á`` `«eÓ`` ` `°SE’G ádÉ`` ` `cƒ`dG á``«`é¡æe
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ISLAMIC INTERNATIONAL RATING
AGENCY’S INSURER’S FINANCIAL
STRENGTH RATING METHODOLOGY
á````«`eÓ`°SE’G á`````dÉcƒ`dG á`````«`é¡æe
∞«æ°üà`∏d á````«`dhó`dG
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ISLAMIC INTERNATIONAL RATING
AGENCY’S INSURER’S FINANCIAL
STRENGTH RATING METHODOLOGY
ÚeCÉàdG ácô°ûd á«dÉŸG Iƒ≤dG ¿CÉ°ûH á«LQÉN á¡L øe ¥ƒKƒe …CGQ Ëó≤J ƒg ÚeCÉàdG ácô°ûd ∞«æ°üàdG øe ¢Vô¨dG ¿EG
‘ ÚeCÉàdG ¥ƒ°S áeóîH ∞«æ°üà∏d á«dhódG á«eÓ°SE’G ádÉcƒdG Ωõà∏J .ájóbÉ©àdG ¬JÉeGõàdÉH AÉaƒdG ≈∏Y øeDƒŸG IQóbh
É¡«∏Y OɪàY’ÉH Iôjó÷G äÉØ«æ°üàdGh äÉeƒ∏©ª∏d Qó°üªc ÉgQhóH ΩÉ«≤dG ¤EG ádÉcƒdG ±ó¡J .áaó¡à°ùŸG ¥Gƒ°SC’G
Ú°ù–h ÚeCÉàdG äÉcô°T IQGOEG ø°ùM ™«é°ûJ ‘ …ƒ«M ÉgQhO ¿CG ádÉcƒdG ó≤à©J .É«dÉe …ƒb ÚeCÉJ ´É£b ƒ‰ ™«é°ûàd
.ΩÉY ¬LƒH ‹ÉŸG ΩɶædGh á°UÉN áØ°üH ¢üdGƒÑdG »∏eÉMh ÚeCÉàdG äÉcô°T ídÉ°üd ´É£≤dG Iƒb
äÉeƒ∏©ŸG QOÉ°üe
äÉfÉ«ÑdG ƒg ÚeCÉàdG äÉÄ«¡d á«dÉŸG Iƒ≤dG äÉØ«æ°üJ ¤EG π°UƒàdG πLCG øe ádÉcƒ∏d »°ù«FôdG äÉeƒ∏©ŸG Qó°üe ¿EG
ájõcôŸG ∑ƒæÑdG øe Qƒ¡ªé∏d IôaƒàŸG ≥FÉKƒdG ¤EG áaÉ°VE’ÉH (äôaƒJ ¿EG) á≤bóŸG ájƒæ°ùdG ™HQh ájƒæ°ùdG á«dÉŸG
ájô°ùdG äGóæà°ùŸG ƒg äÉeƒ∏©ª∏d »°ù«FôdG Qó°üŸG ¿CG ɪc .iôNC’G á«eƒµ◊G äÉ¡÷Gh á«dÉŸG ¥GQhC’G ¥Gƒ°SCG h
øe IQOÉ°üdG ∞«æ°üàdG äÉfÉ«Ñà°SG ≈∏Y äÉHÉLE’Gh ájƒæ°ùdG ∫ɪYC’G èeGôHh §£N πãe ácô°ûdG IQGOEG øe áeó≤ŸG
≥bóJ ’ ádÉcƒdG ¿EÉa ábƒKƒe IQƒcòŸG QOÉ°üŸG øe É¡«∏Y ∫ƒ°ü◊G ºàj »àdG äÉeƒ∏©ŸG ¿CÉH ó≤à©j ɪæ«H .ádÉcƒdG
.É¡àbO øe ≥≤ëàdG øµÁ ’ Gò¡dh ácô°û∏d á«dÉŸG äÉfÉ«ÑdG hCG äÓé°ùdG
Sources of Information
IIRA’s primary source of information for Insurer Financial Strength ratings is the insurance
company’s audited annual and quarterly (if available) financial statements. Our review of a
company’s financial statements is supplemented by publicly available documents from central
banks, stock exchanges and other government agencies. The prime source of information is
the confidential documents provided by the management of the company, such as annual
business plans and responses to IIRA’s Rating Questionnaires. While the information obtained
from sources is believed to be reliable, IIRA does not audit the company’s financial records or
statements and, therefore, cannot attest their accuracy.
ÚeCÉàdG ácô°ûd á«dÉŸG Iƒ≤dG ∞«æ°üJ
AÉaƒdG ≈∏Y É¡JQóbh ÚeCÉàdG ácô°ûd á«dÉŸG Iƒ≤∏d º««≤J ƒg ÚeCÉàdG ácô°ûd á«dÉŸG Iƒ≤∏d ádÉcƒdG ∞«æ°üJ ¿EG
Iƒ≤dG áfÉàe ióe á«dÉŸG Iƒ≤dG ∞«æ°üJ Qó≤j ɪc .É¡©e øjôNB’G øjóbÉ©àŸGh ¢üdGƒÑdG »∏eÉM √ÉŒ É¡JÉeGõàdÉH
º««≤àdG óªà©j ’hCG .á«YƒædGh ᫪µdG πeGƒ©dG øe áYƒªéŸ ™°†îj ádÉcƒdG ∞«æ°üJ ¿EÉa ‹ÉàdÉH .πÑ≤à°ùŸG ‘ á«dÉŸG
≈∏Y »ªµdG º««≤àdG óªà©j É«fÉK .É¡«a ∫ɪYC’G ´É°VhCGh ÚeCÉàdG ácô°ûd áÑ°ùædÉH ádhódG ôWÉ π«∏– ≈∏Y »YƒædG
AGOC’G ≈∏Y á«dÉŸG äGQÉÑàN’G øe áYƒª› ΩGóîà°SÉH »∏«¨°ûàdG É¡FGOCGh ácô°û∏d á«eƒª©dG á«fGõ«ŸG Iƒ≤d º««≤J
.ôjQÉ≤àdG ¬ë°VƒJ ɪc ácô°û∏d ‹ÉŸG
Insurer’s Financial Strength (IFS) Rating
IIRA’s IFS rating is an assessment of the insurance company’s financial strength, and its
capacity to meet obligations to policyholders and other contract holders. The IFS rating also
judges the persistence of financial strength in the future. As a result, our ratings are governed
by a set of quantitative and qualitative factors. Firstly, the qualitative assessment is based
on an analysis of the insurance company’s country risk and business profile. Secondly, the
quantitative assessment is based on an evaluation of the company’s balance sheet strength and
operating performance using an array of financial tests on the company’s reported financial
performance.
