Page 303 - MOE ENGLISH PR REPORT - FEBRUARY 2024

3/4/24, 4:32 PM Fitch reaffirms ECI’s ratings at 'AA-' with a stable outlook for the sixth consecutive year
Systemic Significance: Founded in 2018, ECI has been vital in protecting UAE
businesses against commercial and political risks, reducing the costs of trade finance, and

facilitating access to trade finance solutions and international markets.

Export Insurance Provider: ECI's strategic initiatives have significantly contributed to
the promotion of UAE non-oil exports, evidencing a robust portfolio growth with a gross

exposure of AED9.5 billion as of the end of 2023 and covering 1.9% out of AED 366 billion

in 2022.

Robust Financial Health: Reflecting its very strong capitalization and prudent investment

strategies, ECI has maintained a strong capital base and a highly liquid investment
portfolio, coupled with a dynamic and well-diversified reinsurance program.

Government Support: The agency's strong foundation is further reinforced by substantial

backing from the UAE federal government and the governments of five of the seven
emirates, ensuring unwavering support for its mission.

Capital Structure: Supporting the AA- rating by Fitch, ECI has a strong capitalization with

AED 250 million in paid-in capital, an extra AED 750 million contributed by its shareholders
for growth objectives, and it doesn't have any debt.

Prudent Investments: ECI's investments, characterized by high liquidity and prudent

allocation to short-term fixed deposits in UAE-based banks of high credit quality.

Strong Reinsurance Program: Fitch regards ECI's reinsurance panel as robust and

varied, consisting of companies rated 'A' and above.

Prudent Underwriting: Fitch regards ECI's underwriting and risk management as
prudent and disciplined, with commercial decision-making and conservative reserving.

ECI's role in UAE's economic vision:

Etihad Credit Insurance remains committed to the UAE's ambitious agenda to diversify its

economy and boost its stature on the global trade map. Through its innovative suite of
services, ECI is dedicated to empowering UAE businesses to navigate the complexities of

https://www.zawya.com/en/press-release/companies-news/fitch-reaffirms-ecis-ratings-at-aa-with-a-stable-outlook-for-the-sixth-consecutive-year-kd29x… 3/4