Page 315 - MOE ENGLISH PR REPORT - FEBRUARY 2024

3/4/24, 4:33 PM PRESSR: Fitch reaffirms ECI’s ratings at 'AA-' with a stable outlook for the sixth consecutive year — TradingView News
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

international trade, secure competitive credit terms, and leverage

strategic partnerships worldwide.

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