ratio of 17.7%. This historical operating profitability has been driven by strong underwriting results from the company’s non-life portfolio, evidenced by a five-year (2017-2021) weighted average combined ratio of 92.6%.
Commenting on the rating, Martin Rueegg, Group CEO of NLGIC group, said: “The revisions to NLGIC’s outlook reaffirms the success of the purchase of RSA Middle East, which resulted in the formation of NLGIC Group. This newly formed entity has created a leading multi-line insurer with a wide geographical footprint and strong in-country operations that leave the company exceptionally well-positioned for stability over economic cycles. The AM Best upgrade also confirms that the integration of RSA Middle East is fully aligned with our growth strategy, our plans to strengthen our market position in the GCC and our ability to widen our customer base.” 
“As we gear up for next year, this credit rating sends strong signals on how we should proceed in the future as we expand our portfolio and position ourselves as a leading multi-line insurer in the region. With our solid financial footing, we are confident in our abilities to deliver strong results in the coming year.” 
AM Best further stated that the purchase of RSA Middle East leads NLGIC Group towards a well-diversified profile by product and geography. The business profile assessment factored in the company’s leading market position in Oman, its firm presence in the United Arab Emirates and Saudi Arabia, and its ongoing expansion into Kuwait and Qatar.


About National Life & General Insurance Co. Group (NLGIC Group)
NLGIC Group is a leading insurer in the Middle East region and the largest insurance Group in Oman in terms of written and retained premiums, with operations in life and non-life insurance. The group comprises six major companies: National Life & General Insurance Company SAOG (NLGIC), RSA Middle East BSC (c) (RSA Middle East), Al Ahlia Insurance Co. SAOG (Al Ahlia), Al Alamiya for Cooperative Insurance Co. (Al Alamiya), NLGIC Support Services Private Limited (NSSPL), and Inayah TPA LLC. With the collective experience of over 80 years in the Middle East, NLGIC Group offers a broad suite of digitally enabled, customizable solutions across all lines of insurance underpinned by exceptional service. The group combines dynamic and award-winning companies with a shared vision and highly complementary capabilities. The group has established operations across key GCC markets, including the Sultanate of Oman, the Kingdom of Saudi Arabia, the United Arab Emirates, the State of Kuwait, and the Kingdom of Bahrain, and will be operating soon in the State of Qatar.

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