Standard & Poor's has assigned its 'BBB+' long-term counterparty credit and insurer financial strength ratings to Bahrain-based insurer Bahrain National Insurance Co. BSC (BNI). The outlook is stable.
"The ratings reflect BNI's strong capitalization and strong operating performance, supported by a well-diversified investment portfolio," said Standard & Poor's credit analyst Jelena Bjelanovic. "These factors are partially offset by the company's competitive position, which is concentrated on the small Bahraini market."
The stable outlook reflects Standard & Poor's expectation that BNI will maintain its capitalisation at a strong level. BNI is also expected to maintain strong operating performance, albeit not at the current level. Standard & Poor's expects BNI to maintain its market position without materially compromising on profitability, and undertaking new initiatives without significantly increasing the risk profile of the company.