á```«`Yƒ`ædG ∞«æ`°üàdG π````eGƒ`Y
Qualitative Rating Factors
ádhódG ôWÉ
á«°SÉ«°ùdGh ájQGOE’G áHÉbôdG .CG
IAÉصdG h á«aÉØ°ûdG ióe Oó– »àdG »g Ée ádhód á«°SÉ«°ùdG áÄ«ÑdGh äÉcô°ûdG º¶æJ »àdG IóFÉ°ùdG ´É°VhC’G ¿EG
√òg óLƒJ ɪc .ÉgQÉWEG ‘ ÚeCÉàdG äÉcô°T πª©J »àdG ÒjÉ©ŸG ™°†J Gò¡dh á«dÉŸG É¡bGƒ°SCG •ÉÑ°†fGh áfhôŸG h
‘ øjôªãà°ùª∏dh äÉcô°û∏d áÑ°ùædÉH á«dƒÄ°ùŸGh ádGó©dG h ¿hÉ©àdG h á≤ãdG iƒà°ùe ¿CÉ°ûH äÉ©bƒàdG ô°UÉæ©dG
.ádhódG
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The objective of an insurance company rating is to provide a reliable third party opinion
regarding an insurer’s financial strength and the insurer’s ability to meet contractual obligations.
Islamic International Rating Agency “IIRA” is dedicated to serve the insurance marketplace
in its targeted markets. IIRA aims to play its role as a source of reliable information and ratings
to encourage the growth of a financially strong insurance industry. IIRA believes IIRA’s role
is vital in encouraging the prudent management of insurance companies and improving the
industry’s strength for the benefit of insurers and policyholders in particular and that of the
financial system in general.
∞«æ°üà∏d á`«dhódG á`«eÓ`°SE’G á`dÉcƒdG
Country Risk
A. Corporate and Political Governance
The corporate and political environment of a country determines the transparency,
efficiency, flexibility and discipline of its financial markets and therefore sets parameters
within which insurers operate. These elements also create expectations about the level of
trust, cooperation, fairness and accountability for companies and investors in a country.
Islamic International Rating Agency
1
IIRA assesses factors such as government ownership of strategic companies, the
government’s economic policy mix, the country’s legal system and international relations.
Financial transparency is an important element and includes assessments of government
regulations and the availability and reliability of data.
áeƒµë∏d ájOÉ°üàb’G äÉ°SÉ«°ùdG áYƒª› h á«é«JGΰSE’G äÉcô°û∏d ádhódG ᫵∏e πãe πeGƒ©dG ádÉcƒdG º«≤J
äɪ««≤J πª°ûJh ÉeÉg Gô°üæY á«dÉŸG á«aÉØ°ûdG ó©J ɪc .É¡d á«dhódG äÉbÓ©dGh ádhódG ‘ ʃfÉ≤dG ΩɶædG h
.äÉfÉ«ÑdG á«bƒKƒeh ôaGƒJ ióeh á«eƒµ◊G ᪶fCÓd
The political environment is assessed based on the ease of transition from one government
to another, the transparency of governing, political stability, geographic location, and
strategic diplomatic relationships.
QGô≤à°S’G h ºµ◊G á«aÉØ°T h iôNC’ áeƒµM øe ∫ƒëàdG ádƒ¡°S ¢SÉ°SCG ≈∏Y á«°SÉ«°ùdG áÄ«ÑdG º««≤J ºàj
.á«é«JGΰSE’G á«°SÉeƒ∏HódG äÉbÓ©dGh ‘Gô¨÷G ™bƒŸG h »°SÉ«°ùdG
IIRA also examines several social factors, including the relationship of the public with
the government, religious and ethnic attitudes, education levels and the standard of
living since these factors affect the marketability of insurance products and the long-term
position of the industry. The government’s relationship with the insurance industry is also
assessed, through factors such as the government’s support for the insurance industry and
the direct government administration of corporations.
B. Economic Environment
The economic risk assessment is based on objective measures such as GDP per capita, stock
market performance, the growth of money, the rate of credit growth, the trade balance
and the foreign debt. These factors, among others, create the conditions within which
the insurance company operates, influence insurance products as well as the financial
needs of customers. They also indicate a country’s financial stability and creditworthiness,
and the ability of domestic companies to borrow at reasonable interest rates. Financial
markets also react to these indicators in positive or negative ways that affect an insurer’s
investment performance.
Warning signals for financial volatility include high debt ratios, erratic monetary growth,
widening bond spreads, and volatile currency and stock markets. The degree of integration
with global and regional economies can also influence financial risk. Typically, the more
integrated a country’s economy with those of other countries, the less likely it is to
implement economic policies that adversely affect its external stakeholders.
