RIYADH, Saoedi-Arabië–(BUSINESS WIRE)– Standard & Poor’s Global Rating Agency heeft Tawuniya Insurance Company een “A-” rating en vooruitzichten “stable” toegekend, wat een van de hoogste financiële ratings is onder de verzekeringsmaatschappijen in het Koninkrijk Saoedi-Arabië Arabië, het Midden-Oosten en Noord-Afrika.

Deze rating weerspiegelt de verbeterende financiële prestaties van Tawuniya gedurende de laatste drie opeenvolgende jaren van 2019 tot 2021, zoals weergegeven in het S&P-rapport. In 2021 behaalde Tawuniya positieve resultaten, waaronder een groei van 13% in vergelijking met vorig jaar in GWP tot 10,2 miljard Saoedische riyals, en dienovereenkomstig een toename van het marktaandeel van het bedrijf tot 25%. Het totale vermogen was 14,6 miljard Saoedische riyals, het totale eigen vermogen was 2,1 miljard Saoedische riyal en de nettowinst vóór Zakat was 350 miljoen Saoedische riyal, evenals de netto-investeringsinkomsten van 302,8 Saoedische miljoen riyals.

Standard & Poor’s Assigns Tawuniya an “A-” Rating; Outlook “Stable”

RIYADH, Saudi Arabia–(BUSINESS WIRE)– 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.

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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/

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