Moody’s maintains ’A3’ rating on Al Rajhi Takaful with stable outlook

Logo of Al-Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) 

Al Rajhi Cooperative Insurance Co. (Al Rajhi Takaful) announced the completion of the periodic review by Moody's Credit Rating Agency on Nov. 25, which maintained the Insurance Financial Strength Rating (IFSR) of A3, with a stable outlook.

In a statement to Tadawul, the insurer said that the rating reflects its strong market position and brand, being the third largest player in the Saudi insurance market, holding a brand that capitalizes on its affiliation to Al Rajhi Group

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The insurer “enjoys a good asset quality”, driven by a conservative investment strategy as evidenced by a low ratio of high-risk assets, the persisting sound profitability, with a high return on capital (ROC) supported by a good, combined ratio, and low reserve risks, the statement added