Moody’s upholds ICIEC’s Aa3 insurance strength rating, outlook remains stable

ICIEC Holds the Fort – Moody’s Lets It Stay Strong!

Moody’s Investor Services has once again said “You’re good to go!” to ICIEC’s Aa3 Insurance Financial Strength Rating, keeping the outlook firmly stable for a staggering 16 years in a row. Long time, no see?

What’s the Secret Sauce?

Solid Foundations – ICIEC’s books look strong, its risk playbook is tight, and its parent, the Islamic Development Bank (IsDB), plus a roster of OIC sovereign members, are backing it up.
Improvement on the Track – The company has been steadily tightening its standalone credit edge: better profitability, a robust core market stance, operations that aren’t just one‑dime, a highly liquid investment mix, and enough capital to keep the ship sailing.
Good Numbers in 2022 – With a combined ratio of 37.3% and a net income of 8.2 million Islamic dinars, ICIEC didn’t just survive the year – it thrived. How? By expanding its coverage, trimming risk and client concentration, boosting efficiency, and raking in substantial investment income.

So, What Does This Mean?

In plain English: ICIEC is on the right track, its financial muscles are pumping, and its support system (IsDB & the OIC republics) is solid as a rock. Moody’s stamp of approval for the 16th year is a big nod of confidence, telling investors, “Relax, this ship can weather any storm.”

And that’s the headline story, wrapped up with a splash of humor and an upbeat vibe.

ICIEC Receives Neutral‑to‑Low ESG Credit Impact Score

Moody’s has again placed ICIEC’s ESG Credit Impact Score (CIS‑2) in the neutral‑to‑low range. The rating implies that environmental and social factors are having only a modest influence on the company’s credit assessment.

It’s basically saying: