Moody’s Investor Services (Moody’s) affirmed ICIEC’s (http://ICIEC.IsDB.org) Aa3 Insurance Financial Strength Rating (IFSR) with a stable outlook for the 15th consecutive year. The affirmation of the rating reflects the strong fundamentals- ICIEC’s financial position, risk governance and continued support from its parent – the Islamic Development Bank (IsDB) and multiple sovereign members of the Organization of the Islamic Cooperation (OIC).
Moody’s highlighted the continuation of strengthening of the standalone credit quality of ICIEC over the recent past years with improved profitability, strong core market positions, diversified operation, very liquid invested portfolio and adequate capital level.
Despite the challenges from the global pandemic, ICIEC’s profitability remained resilient in 2021, with a combined ratio of 43.7% and net income of Islamic Dinar 6.5 million in 2021, benefitting from enhanced business-coverage, reduced risk and business/client concentrations, as well as from efficiency gains.
Moody’s has assigned, for the first time, ICIEC’s ESG Credit Impact Score as neutral-to-low (CIS-2) reflecting a limited impact from environmental and social factors on the rating. The Corporation’s strong governance and predominant focus on trade credit insurance with its diversified portfolio help mitigate its exposure to environmental risks.
H.E. Oussama KAISSI, the CEO of ICIEC, congratulated all Member Countries, Honorable ICIEC Board Members and Staff for this consistent success. He reiterated Management’s commitment to upholding strategic priorities to support Member Countries focusing on food security, green financing, ESG involvement, and other measures to aid in the development of Islamic finance in line with IsDB Group initiatives.
While thanking all, the CEO reaffirmed that the Corporation would withstand firmly the increasingly volatile global geopolitical landscape and maintain financial sustainability and solvency.
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).