The profitability of Jeddah-headquartered Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) remained resilient in 2022, with a combined ratio of 37.3% and net income of 8.2m in Islamic dinars ($12.7m), benefitting from enhanced business coverage, reduced risk and business/client concentrations, efficiency gains and substantial investment income, notes Moody's Investor Services (Moody's).