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A.M. Best Affirms Ratings of The Bahrain National Insurance Company BSC (c)

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© Business Wire 2013
2013-12-11 21:20:04 -

A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of B++ (Good) and issuer credit rating of “bbb+” of The Bahrain National Insurance Company BSC (c) (bni) (Bahrain). The outlook for both ratings remains stable.

The ratings reflect bni’s robust operating performance, strong level of risk-adjusted capitalisation and leading domestic franchise.

In 2012, bni maintained a robust level of technical profitability with a reported loss ratio of 60.0% (2011: 52.9%). Based on 2013 interim results, the company is likely to report a higher loss ratio at year end, reflecting increased claims activity on its motor book of business.

Nevertheless, bni is on course to report a good technical profit for the full year 2013. Despite the company’s high

dividend payout ratio, risk-adjusted capitalisation is expected to remain strong.

The above factors are partially offset by limited growth potential for bni in the Bahraini market, given increasing competition from both traditional and takaful companies. In order to increase its domestic and regional presence, the company is currently considering several acquisition targets.

Positive rating actions could occur if bni is able to successfully execute its expansion plans whilst maintaining good operating performance and strong risk-adjusted capitalisation.

Negative rating actions could occur due to a deterioration in underwriting performance or a material fall in risk-adjusted capitalisation. Additionally, a deterioration in the company’s business profile could place downwards pressure on the ratings.

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M.

Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at : .. .

In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M.

Best Europe - Rating Services Limited Supplementary Disclosure : .. .

A.M. Best Europe – Rating Services Limited is a subsidiary of A.M.

Best Company. A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit : .. .

Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

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A.M. Best CompanyGrace Panti-Amoa, +(44) 20 7397 0320Financial
Analyst : orMahesh
Mistry, +(44) 20 7397 0325Director : orRachelle

Morrow, +(1) 908-439-2200, ext. 5378Senior Manager, Public
Relations : orJim

Peavy, +(1) 908-439-2200, ext. 5644Assistant Vice
President, Public Relations :

Hossam Abdel-Kader
Phone: +43 1 9582319

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