Fitch gives “Tawuniya” a strong (A-) rating with a positive ‎outlook

Tawuniya Insurance Co. announced that on 08/09/2022 it received a report that it had obtained a strong (A-) rating and a positive outlook from Fitch Ratings Agency.

Fitch said in its statement that it raised its future outlook for Tawuniya from stable to positive, based on a set of strengths that characterize Tawuniya, most notably the improvement in its financial performance during the first half of 2022 driven by the company’s wise pricing and underwriting policies, and strong capitalization. Tawuniya’s possession of a strong business profile is considered the “most suitable” in the Saudi insurance market, and its leadership in the insurance business franchise, in addition to its strong competitive advantages, and the improvement of reserve adequacy.

Fitch expects Tawuniya to maintain its strong operational performance and competitive position within the local market, with continued gradual improvement in capital adequacy.