iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Standard & Poor's Assigns Tawuniya an "A-" Rating; Outlook "Stable"

22 Apr 2022 , 11:25 AM

Business Wire India

Standard & Poor’s Global Rating Agency has assigned Tawuniya Insurance Company an “A-” rating and outlook “stable”, which is one of the highest financial ratings amongst the insurance companies in the Kingdom of Saudi Arabia, Middle East, and North African.

 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220421005687/en/

 

Abdulaziz H. Al-Boug, Tawuniya’s CEO (Photo: AETOSWire)

Abdulaziz H. Al-Boug, Tawuniya’s CEO (Photo: AETOSWire)

This rating reflects Tawuniya’s improving financial performance for the last three consecutive years from 2019 to 2021, as shown in the S&P report. In 2021, Tawuniya achieved positive results, including a 13% growth compared to last year in GWP reaching 10.2 billion Saudi riyals, and increasing the company’s market share to 25% accordingly. Total assets was 14.6 billion Saudi riyals, total equity was 2.1 billion Saudi riyals, and the net profit before Zakat was 350 million Saudi riyals, as well as the net investment income of 302.8 Saudi million riyals.

 

As stated in its report which was issued on April 19, 2022, Standard & Poor’s assigned Tawuniya a (A-) rating based on the strengths that the company has, most notably the strong competitive position, the capital adequacy ratio, and the strong financial performance supported by the profitable underwriting and investment income.

 

Standard & Poor’s confirmed that the stable outlook reflects its view that Tawuniya will maintain its strong operating performance and competitive position, while gradually improving its capital adequacy over the next two years.

 

Mr. Abdulaziz H. Al-Boug, Tawuniya’s CEO, expressed his pride in this global rating, which confirms the company’s financial strength and capabilities to provide high standard insurance protection to all individuals and corporates, as well as its ability to fulfill its obligations towards all customers and stakeholders.

 

“The rating assigned by S&P also reflects Tawuniya’s position as the leading company in the Saudi insurance market, the company’s strategic vision, its ability to develop programs and services, and its possession of a diversified insurance portfolio, in addition to its possession of a strong IT infrastructure that helps Tauwniya succeed and grow year after year,” Al-Boug added.

 

*Source: AETOSWire

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220421005687/en/

Related Tags

  • Accounting And Management
  • Banking & Financial Services
  • economy
  • Financial Analyst & Investors
  • General
  • Insurance
  • Science & Research
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.