C. Insurance Environment
IIRA assesses qualitative and quantitative factors that define the insurance industry,
including, but not limited to, accounting standards, the experience and effectiveness
of regulatory bodies, foreign participation in the markets, distribution channels, and
the industry’s overall development. The regulatory environment is a key factor in our
assessment, since the regulatory body’s ability to provide a strong and effective structure
will ensure that insurance companies can operate and that consumers are well served and
protected. Regulators can set the tone for insurers and policyholders. The effectiveness
with which they enforce their statutes provides the foundation upon which insurers can
build and develop their businesses.
In assessing the maturity of the insurance industry, IIRA will look at the number of rated
companies, market penetration, the level of consumer awareness, the breadth of products
available, and the pool of qualified professionals serving the market. The depth of the
market is assessed by measuring premiums as a percentage of GDP and premiums paid
per capita. These percentages are then compared with world averages as well as with the
country’s peer group.
2
Islamic International Rating Agency
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A. Business Plan and Strategy
A clearly defined corporate strategy and business plan are essential for an insurance company.
The success of the company depends on the management’s ability to effectively develop
and implement a business plan while remaining responsive to changing conditions. The
business plan must consist of a clear marketing strategy that is in line with the company’s
corporate strategy. IIRA will assess the competitiveness of the company’s strategy and
whether it is consistent with the organization’s capabilities. Key factors that IIRA reviews
include:
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Business Profile
∞«æ°üà∏d á`«dhódG á`«eÓ`°SE’G á`dÉcƒdG
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Targeted lines of business that are consistent with the expertise and the track record of
the management and, if relevant, the strategic investors or parent company. Such lines
of business include life insurance, property and casualty insurance and reinsurance.
Marketing and distribution strategy.
Product and geographical diversification.
Targeted market segments and the company’s market share and growth.
Unique product offerings available through specialized underwriting capabilities.
Pricing targets that are compatible with expected returns and capital protection and
generation.
Well-defined three-to-five year business plan.
Strategic positioning.
Defined risk management and underwriting policy statements.
Investment strategies, both long term and short term.
Projected financial results, including balance sheet, income statement, cash flows and
capital obligations.
Standard of corporate governance, and corporate code of conduct.
Compatibility and reliability of information technology and operating systems.
B. Management
One of the most difficult, yet critical aspects of the rating process is the assessment of the
management of the entity being rated. IIRA assesses the senior management in terms of its
track record for meeting targets in critical functional areas, such as underwriting and claims
management; investment and risk management, information technology, marketing, sales
and distribution. IIRA also emphasizes the importance of the management’s ability to
create a performance driven culture and an appropriate risk-reward system, as this is a key
determinant to the overall success of the company.
Key factors that IIRA reviews include:
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Experience and track record of the management and accomplishments of key
executives.
Appetite for risk.
Organizational culture and decision making hierarchy.
Consistency of the business plan and investment strategy with that of sponsors/
investors and market realities.
Islamic International Rating Agency
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Alignment of incentive compensation plans, employment contracts and management
investments with the attainment of the company’s long term financial and strategic
goals, shareholder value and policyholder security.
Ability of management to attract key personnel, establish sound business practices,
and develop formal monitoring processes as well as the appropriate infrastructure and
operating controls to support its operations.
Succession plans for key positions in the company.
C. Operational Controls
Operational controls are an important indication of management’s ability and commitment
to the quality and longevity of the company. Key factors that IIRA reviews include:
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Whether statements on investment, underwriting and accounting policy are clearly
defined, and whether those statements are consistent with the company’s business
plan, its capitalization and management’s appetite for risk.
Audit and control systems.
The company’s valuation methodology for establishing reserves.
Its monitoring of catastrophic exposures and the modeling techniques used.
The control to monitor the new company’s distribution relationships, due diligence,
productivity, revenue tracking and expense control.
Procedure manual for all departments.
Market shifting guidelines (from Hard to Soft market and vice versa).
D. Reinsurance Program
Adopting an appropriate reinsurance program is an integral part of managing risks in an
insurance company. Consequently, IIRA assesses the financial capability and credit quality
of the companies on the reinsurer’s panel. Any evidence of concentration risk within
the panel will also be scrutinized since a significant dependency on any one reinsurance
company may become problematic if that insurance company becomes insolvent. IIRA
assesses the amount and reinsurance terms to evaluate their appropriateness for the risk
exposure of the insurance company.
As with everything else, the reinsurance industry is constantly changing. Hence,
the insurance company must periodically review its treaty terms with the reinsurance
companies and the list of companies on its reinsurer’s panel.
An important indicator of the company’s relationship with the reinsurer and the reinsurer’s
performance is the aging of reinsurance receivables, since excessively aging receivables
might be a sign of possible collection disputes.
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Islamic International Rating Agency
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Quantitative Rating Factors
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Balance Sheet Strength
A. Capitalization.
IIRA reviews the initial and prospective capitalization and leverage to ensure that the
capital in place is in line with the capital requirements of the regulatory authorities and
is adequate to support claims paying ability in line with the rating. This is followed by a
rigorous analysis to assess the capital that is necessary to support the company’s operations
and that is appropriate for the business plan. The degree of additional capital needed
will reflect the company’s risk profile (investment and line-of-business risk). Key factors
reviewed include:
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Capital structure – equity and debt financing
Use of credit facilities and other forms of contingent capital financing
Regulatory requirements
Investor expectations including earnings and dividends
Capital generation anticipated from core activities
Expected reserving levels (conservative or aggressive)
Investment strategy for reserves and capital. The investment strategy should be
consistent with the mix of business, financial plans, liquidity requirements and
capitalization.
Reputation and experience of investment managers
Expertise and processes for managing assets, liabilities and other forms of business
risk
IIRA adopts the following key financial tests in assessing the capital of an insurance
company:
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Net Leverage: This ratio indicates a company’s net-operating leverage on premium
written, as well as insurance reserves compared to capital.
