A.M. Best Withdraws Credit Ratings of Muscat Insurance Company SAOC and Muscat Life Assurance Company SAOC. Both companies are subsidiaries of Muscat National Holding Company SAOG (MNHC), a non-operating holding company. All companies are domiciled in Oman. The outlook of these Credit Ratings (ratings) remains stable. Concurrently, A.M. Best has withdrawn the ratings, as the companies have requested to no longer participate in A.M. Best’s interactive rating process.
MIC’s strong risk-adjusted capitalisation is sustained by the company’s low underwriting leverage and conservative investment portfolio. MIC has continued to build on its track record of good operating performance, reporting pre-tax operating profits of OMR 1.1 million in 2016 (2015: OMR 0.9 million). Whilst the company has experienced a 10% increase in its gross premiums in 2016, MIC’s business profile remains limited within Oman’s highly competitive non-life insurance market.
MLAC’s risk-adjusted capitalisation further strengthened during 2016 as a result of a reduction in real estate holdings. MLAC has continued to demonstrate good operating performance, with pre-tax profits of OMR 481,000 in 2016 (2015: OMR 365,000). Despite recent growth in the company’s premium revenue, MLAC’s overall size and scale remains marginal.
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