S&P affirms Al Rajhi Takaful at ‘A-’ with stable outlook

Logo of Al Rajhi Takaful

S&P Global Ratings affirmed its "A-" long-term issuer credit and insurer financial strength rating to Al Rajhi Co. for Cooperative Insurance (Al Rajhi Takaful), with a stable outlook.

The credit rating agency also reiterated its “ksaAAA” Saudi national scale financial strength rating to Al Rajhi Takaful, with a stable outlook, the insurer said in a statement to Tadawul today, Oct. 19.

This reflects being the third-largest insurance company in the Kingdom and a market leader in auto, protection, and savings insurance products, enhancing Al Rajhi Takaful’s strong competitive position in the local insurance market.

The stable outlook indicates the need for the company to maintain capital adequacy at "A" standard, aligned with its expected business growth from 2023 to 2025, while ensuring operational performance is in line with the S&P base-case scenario, the statement added.