The change in outlook to negative reflects the weakening capacity of governments to help GRI insurers in times of stress, prompting a re-assessment of our support assumptions incorporated in AFNIC
However, the AFNIC
has been an advocate for IPv6 since 2002.
one of only 3 insurers actively operating in Fujairah, AFNIC
One common theme that emerged from interviewing parents revolved around educators treating parents more positively within the presence of an advocate, particularly an advocate from AFNIC
. Most of the parents indicated that they were treated more respectfully and professionally by educators when an advocate attended IEP meetings.
The rating upgrade for AFNIC
reflects key improvements in its standalone credit metrics including (i) the improved levels of capitalisation, with gross underwriting leverage (GUL) improving to 1.2x as at YE 2014 from 2.2x as at YE 2012; (ii) the improved and sustained strong bottom line profitability, with a five year average return on capital (ROC) of 7.3 per cent and a good sharpe ratio of return on capital, which measures the very strong consistency of returns on a five year average basis; (iii) the good underwriting performance with a five year average combined ratio (COR) of 93.8 per cent in 2014; and (iv) lowered and diminishing levels of leverage, with the financial and total leverage reducing to 13.8 per cent at YE 2014 from 27.7 per cent at YE 2012 (all on a Moody's basis).
However, we still consider asset risk as the predominant credit risk for AFNIC
. Further credit negatives include the relatively high financial leverage for the region (30 per cent as at year-end 2012), driven, inter alia, by bank borrowings from a related party to fund property construction in Fujairah.