Moody’s affirms Al Rajhi Takaful rating at 'A3', outlook stable

Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) stated that Moody’s Ratings affirmed on April 29 its insurance financial strength rating (IFSR) at 'A3,' with a stable outlook.

The rating affirmation reflects the company's strong market position and brand as the third-largest player in Saudi Arabia's insurance market, as well as good asset quality, driven by a conservative investment strategy as evidenced by a low ratio of high-risk assets.

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The rating also shows the insurer's consistently good profitability, with a return on capital (ROC) of 15.9% for 2024, supported by a good, combined ratio. This is in addition to low reserve risk, reflecting the predominance of short-tail business in Al Rajhi Takaful’s business mix and a good record of accomplishment of reserving accuracy.

Al Rajhi Takaful is a top-tier multi-line insurer, offering underwriting for motor, medical, property, engineering, protection and savings, and various other personal lines products.