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FOR IMMEDIATE RELEASE
LONDON - FEBRUARY 12, 2026 12:22 PM (EST)
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Liva Insurance B.S.C. (c) (Liva Bahrain) (Bahrain) and Liva Insurance SAOC (Liva Oman) (Oman). The outlook of these Credit Ratings (ratings) is negative. These companies are key operating subsidiaries of Liva Group SAOG, collectively referred to as Liva Group.
Liva Bahrain and Liva Oman are important to Liva Group strategically, benefiting from implicit and explicit support. The two subsidiaries provide Liva Group with access to insurance business across the Gulf Cooperation Council (GCC) countries.
The ratings of Liva Bahrain and Liva Oman reflect Liva Group’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The negative outlooks reflect concerns over Liva Group’s underwriting performance, which has been below AM Best’s expectations in recent years. Liva Group has a historical record of strong operating performance; however, earnings have reduced with underwriting losses reported between 2022 and 2024, as calculated by AM Best. In 2024, Liva Group experienced elevated losses arising from GCC floods. The group continues to execute remedial actions as demonstrated by improved underwriting performance over the past six quarters. LIVA group expects for year-end 2025 to produce a sub-100% combined ratio under IFRS 17 and a return on equity above 10%.
Liva Group’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by a track record of good internal capital generation. AM Best expects prospective risk-adjusted capitalisation to remain at the strongest level. The balance sheet strength assessment also factors in the group’s financial leverage, which has been reducing year on year, and conservative investment allocation.
Liva Group has a well-diversified profile by product and geography. The business profile assessment factors in the group’s leading market position in Oman and its growing presence in the UAE, Saudi Arabia, Bahrain and Kuwait.
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 (BCR), Best’s Performance Assessments (PA), Best’s Preliminary Credit Assessments (PCA) 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 specializing 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.