Riyadh –  Moody's Investors Service maintained the ‘A3’ insurance financial strength rating (IFSR) of Al Rajhi Company for Cooperative Insurance (Alrajhi Takaful) earlier in January 2023, with a stable outlook.

The rating highlights the company’s powerful position, as the third largest player in the Saudi insurance market, according to a bourse filing.

It also reflects Alrajhi Takaful’s enhanced asset quality, good profitability with an attractive return on capital (ROC), lower reserve adequacy risk, and positive combined ratio.

In the first nine months (9M) of 2022, the firm logged net profits before Zakat worth SAR 88.36 million, lower by 43.75% year-on-year (YoY) than SAR 157.11 million.

Earnings per share (EPS) stood at SAR 2.01 in the January-September 2022 period, versus SAR 3.25 in 9M-21.

The net incurred claims grew by 8.46% YoY to SAR 1.32 billion in 9M-22 from SAR 1.21 billion, whereas the net written premiums (NWP) enlarged by 16.43% YoY to SAR 1.95 billion from SAR 1.67 billion.

Last year, Al Rajhi Bank raised its equity ownership in Alrajhi Takaful to 35% after obtaining the approval of the Saudi Central Bank (SAMA).

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