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National General Insurance Co (NGI) has been rated "BBB" - Stable Outlook by Standard & Poors based on their interactive rating norms. NGI among the first insurance companies in the UAE to have been credited with interactive rating by S&P.
The Company has grown steadily in terms of Equity, Assets, Investments and Premium written over the years. The company expects to maintain the growth in the coming years. The rating reflects NGI's strong capitalization supported by very strong risk-based capital adequacy with excellent quality of capital, prudent reserving, close working relationship with key shareholders with strong earnings consistently.
Mr. Khalid Bin Kalban, Chairman, NGI said, "we are pleased to have the "BBB" Stable Outlook rating which will provide NGI a leading edge and give greater confidence to the buyers of insurance and insurance intermediaries in purchasing insurance products from NGI". He added, "we are confident that the Company will attract and benefit from the tremendous growth of UAE economy and will work towards further improving the rating."
"NGI backed by Emirates Bank, Commercial Bank of Dubai, Zarouni Group, Dubai Investments and other prominent shareholders, has achieved continuous growth in premium income and profitability during the last five years", Dr. Abdul Zahra A. Ali, General Manager, said. He highlighted, "NGI is engaged in transacting all classes of insurance including Marine, Non-marine, Medical and Life (individual and groups) . He further added, "the company is committed to delivering insurance services that meet the demands of an evolving market. We are always in the process of constant innovation, developing existing products to match the changing requirements of customers and introducing new products to meet emerging market requirement."
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