Net Premiums written to Capital and Surplus: This ratio indicates a company’s leverage
associated with the level of premiums compared to the total capital and surplus. The
higher the ratio the more leveraged the company.
Debt to Total Capital: This ratio measures the use of financial leverage within the
total capital structure.
Retention Ratio: This ratio measures the percentage of gross premiums retained after
premiums are ceded to purchase reinsurance protections.
Reinsurance Recoverables to Capital and Surplus: This ratio covers a company’s
exposure to credit losses on ceded reinsurance recoverables.
B. Liquidity
Liquidity risk is generally defined as the risk of not being able to raise funds to meet due
commitments. Insurance companies face an additional burden of uncertainty of the time
and size of their liabilities. Consequently, IIRA assesses the insurer’s ability to generate
sufficient cashflow from operating/insurance activities to meet its liabilities. IIRA also
Islamic International Rating Agency
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analyzes the company’s investment portfolio in case the company needs to sell investments
in order to meet its requirement for cash. To this end, IIRA evaluates the marketability of
the investments and the basis of its valuation on the company’s balance sheet. The gearing
level of the company is also an important factor to consider in this area, as the company
may need to borrow from banks to meet cash requirements. IIRA uses the following key
financial tests to assess the company’s liquidity:
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Current Liquidity: This ratio measures a company’s ability to pay its existing obligations
from current assets.
Total Liquidity: This ratio measures a company’s ability to pay its existing obligations
from total assets.
Operating Cash Flow to Net Premium Written: Operating cash flow is the main source
of funding for an insurance company. Negative or declining cash flow are often a sign
of fundamental deterioration in the business, while conversely, surprisingly strong
cash flows for weak companies may be a sign of excessive growth.
Premium Receivable Turnover: This ratio is expressed in months and measures
the liquidity level of a company’s total premiums and fees in light of its premium
receivables for a specific period.
Cash and Assets to Claims and Payables: This ratio measures the company’s ability to
settle the sum of accounts payable and claims payable with cash, short-term and longterm investments.
Claims to Net Premiums Earned: This ratio measures the total of claims payable to net
premiums earned.
C. Asset Quality
The quality and diversification of assets contribute to a company’s financial stability.
Invested assets are evaluated to assess the risk of default and the potential impact on the
surplus if these assets were sold unexpectedly. The better the liquidity, diversification and/
or the quality of the assets, the less uncertainty there is in the value to be realized upon
their sale and the less the likelihood of default. Therefore, IIRA reviews the company’s
invested assets to identify any instances of lack of diversification among industries or
geographic regions, in particular any single large investment that exceeds 10% of the
company’s capital. Companies that hold undiversified and/or speculative assets and
have a significant exposure to volatile lines of business that are vulnerable to changes in
underwriting and/or economic conditions can jeopardize policyholders’ surplus.
