Moody’s Investor Service assigned, on Oct.12, an A3 insurance financial strength rating (IFSR) to Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) with a stable outlook.
The rating reflects the company’s strong market position and brand as the third largest player in the Saudi Arabian insurance market, good asset quality, consistently good profitability with a return on capital (ROC), and low reserve adequacy risk.
It also reflects the predominance of short tail business in Al Rajhi Takaful’s business mix and the use of in-house actuarial capabilities to set up and monitor reserves.
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