Tawuniya rated ‘A-ʼ with ‘positive outlook by Fitch

Logo of The Company for Cooperative Insurance

The Company for Cooperative Insurance (Tawuniya) obtained today, Sept. 8, a credit rating of “A-” with “positive” outlook from Fitch Ratings, the insurance services provider said in a statement to Tadawul. 

In its report, Fitch said that the outlook upgrade from stable to positive reflects Tawuniya's improving financial performance in the first half of 2022.

This is driven by its prudent pricing and underwriting standards, strong capitalization, strong business profile as 'most favorable' compared to that of other Saudi insurers, Tawuniya is also backed by its leading insurance business franchise within its sector, strong competitive advantages and improved reserve adequacy.

Fitch expects Tawuniya to maintain its strong operating performance and competitive position within the local market, while gradually improving its capital adequacy.