AM Best Assigns Credit Ratings to Liva Insurance B.S.C. (c) and Liva Insurance SAOC; Withdraws Credit Ratings of Liva Group SAOG

AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) to Liva Insurance B.S.C. (c) (Liva Bahrain) (Bahrain) and Liva Insurance SAOC (Liva Oman) (Oman). The outlook assigned to these Credit Ratings (ratings) is negative. These companies are key operating subsidiaries of Liva Group SAOG, collectively referred to as Liva Group. In addition, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Liva Group SAOG (Oman). The outlook of these ratings is negative. Concurrently, AM Best has withdrawn the public ratings of Liva Group SAOG (Oman), the holding company, as per the company’s request.

Liva Bahrain and Liva Oman are important to Liva Group strategically, benefitting 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, and pressure on the group’s balance sheet strength fundamentals.

Liva Group has a historical record of strong operating performance; however, earnings have reduced in recent years from underwriting losses reported between 2022 and 2024, as calculated by AM Best. In 2024, Liva Group experienced large losses arising from GCC floods, which resulted in an unaudited operating loss of OMR 5 million. The group is executing remedial actions to strengthen earnings and has demonstrated underlying performance improvements over the past year.

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. For more information, visit www.ambest.com.

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