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Standard & Poor's (S&P) has confirmed Tawuniya's “A” long-term credit and financial strength rating, with a stable outlook. It has also confirmed the Saudi insurer's regional “gcAAA” rating.
The “gc” rating is used to assess companies operating in the Gulf Cooperation Council (GCC) countries.
S&P's decision reflects the company's improved performance, good capital adequacy and strong competitive position.In the third quarter of 2024, Tawuniya's insurance revenue stood at 13.5 billion SAR (3.6 billion USD), with a combined ratio of 93% and a return on equity (ROE) of 22%.
