2023 KEY RESULTS

For the 16th consecutive year, Moody’s has affirmed ICIEC’s ‘Aa3’ Insurance Financial Strength Rating (IFSR) with a ‘Stable’ outlook. The affirmation of the rating reflects ICIEC’s stand-alone credit quality supported by strong asset quality with a highly liquid invested assets portfolio and high-risk assets representing only 15.5 % of consolidated (shareholders’ and policyholders’) equity at YE 2022. Furthermore, despite recent growth in business, the Corporation maintained strong levels of capital adequacy with Net Total Exposure to Shareholders’ Equity of 6.0 times which will be buttressed in future years with the 3rd General Capital Increase of ID 600 million.