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FOR IMMEDIATE RELEASE
LONDON - JANUARY 22, 2025 10:28 AM (EST)
AM Best has placed under review with negative implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” (Fair) of Life Insurance Corporation (International) B.S.C. (c) (LICI) (Bahrain).
The under review with negative implications status reflects the uncertainty regarding LICI’s financial position considering the lack of financial information prepared under IFRS 17 in 2024. The Credit Ratings are expected to remain under review until AM Best has received LICI’s audited year-end 2024 financial statements under IFRS 17 and has subsequently assessed the company’s credit rating fundamentals in light of this information.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.