BAKU, Azerbaijan, Oct. 22
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19 October 2020: Moody's Investor Services (Moody’s) affirmed ICIEC’s Aa3 Insurance Financial Strength Rating (IFSR) rating for the 13th consecutive year with stable outlook. The rating reflects ICIEC’s position as the only Shariah compliant multilateral export credit and investment insurer in the world and affirms the strong level of support and synergies the Corporation benefits from IsDB Group and its member countries.
The report highlights the significant growth in business during H1-2020 with gross premiums increasing by 21% over H1-2019. Moody’s’ also acknowledged ICIEC’s low accumulation of claims, despite the negative impacts from the coronavirus pandemic, was a strength when comparing to other global credit insurers that experienced notable weakening in claims performance.
Driven by growth in business volumes, lower claims and improvements in expense management, the Combined Ratio improved to 39.9% in 2019 (from 122.2% in 2018). This contributed to the Corporation’s net income increasing by 187% to reach ID 6.6 million in 2019 (from ID 2.3 million in 2018). ICIEC also continues to maintain a conservative investment strategy, with its high-risk asset ratio reducing further to 8.6% in 2019 (from 12.9% in 2018).
ICIEC's strong credit rating reflects its stand-alone fundamentals as well strong ability and potentially high willingness of ICIEC's main shareholders, in particular the Islamic Development Bank (AAA stable), Saudi Arabia, (Aa3 Stable) and other GCC countries, to support the company in times of financial distress.
H.E. Oussama KAISSI, the CEO of ICIEC, congratulated all member countries, Honorable ICIEC Board Members and Staff for this important achievement. He renewed the Management’s commitment to exert maximum efforts to realize ICIEC’s Ten Year Strategy and support achievement of IsDB Group President’s Five-Year Plan (P5P) to enhance efficiency, effectiveness and resource mobilization of the Group’s activities.
About ICIEC
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 to strengthen the economic relations between member countries of the OIC. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world through the provision of Shariah compliant risk mitigation tools and financial solutions.
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