Kuwait City-headquartered Enaya Insurance Company counts, among its strengths, an expanding franchise as the sixth-largest insurer in Kuwait by gross written premiums (GWP), underpinned by the backing of the Al Ghanim Industries Group, says Moody's Ratings (Moody's).
Other strengths of the insurer are its strong and consistent overall and underwriting profitability, with a five-year average return on capital (ROC) of 13.8% and a five-year average combined ratio (COR) of 90%; very strong asset quality with a conservative investment portfolio, with no exposure to high-risk assets (HRA at 0% of shareholders' equity); and good capital adequacy, with a gross underwriting leverage of 3.4x at YE2025 and regulatory solvency buffers comfortably above the regulatory minimum.
Enaya is a mid-tier property and casualty insurer, underwriting various commercial and personal lines products.
Rating assigned
Reflecting these strengths, Moody's has assigned a ‘Baa1’ insurance financial strength rating (IFSR) to Enaya. The outlook is ‘Stable’.
The ‘Stable’ outlook reflects Moody’s expectation that Enaya will maintain its strong underwriting profitability, conservative asset quality, and adequate capital buffers.
Competition
The strengths are moderated by the competitive pressures of the Kuwaiti market, which can impede opportunities for profitable growth and diversification, says Moody’s. Additionally, Enaya has high product concentration in medical and motor insurance, which collectively comprise approximately 88% of insurance premiums in 2025, and has significant single client concentrations that expose it to potential volatility in premium volumes and profitability.
More positively, as part of Al Ghanim Industries – a pan-MENA and expanding group – Enaya has started to diversify its revenues through partnerships where the group operates.
Enaya's asset quality is a key credit strength, characterised by an exceptionally conservative investment portfolio with no exposure to equities or real estate. Moreover, whilst reinsurance recoverables are elevated at 116.9% of shareholders' equity, the credit quality of the reinsurers is strong, limiting counterparty risk.
ESG
The rating also incorporates Enaya's environmental, social and governance (ESG) considerations, as per Moody’s General Principles for Assessing Environmental, Social and Governance Risks methodology. Moody’s assessment is that Enaya's exposure to governance risks is low, reflected in a Governance Issuer Profile Score (IPS) of G-2, supported by conservative financial strategy and risk management, credible and experienced management, its regulatory and board oversight and involvement of the parent group Al Ghanim Industries.
Enaya's "Standalone Scorecard-indicated Outcome" of ‘Baa1’ is two notches below the "Preliminary Standalone Outcome" of ‘A2’. This reflects the smaller size and concentration of the Kuwaiti insurance market, which constrains Enaya's business profile compared to global peers, limited geographic and product diversification, and a more holistic assessment of the company's asset quality, profitability, capital adequacy, and financial flexibility, based on the quality of underlying assets, underwriting profitability metrics and regulatory solvency ratios.