On Nov. 15, 2023, we published our revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions," published on RatingsDirect). Under our new criteria, Islamic Arab Insurance Co. LLC's (SALAMA)'s capital adequacy remains excellent. However, based on 2023 audited financial statements, SALAMA reported a solvency deficit primarily due to the loss for the year. Furthermore, we have observed an increase in its investment exposure toward lower rated sovereigns. We are therefore placing our 'BBB-' ratings on SALAMA on CreditWatch with negative implications. We intend to resolve the CreditWatch once we have more clarity on the corrective action steps SALAMA intends to take to rectify these issues. On April 23, 2024, S&P Global Ratings placed its 'BBB-'