IIRA adopts the following financial tests to assess the quality of an insurance company’s assets:
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Non-investment Grade Bonds as a percentage of Capital and Surplus: This ratio
measures the capital and surplus’ exposure to bonds below investment grade which
carry above average credit risks.
Unaffiliated Common Stocks as a percentage of Capital and Surplus: This ratio
measures the capital and surplus’ exposure to common stock investment as common
stocks are subject to price volatility and are carried at market values. A high level of
common stocks adds an element of volatility to reported capital and surplus levels.
Investments in Affiliates as a percentage of Capital and Surplus: This ratio measures
the capital and surplus’ exposure to affiliated investments. A high level of investments
in affiliates can reduce liquidity, expose capital and surplus to fluctuations, and
potentially signal a “stacking” of capital within the organization.
Islamic International Rating Agency
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ôWÉ áaô©Ÿ Iôªãà°ùŸG äGOƒLƒŸG º««≤J ºàj .ácô°û∏d ‹ÉŸG QGô≤à°S’G ‘ äGOƒLƒŸG ™jƒæJh IOƒL ºgÉ°ùJ
ádƒ«°ùdG âfÉc ɪ∏c .™bƒàe ÒZ πµ°ûH äGOƒLƒŸG ™«H ” GPEG ¢†FÉØdG ≈∏Y πªàëŸG ÒKCÉàdGh ™aódG øY ∞∏îàdG
É¡©«H øe ≥≤– »àdG ᪫≤dG å«M øe ájDhôdG 샰Vh ΩóY πb ɪ∏c π°†aCG äGOƒLƒŸG IOƒL hCG/h ™jƒæàdGh
ójóëàd ácô°û∏d Iôªãà°ùŸG äGOƒLƒŸG á°SGQóH ádÉcƒdG Ωƒ≤J Gò¡d .™aódG øY ∞∏îà∏d πbCG ∫ɪàMEG OƒLhh
óMGh ÒÑc Qɪãà°SG …CG á°UÉN áØ°üHh á«aGô¨÷G ≥WÉæŸG hCG äÉYÉ£≤dG ÚH ™jƒæàdG OƒLh ΩóY ä’ÉM
áHQÉ°†e ™HÉW äGP hCG/h áYƒæe ÒZ äGOƒLƒe ∂∏“ »àdG äÉcô°ûdG ¿EG .ácô°ûdG ∫ɪ°SCGQ øe %10 RhÉéàj
»æ«eCÉàdG ÜÉààc’G ´É°VhCG ‘ äGÒ«¨àd á°Vô©e ÜòHòàdG øe ÊÉ©J ¿CG øµÁ ᣰûfCG ‘ πª©dG ¤EG á°Vô©ŸGh
.¢üdGƒÑdG »∏eÉëH ¢UÉÿG ¢†FÉØdG ô£î∏d ¢Vô©J ¿CG øµÁ »àdG ájOÉ°üàb’G ±hô¶dG hCG/h
:ÚeCÉàdG ácô°T äGOƒLƒe IOƒL º««≤àd á«dÉàdG á«dÉŸG äGQÉÑàN’G AGôLEÉH ádÉcƒdG Ωƒ≤J
¢SCGQ πeÉ©J ∫ó©ŸG Gòg ¢ù«≤j :¢†FÉØdGh ∫ÉŸG ¢SCGQ øe ájƒÄe áÑ°ùæc ájQɪãà°S’G ÒZ áÄØdG äGóæ°S •
øY ójõJ á«fɪàFEG ôWÉîŸ ¢Vô©àJ »àdGh ájQɪãà°S’G áLQódG øY π≤J »àdG äGóæ°ùdG ‘ ¢†FÉØdGh ∫ÉŸG
.§°SƒàŸG
∫ÉŸG ¢SCGQ πeÉ©J ∫ó©ŸG Gòg ¢ù«≤j :¢†FÉØdGh ∫ÉŸG ¢SCGQ øe ájƒÄe áÑ°ùæc á©HÉJ ÒZ ájOÉY º¡°SCG •
ô¡¶Jh QÉ©°SC’G ÜòHòàd ™°†îJ ájOÉY ɪ¡°SCG ÉgQÉÑàYÉHh ájOÉ©dG º¡°SC’G äGQɪãà°SG ‘ ¢†FÉØdGh
∫ÉŸG ¢SCGQ ä’ó©Ÿ ÜòHòàdG øe Gô°üæY ∞«°†j ájOÉ©dG º¡°SCÓd ™ØJôŸG ∫ó©ŸG ¿EG .á«bƒ°ùdG É¡ª«≤H
.ø∏©ŸG ¢†FÉØdGh
∫ÉŸG ¢SCGQ πeÉ©J ∫ó©ŸG Gòg ¢ù«≤j :¢†FÉØdGh ∫ÉŸG ¢SCGQ øe ájƒÄe áÑ°ùæc á©HÉJ äÉcô°T ‘ äGQɪãà°S’G •
øµÁ á©HÉàdG äÉcô°ûdG ‘ äGQɪãà°SÓd ™ØJôŸG ∫ó©ŸG ¿EG .á©HÉJ äÉcô°T ‘ äGQɪãà°S’G ‘ ¢†FÉØdGh
∫ÉŸG ¢SCGQ “¢SóµJ” ¤EG Ò°ûj ¿CG øµÁh äÉHòHòàd ¢†FÉØdGh ∫ÉŸG ¢SCGQ ¢Vô©jh ádƒ«°ùdG øe π∏≤j ¿CG
.á°ù°SDƒŸG ‘
∞«æ°üà∏d á`«dhódG á`«eÓ`°SE’G á`dÉcƒdG
٦
ôFÉ°ùÿG á¡LGƒŸ äÉ«WÉ«àM’G ájÉØc .O
ôKCÉàj .á«eƒª©dG É¡à«fGõ«e Iƒ≤d áÑ°ùædÉH ÉjQhô°V ÚeCÉàdG ácô°T iód áæ∏©ŸG äÉ«WÉ«àM’G ájÉØc º««≤J Èà©j
AGôLEÉH ádÉcƒdG Ωƒ≤J .áæ∏©ŸG äÉ«WÉ«àM’G ‘ äGÒ«¨àdÉH Iô°TÉÑe ¢üdGƒÑdG »∏eÉM ¢†FÉah ‘É°üdG πNódG
:ôFÉ°ùÿG á¡LGƒe äÉ«WÉ«àMG ájÉØc ióe º««≤àd á«dÉàdG á«°ù«FôdG á«dÉŸG äGQÉÑàN’G
äÉ«WÉ«àMG øe ájƒÄe áÑ°ùæc ácô°ûdG ôFÉ°ùN äÉ«WÉ«àMEG Qƒ£J ∫ó©ŸG Gòg ¢ù«≤j :äÉ«WÉ«àM’G ôjƒ£J •
Oó– »àdG á«îjQÉàdG ábódG ¤EG Ò°ûjh »æ«eCÉàdG ÜÉààc’G áæ°S ¢SÉ°SCG ≈∏Y á≤HÉ°ùdG áæ°ùdG ôFÉ°ùN
.É¡∏LCG øe ôFÉ°ùÿG äÉ«WÉ«àMG
ôFÉ°ùN äÉ«WÉ«àMG ôjƒ£J ¿Éc GPEG Ée ∫ó©ŸG Gòg ¢ù«≤j :áÑ°ùൟG •É°ùbC’G πHÉ≤e äÉ«WÉ«àM’G ôjƒ£J •
.á«æ«eCÉàdG •É°ùbC’G ƒ‰ ™e Ö°SÉæàj ácô°ûdG
äÉ«WÉ«àM’Giƒà°ùe ∫ó©ŸG Gòg¢ù«≤j:á«aÉ°üdGáÑ°ùൟG•É°ùbC’GøeájƒÄeáÑ°ùæcôFÉ°ùÿGäÉ«WÉ«àMG •
.á«æ«eCÉàdG •É°ùbC’G ºéM ¤EG áÑ°ùædÉH É¡H ßØàëŸG
D. Loss Reserves Adequacy
An evaluation of the adequacy of an insurer’s reported reserves is essential to its balance
