The ratings reflect the Salama/IAIC group's strong capitalization, strong consolidated business position, strong liquidity, strong financial flexibility, and normally strong and stable underwriting results. Partially offsetting factors include investment strategies that we assess as good, but which are a relative weakness as they introduce potential volatility through exposure to equity and property assets. Additionally, our analysis reflects the potential industry and economic risks relating to certain regions and lines of business in which the group is active. The group enjoys a strong and still-developing business position with significant insurance operations in the United Arab Emirates (UAE), Algeria, Egypt, Senegal, Saudi Arabia, and Jordan. The business profile also benefits from the strong, inwards reinsurance franchise of the wholly-owned reinsurance sub-group, BEST
