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Moody's revises outlook on Al Madina Insurance

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Moody's revises outlook on Al Madina Insurance

Moody's on May 10 revised the outlook on to stablefrom positive. The rating agency also affirmed the company's Ba1 insurancefinancial strength rating.

The affirmation reflects Al Madina's good insurance marketshare in Oman and good product diversification. The outlook revision reflectsthe company's weakening profitability in 2015, driven by underwriting losses, investmentincome volatility and to some extent weaker capitalization.

In addition, the economic environment in Oman has becomemore challenging, as reflected by Moody's downgrade of Oman's long-term issuer rating, which wassimultaneously placed on review for further downgrade.