A.M. Best Co. has assigned a financial strength rating of B+ (Very Good) and an issuer credit rating (ICR) of “bbb-” to National Life Insurance Company SAOG (NLIC) (Oman). The outlook for both ratings is stable.
The ratings reflect NLIC’s established share of its domestic market and strong risk-adjusted capitalisation.
A.M. Best expects NLIC to maintain its very good business position in Oman as the leading life insurer. NLIC provides group life creditor busines, life assurance, investment and medical protection products.
A.M. Best believes NLIC’s risk-adjusted capitalisation is strong relative to its size and that capital and surplus will likely be sufficient to absorb an anticipated 50% increase in net written premium in 2005, mainly from large group medical protection business. The absolute amount of capital and surplus is small, however, when compared to other life companies.
A.M. Best Co., established in 1899, is the world’s oldest and most authoritative insurance rating and information source.