JEDDAH, OCTOBER 02, 2019

Moody’s has affirmed ICIEC’s Insurance Financial Strength Rating (IFSR) rating of Aa3 with stable outlook for the 12th consecutive year on October 1st , 2019. The ratings reflect ICIEC’s improved profitability and underwriting performance, as the five-year combined ratio improved to 123% from 131% in 2017. Moody’s observed the growth ICIEC has shown in 2018, with gross premiums increasing over 200% to ID 51.7 million and the combined ratio for 2018 also being the lowest ICIEC has achieved over the past 5 years. ICIEC was also proactive in maintaining a good investment strategy, with a high-risk-asset ratio reducing to 12.9% from 14.2% in 2017.

Moody’s noted that ICIEC is the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compliant insurance and reinsurance products, and has enhanced knowledge from operating in OIC member countries. Moody’s also noted that as a member of the IsDB Group, ICIEC benefits from various managerial synergies and support.

ICIEC’s rating also reflected both the strengthening stand-alone fundamentals of the Corporation as well the strong ability and potentially high willingness of ICIEC’s main ultimate shareholders, and in particular the Islamic Development Bank (AAA stable), Saudi Arabia, (A1 Stable), to support the Corporation in times of financial distress.