Moody’s assigns ‘A3’ IFSR to Al Rajhi Takaful

The rating captures the insurer’s good asset quality


Riyadh – Mubasher: Moody’s Investors Service has assigned an A3 insurance financial strength rating (IFSR) to Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful), with a stable outlook.

The rating captures the insurer’s strong market position and brand, as the third-biggest player in the Saudi Arabian insurance market, as well as its good asset quality, according to a stock exchange filing on Tuesday.

Moreover, it reflects its consistently good profitability, with a return on capital (ROC), and low reserve adequacy risk.

In the second quarter (Q2) of 2020, the net profits of Al Rajhi Takaful totalled SAR 95.71 million, a surge of 87.38% when compared to SAR 51.08 million in Q2 of 2019.

Source: Mubasher

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