Standard & Poor's has assigned an "A-" rating to the Company for Cooperative Insurance (Tawuniya) with a stable outlook. This is one of the highest financial ratings for an insurance company in Saudi Arabia [4], the Middle East and North Africa.
The rating agency justifies its decision by the company's strong competitive position, capital adequacy ratio and continuous improvement of its financial performance.
In 2021, the Saudi insurer recorded a turnover of 10.218 billion SAR (2.8 billion USD) and a net profit before zakat (tax) of 350.138 million SAR (93.2 million USD).
The rating also reflects Tawuniya's strategic vision, its ability to develop new programs and services thanks to a solid IT system and the diversification of its insurance portfolio.