AM Best Affirms Credit Ratings of Mohandes Insurance Company

LONDON--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of B (Fair), the Long-Term Issuer Credit Rating of “bb” (Fair) and the Egypt National Scale Rating of aaa.EG (Exceptional) of Mohandes Insurance Company (Mohandes) (Egypt). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Mohandes’ balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management (ERM).

Mohandes’ balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the strongest level as at fiscal year-ended 30 June 2024 (FY2024), as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best expects the company’s BCAR scores to remain at the strongest level, supported by good internal capital generation. Despite Mohandes’ conservative investment allocation by asset class, given the concentration of its assets in Egypt, in line with regulatory restrictions, the company’s balance sheet is exposed to potential volatility, reflecting the country’s high economic, political and financial system risks. A further offsetting factor to the balance sheet strength assessment is the company’s dependence on reinsurance, which is mitigated partly by using a good quality reinsurance panel.

Mohandes has a track record of adequate operating performance, demonstrated by a five-year (FY2020-FY2024) weighted average return-on-equity (ROE) and combined ratio of 25.5% and 97.3%, respectively. AM Best notes that ROE should be viewed in light of the high levels of inflation in Egypt. Investment income is the primary driver of results, underpinned by the high-interest rate environment in Egypt, contributing 79% of pre-tax profits in FY2024.

The business profile assessment reflects Mohandes’ position in the highly competitive Egyptian market, with the company holding an approximate market share of 3% based on non-life gross written premium. The company’s profile is limited to operating exclusively within Egypt and is considered small on a global basis.

AM Best considers Mohandes’ ERM framework to be evolving, with the company having taken positive steps over recent years to formalise its ERM processes and function; however, further development is required to embed the framework fully and cultivate a risk-aware culture across the organisation.

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.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260204007467/en/

Patrick McCrystal, FIA
Financial Analyst
+44 20 3808 2988
[email protected]

Ben Diaz-Clegg
Associate Director, Analytics
+44 20 7397 0293
[email protected]

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
[email protected]

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
[email protected]

Source: AM Best

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