sheet strength. Net income and policyholders’ surplus are directly affected by changes in
reported reserves. IIRA adopts the following key financial tests to assess the adequacy of
loss reserves:
»∏«¨°ûàdG AGOC’G
á«ëHôdG ∫ó©e .CG
π«∏– øe ¢Vô¨dG πãªàjh .∞«æ°üàdG á«∏ªY ‘ πeGƒ©dG ºgCG ÚH øe á«ëHôdG ∫ó©Ÿ ádÉcƒdG º««≤J Èà©j
πNódGh »æ«eCÉàdG ÜÉààc’G øe πNódG ¿CG ɪc .ìÉHQC’G ájQGôªà°SGh IOƒL ¿CÉ°ûH …CGQ ¤EG π°UƒàdG ‘ ádÉcƒdG
ÉeóæY »æ«eCÉàdG ÜÉààc’G øe íHôdG ≥≤ëj .ÚeCÉàdG ácô°ûd áÑ°ùædÉH πNó∏d ¿É«°ù«FQ ¿GQó°üe Qɪãà°S’G øe
,óFGƒØc ájQɪãà°S’G äGóFÉ©dG Ö°ùàµJ .ájQGOE’G ∞jQÉ°üŸGh ôFÉ°ùÿG ≠∏Ñe øY áÑ°ùൟG •É°ùbC’G ᪫b ójõJ
É¡à¶Øh ácô°ûdG ᣰûfCG ´GƒfCG OÉ©HCGh ≥ªY ádÉcƒdG º«≤J á«dɪ°SCGQ Ö°Sɵe hCG/h ájó≤f ìÉHQCG ¢ü°üM
•É°ùbCG ‘ äGOÉjõdG ∫ó©e º««≤àH ádÉcƒdG Ωƒ≤J ɪc .äGOGôjE’G √òg ÜòHòJh √ÓYCG QƒcòŸG Ö°ùM ájQɪãà°S’G
.âÑààcCG »àdG ôWÉîŸG ™e ≈°ûªàJ ácô°ûdG QÉ©°SCG á°SÉ«°S âfÉc GPEG Éeh ÚeCÉàdG
Operating Performance
:ácô°ûdG á«ëHQ ∫ó©e º««≤àd á«dÉàdG á«°ù«FôdG á«dÉŸG äGQÉÑàN’G AGôLEÉH ádÉcƒdG Ωƒ≤J
.äGóFÉ©dG ≥«≤ëàd ácô°ûdG äGOƒLƒe ∫ɪ©à°SG IOƒL ióe ∫ó©ŸG Gòg ¢ù«≤j :äGOƒLƒŸG ≈∏Y óFÉ©dG •
π°UC’G ‘ .ôNB’ ΩÉY øe ácô°ûdG á«ëHQ ∫ó©e áfQÉ≤e ‘ Gó«Øe ∫ó©ŸG Gòg Èà©j :äGOGôjE’G ≈∏Y óFÉ©dG •
≈∏Y óFÉ©dG IOÉ``jR ¿CG å«ëH ∞jQÉ°üe øY IQÉÑY äGOGô``jE’Gh ‘É°üdG πNódG ÚH ɪ«a ¥ôØdG ¿ƒµj
.‘É°üdG πNódG ´ÉØJQEG πHÉ≤e ∞jQÉ°üŸG ᪫b ¢VÉØîfG »æ©j äGOGôjE’G
≥«≤– ‘ ÚªgÉ°ùŸG ¥ƒ≤M ΩGóîà°SG ≈∏Y ácô°ûdG IQób ∫ó©ŸG Gòg ¢ù«≤j :ÚªgÉ°ùŸG ¥ƒ≤M ≈∏Y óFÉ©dG •
ÚªgÉ°ùŸG ¥ƒ≤M ≈∏Y …ƒ≤dG óFÉ©dG ¿CG å«M ≠dÉH QòëH ∫ó©ŸG Gòg ™e πeÉ©àf ÉæfEÉa Gòg ™e .äGóFÉ©dG
.∞«æ°üàdG ô¶f á¡Lh øe É«HÉéjEG Gô°TDƒe ¢ù«d ™ØJôŸG ‘ô°üŸG ¢VGÎb’G øe œÉædGh
.IQGOE’Gh 𫨰ûàdG ∞jQÉ°üe ™aód Ωóîà°ùj …òdG óFÉ©dG áÑ°ùf ∫ó©ŸG Gòg ¢ù«≤j :äÉahô°üŸG ∫ó©e •
áÑ°ùædÉHh πeɵdÉH ácô°ûdG É¡d ¢Vô©àJ »àdG – äóLh ¿EG – IQÉ°ùÿG ∫ó©ŸG Gòg ¢ù«≤j :ôFÉ°ùÿG ∫ó©e •
.•É°ûædG ´GƒfCG øe ´ƒf πµd
.ôFÉ°ùÿGh ∞jQÉ°üŸG ä’ó©e ᪫b ƒg :∑ΰûŸG ∫ó©ŸG •
٧
∞«æ°üà∏d á`«dhódG á`«eÓ`°SE’G á`dÉcƒdG
•
•
•
Reserve Development: This ratio measures a company’s loss reserve development as a
percentage of prior years’ loss reserves on an underwriting year basis, and indicates the
historical accuracy with which loss reserves are set.
Reserve Development to Earned Premium: This ratio measures whether a company’s
loss reserves development is in line with the premium growth.
Loss Reserves as a Percentage of Net Earned Premiums: This ratio measures the level
of reserves held relative to premium volume.
A. Profitability
One of the most important factors in the rating process is our evaluation of profitability.
The objective of our analysis is to develop a view as to the quality and sustainability of
profits. Underwriting income and investment income are the two main sources of income
for an insurance company. Profits from underwriting are generated when premiums exceed
the sum of losses and administrative expenses. Investment returns are gained as interest,
dividends and/or capital gains. IIRA evaluates the breadth and depth of the company’s
business lines and investment portfolio as mentioned above, and the volatility of these
earnings. IIRA also evaluates the rate of premium increases and whether the company’s
pricing policy is in line with the risk underwritten.
IIRA uses the following key financial tests to assess the company’s profitability:
•
•
•
•
•
•
Return on Assets: This ratio measures how well the company’s assets are being used to
generate returns.
Return on Revenue: This ratio is useful in comparing the profitability of a company
from year to year. Intrinsically, the difference between net income and revenue is
expenses, such that an increasing ROR implies less expense for higher net income.
