Oman Reinsurance's financial performance and earnings are good, says Fitch Ratings.
The management of Orient Insurance, the largest and most profitable listed insurer in the UAE, took strategic steps over the past 12 months to improve the average asset quality of its investment portfolio by shifting a significant amount of fixed deposits from lower-rated or unrated banks to higher-rated banks, S&P Global Ratings (S&P) has pointed out. As of first-quarter 2023, about 86% of investments were in investment-grade entities compared with only 19% at year-end 2021.
The earnings of Malaysia's local insurance and takaful sector are expected to stage some recovery this year amid volatility in the global financial markets, according to RAM Rating Services (RAM Ratings).
One of the UAE's biggest insurer, Sukoon (formerly called Oman Insurance Company) has a track record of strong operating performance, notes AM Best.
GIC Re's financial results are summarised below:
The prospective operating results of Qatar General Insurance & Reinsurance Company (QGIRC) are expected to be supported by the company's increased focus on selective underwriting, along with steady commission income, says AM Best.
With several banks cutting interest rates on customer deposits since mid-May, wealth management and insurance products have become the focus of attention.
Taiwan Life Insurance, among the top 10 life insurers in Taiwan, is expected to turn profitable after the insurer posted a return on equity (ROE) of -3% in 2022, against a three-year average of 8%, notes Fitch Ratings.
The profits of insurers listed on the Kuwait Stock Exchange increased by 24.5% for the first quarter of 2023 to KWD21.52m ($70m) compared to the corresponding quarter in 2022.
The Moroccan insurance sector's growth momentum, which started in 2021, continued in the first quarter of 2023.