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

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Islamic Finance