Return on Equity: This ratio measures the company’s ability to utilize equity to generate
returns. However, IIRA approaches this ratio very cautiously, as a strong ROE driven
mainly by high leverage is not a positive indication from a rating perspective.
Expense Ratio: This ratio measures the portion of return that is utilized to pay operating
and management expenses.
Loss Ratio: This ratio measures the loss, if any, for the company as a whole and for
each individual business line.
Combined Ratio: Is the sum of the expense and loss ratios.
Islamic International Rating Agency
7
ÚeCÉàdG ácô°ûd á«dÉŸG Iƒ≤∏d ádÉcƒdG äÉØ«æ°üJ ä’ó©e
IIRA’s IFS Rating Scale
ÚeCÉàdG ácô°ûd á«dÉŸG Iƒ≤∏d äÉØ«æ°üàdG äÉØjô©Jh ä’ó©e
Insurer’s Financial Strength Rating Scale and Definition
Rating from ‘AA’ to ‘CCC’ categories may be amended with a (+) or (–) sign to show their
relative standing within the main category.
áÄa ‘ »Ñ°ùf äÉ``Ñ`KE’ (-) hCG (+) IQÉ``°`TEG πjó©àH ≥ë∏jo ¿CG øµÁ ‘CCC’ ¤EG
AAA: ‘ AAA’ rated insurers have the strongest financial strength and strongest capacity to
meet policyholder and contract obligations. Unfavorable business and economic
conditions are unlikely to distress this ability.
≈∏Y ábÉW iƒbCG É¡jódh á«dÉŸG Iƒ≤∏d ∫ó©e iƒbCÉH ‘AAA’ áÄØdG øe áØæ°üŸG ÚeCÉàdG ácô°T ™àªàJ
´É°VhC’Gh ±hô¶dG ôKDƒJ ¿CG πªàëŸG ÒZ øeh .É¡©e øjóbÉ©àŸGh ¢üdGƒÑdG »∏eÉ◊ äÉeGõàd’G á¡LGƒe
.IQó≤dG √òg ≈∏Y á«JGƒŸG ÒZ ájOÉ°üàb’Gh ájQÉéàdG
≈∏Y GóL ájƒb IQóbh á«dÉŸG Iƒ≤dG øe GóL iƒb ∫ó©Ã ‘AA’ áÄØdG øe áØæ°üŸG ÚeCÉàdG ácô°T ™àªàJ
√òg ‘ …ôgƒL Ò«¨àd ¢Vô©àJ ¿CG ™bƒàŸG øe ¢ù«d .É¡©e øjóbÉ©àŸGh ¢üdGƒÑdG »∏eÉM äÉeGõàdEG á¡LGƒe
.πÑ≤à°ùŸG ‘ á«Ñ∏°ùdG ájOÉ°üàb’Gh ájQÉéàdG ±hô¶dG ÖÑ°ùH IQó≤dG
á¡LGƒe ≈∏Y GóL ájƒb IQó≤dG É¡jódh ‹ÉŸG ™°VƒdG Iƒ≤H ‘A’ áÄØdG øe áØæ°üŸG ÚeCÉàdG ácô°T ™àªàJ
ájOÉ°üàb’Gh ájQÉéàdG ´É°VhC’G ‘ »Ñ∏°S Ò«¨J ôKDƒj ób .É¡©e øjóbÉ©àŸGh ¢üdGƒÑdG »∏eÉM äÉeGõàdEG
.AÉaƒdG ≈∏Y É¡JQób ≈∏Y Ó«∏b
á¡LGƒe ≈∏Y á«aÉc ábÉW É¡jódh á«aÉc á«dÉe Iƒ≤H ‘BBB’ áÄØdG øe áØæ°üŸG ÚeCÉàdG ácô°T ™àªàJ
ájOÉ°üàb’Gh ájQÉéàdG ´É°VhC’Gh ±hô¶dG ¿EÉa Gòg ™e .É¡©e øjóbÉ©àŸGh ¢üdGƒÑdG »∏eÉ◊ äÉeGõàd’G
.IQó≤dG √òg ‘ GÒ«¨J çó– ¿CG øµÁ á«JGƒŸG ÒZ
á¡LGƒe ≈∏Y á«fóàe ábÉW É¡jódh á«°ûeÉg á«dÉe Iƒ≤H ‘BB’ áÄØdG øe áØæ°üŸG ÚeCÉàdG ácô°T ™àªàJ
±hô¶dG ‘ äGÒ¨àdÉH ôKCÉà∏d á°Vô©e ácô°ûdG √òg π¶J .É¡©e øjóbÉ©àŸGh ¢üdGƒÑdG »∏eÉ◊ äÉeGõàd’G
.ájOÉ°üàb’Gh ájQÉéàdG ´É°VhC’Gh
á¡LGƒe ≈∏Y áØ«©°V IQó``b É¡jódh áØ«©°V á«dÉe Iƒ≤H ‘B’ áÄØdG øe áØæ°üŸG ÚeCÉàdG ácô°T ™àªàJ
ájQÉŒ ´É°VhCGh ±hôX ¤EG áLÉëH ácô°ûdG √òg êÉà– .É¡©e øjóbÉ©àŸGh ¢üdGƒÑdG »∏eÉ◊ äÉeGõàd’G
.É¡«∏Y á≤ëà°ùŸG äÉYƒaóŸÉH AÉaƒ∏d á«JGƒe ájOÉ°üàbGh
≈∏Y GóL áØ«©°V IQób É¡jódh GóL áØ«©°V á«dÉe Iƒ≤H ‘CCC’ áÄØdG øe áØæ°üŸG ÚeCÉàdG ácô°T ™àªàJ
øe IOÉØà°S’G ≈∏Y IQOÉb ÒZ ácô°ûdG √ògh .É¡©e øjóbÉ©àŸGh ¢üdGƒÑdG »∏eÉ◊ äÉeGõàd’G á¡LGƒe
.ájOÉ°üàbE’G ´É°VhC’Gh ±hô¶dG ‘ πªàëŸG ø°ùëàdG
≈∏Y GóL áØ«©°V IQób ∞©°VCGh ájɨ∏d áØ«©°V á«dÉe Iƒ≤H ‘CC’ áÄØdG øe áØæ°üŸG ÚeCÉàdG ácô°T ™àªàJ
.É¡©e øjóbÉ©àŸGh ¢üdGƒÑdG »∏eÉ◊ äÉeGõàd’G á¡LGƒe
øjóbÉ©àŸGh ¢üdGƒÑdG »∏eÉ◊ AÉaƒdÉH É¡JÉeGõàdÉH πîJ É¡fCÉH ‘D’ áÄØdG øe áØæ°üŸG ÚeCÉàdG ácô°T Èà©J
.É¡©e
AA:
‘AA’ rated insurers have very strong financial strength and a very strong capacity to
meet policyholder and contract obligations. No material change in this capacity is
expected due to hostile business and economic conditions in future.
