AM Best Reaffirms Credit Ratings for National General Insurance Company (P.J.S.C.)

AM Best has reaffirmed National General Insurance Company (P.J.S.C.)’s Financial Strength Rating of A- (Excellent) and its Long-Term Issuer Credit Rating of “a-” (Excellent) with a stable outlook.

These ratings reflect NGI’s robust balance sheet strength, assessed by AM Best as very strong, along with its strong operating performance, limited business profile, and effective enterprise risk management.

NGI maintains its strong risk-adjusted capitalisation, supported by consistent internal capital generation, positioning it at the strongest level according to Best’s Capital Adequacy Ratio (BCAR). The company also boasts a resilient liquidity profile. However, its concentration in the UAE and exposure to higher-risk assets like local equities and real estate are noted as offsetting factors.

In terms of operational performance, NGI achieved a notable return on equity of 14.4% in 2023, up from 9.1% in 2022, driven by robust underwriting results across its non-life and life portfolios. These segments have consistently delivered profits over the past five years, complemented by positive investment returns. Despite competitive market conditions, including in medical and motor insurance, NGI reported a net profit of AED 74.9 million in 2023.

NGI maintains a strong presence in the UAE insurance market as a mid-tier player, reporting substantial revenue growth to AED 745.8 million in 2023 from AED 621.4 million in 2022. The company’s revenue is predominantly derived from medical insurance, underscoring its focused growth strategy aimed at sustaining profitability and a balanced underwriting portfolio in the short-to-medium term.

For comprehensive details on these Credit Ratings and related disclosures, please refer to AM Best’s Recent Rating Activity web page. More information on the use and limitations of Credit Rating opinions can be found in the Guide to Best’s Credit Ratings. For guidelines on the proper utilization of Best’s Credit Ratings and related assessments, visit the Guide to Proper Use of Best’s Ratings & Assessments.

AM Best, headquartered in the United States with a global presence, is a leading credit rating agency, news publisher, and data analytics provider specializing in the insurance industry. Operating across over 100 countries, it maintains regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore, and Mexico City. For further insights, visit

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