EIC gross premiums at Dh650m

Emirates Insurance Co. (EIC) is expected to record Dh650 million ($180 million) in gross premiums this year, Standard & Poor's Ratings Services said on Tuesday.

The insurance company, according to the rating agency, will source premiums predominantly from one geographical market.

S&P affirmed EIC’s 'BBB+' long-term counterparty credit and insurer financial strength ratings. The ratings were then withdrawn at the company's request. At the time of the withdrawal, the outlook was stable.

“At the time of the withdrawal, the ratings on EIC reflected our view of its strong earnings and strong capitalisation, as well as its liquidity, which in our view remains strong relative to likely needs. The ratings remained constrained by the marginal quality of the investment portfolio and the company's modest operational scale,” the ratings agency said in a statement.