A:
‘A’ rated insurers have strong financial strength and a strong capacity to meet
policyholder and contract obligations. A negative change in business and economic
conditions may slightly affect the honoring capacity.
BBB: ‘BBB’ rated insurers have adequate financial strength and sufficient capacity to meet
policyholder and contract obligations. However, hostile business conditions can bring
a change in this capability.
BB:
‘BB’ rated insurers have marginal financial strength and a low capacity to meet
policyholder and contract obligations. The entity remains vulnerable to changes in
the business and economic environment.
B:
‘B’ rated insurers have weak financial strength and a weak ability to meet policyholder
and contract obligations. The entity requires favorable business conditions to ensure
payments.
CCC: ‘CCC’ rated insurers have very weak financial strength and a very weak capability
to meet policyholder and contract obligations. The firm is unable to benefit from
prospective improvement in the economic environment.
8
CC:
‘CC’ rated insurers have extremely weak financial strength and the weakest capacity
of meeting policyholder and contract obligations.
D:
‘D’ rated insurers are in default with respect to its policyholder and contract
obligations.
Islamic International Rating Agency
∞«æ°üà∏d á`«dhódG á`«eÓ`°SE’G á`dÉcƒdG
‘AA’
QÉ«©e øe ∞«æ°üàdG
.∞«æ°üàdG
:AAA
:AA
:A
:BBB
:BB
:B
:CCC
:CCC
:D
٨
٩
∞«æ°üà∏d á`«dhódG á`«eÓ`°SE’G á`dÉcƒdG
Islamic International Rating Agency
9
10
Al-Zamil Tower, 7th Floor, Government Avenue, Manama 305, Bahrain
P. O. Box 20582, Manama, Bahrain
Tel: +973 17 211606 – Fax: +973 17 211605
Email: [email protected]
Website: www.iirating.com
øjô`` ` ` ëÑdG , 305 á`` eÉ``æŸG ,á`` `eƒ`µ◊G ´QÉ`` ` °T ,™`` `HÉ`` °ùdG Qhó`` `dG ,π`` ` `eGõdG êô`` `H
øjô`` ëÑdG ,á`` eÉæŸG ,20582 Ü.¢U
+973 17 211605 :¢ùcÉa - +973 17 211606 :¿ƒØ«∏J
All of the information contained herein is obtained by IIRA from sources believed to be accurate and reliable. IIRA does not
audit or verify the truth or accuracy of any such information. As a result, the information in this report is provided without
any representation or any warranty of any kind. IIRA’s ratings reflect IIRA’s opinion and are not a warranty of a rated entity’s
current or future ability to meet contractual obligations, nor are they a recommendation to buy, sell or hold any security.
á``dÉcƒdG Ωƒ``≤J ’ .É``¡«∏Y OÉ``ªàY’G ø`` µÁh á`` ≤«bO É`` ¡fCÉH ó``≤à©j QOÉ`` °üe øe ádÉ`` cƒdG πÑ`` b øe É``æg ádƒª``°ûŸG äÉ``eƒ∏©ŸG ™``«ªL ≈∏Y ∫ƒ`°ü◊G º`J
…CG ¿hó`` H Ωó`` `≤J ô`` `jô≤`` àdG Gò``g ‘ äÉ`` eƒ∏`` ©ŸG ¿EÉ` `a ∂dò`` `d á`` `é«àf .äÉ`` ` `eƒ∏©ŸG √ò`` g ø`` e …CG á`` bO ø`` `e hCG á`` `ë°U ø``e ≥≤`` ëàdG hCG ≥«bó``àH
âbƒ``dG ‘ É¡Ø«æ``°üJ iô`` `éj »``àdG á`` `¡÷G IQó`` `≤d É`` `fɪ°V ó`` ©J ’h á`` `dÉcƒdG …CGQ á`` ` dÉcƒdG äÉ`` Ø«æ°üJ ¢ù`` µ©J .´ƒ`` f …CG øe ¿É`` ª°V hCG QGô``bEG
.á`` «dÉe á`` bQh á`` jCG ∑Ó`` àeG hCG ™`` «H hCG AGô``°û``H á`` «°UƒJ π``ã“ ’ É``¡fCG É``ªc á`` jó``bÉ©àdG É``¡JÉ`` `eGõ`àdG á`` ¡LGƒe ≈`` ∏Y πÑ≤à`` °ùŸG hCG ô``°VÉ◊G
Islamic International Rating Agency
[email protected] :ÊhεdE’G ójÈdG
www.iirating.com :ÊhεdE’G ™bƒŸG
∞«æ°üà∏d á`«dhódG á`«eÓ`°SE’G á`dÉcƒdG
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