S&P BOLSTERS ASCANA’S RATING TO ‘A’ AFTER SUKOON’S GUARANTEE
Posted on October 27, 2023
Sukoon Insurance (previously Oman Insurance Company) has provided an unconditional guarantee in respect to the payment obligations of its 93% owned Takaful subsidiary, Arabian Scandinavian Insurance Company (ASCANA). As a result, S&P, one of the world’s top financial rating agencies, has assigned ‘A’ long-term insurer financial strength rating (Outlook Stable) to the UAE-based Takaful insurer, similar to that of its parent company Sukoon.
A statement from S&P read, “The stable outlook on ASCANA reflects that on Sukoon Insurance. We expect our rating on ASCANA to move in tandem with Sukoon Insurance so long as the guarantee remains in-force. The stable outlook on Sukoon indicates that we expect it to maintain its profitable operating performance, market share, and capital adequacy over the next two years.”
Ahmed Abushanab, CEO of ASCANA commented on the occasion, “We are absolutely delighted to receive the coveted ‘A’ Rating by S&P, symbolizing the financial prowess of our parent company, and our steadfast commitment to customer excellence. The rating underscores our unwavering dedication to delivering exemplary Takaful services, backed by the invaluable insurance expertise of Sukoon. Together, our aim is to not only set the gold standard in conventional insurance but also pave the way for a new era in Islamic insurance services. We extend our deepest gratitude to our valued customers and partners for their trust and support, as we embark on this journey of unparalleled success and distinction.”