TAWUNIYA-INSURANCE
21.4.2022 16:14:10 CEST | Business Wire | Press release
Standard & Poor's Global Rating Agency has assigned Tawuniya Insurance Company an "A-" rating and outlook "stable", which is one of the highest financial ratings amongst the insurance companies in the Kingdom of Saudi Arabia, Middle East, and North African.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220421005687/en/
This rating reflects Tawuniya's improving financial performance for the last three consecutive years from 2019 to 2021, as shown in the S&P report. In 2021, Tawuniya achieved positive results, including a 13% growth compared to last year in GWP reaching 10.2 billion Saudi riyals, and increasing the company's market share to 25% accordingly. Total assets was 14.6 billion Saudi riyals, total equity was 2.1 billion Saudi riyals, and the net profit before Zakat was 350 million Saudi riyals, as well as the net investment income of 302.8 Saudi million riyals.
As stated in its report which was issued on April 19, 2022, Standard & Poor's assigned Tawuniya a (A-) rating based on the strengths that the company has, most notably the strong competitive position, the capital adequacy ratio, and the strong financial performance supported by the profitable underwriting and investment income.
Standard & Poor's confirmed that the stable outlook reflects its view that Tawuniya will maintain its strong operating performance and competitive position, while gradually improving its capital adequacy over the next two years.
Mr. Abdulaziz H. Al-Boug, Tawuniya’s CEO, expressed his pride in this global rating, which confirms the company's financial strength and capabilities to provide high standard insurance protection to all individuals and corporates, as well as its ability to fulfill its obligations towards all customers and stakeholders.
"The rating assigned by S&P also reflects Tawuniya’s position as the leading company in the Saudi insurance market, the company's strategic vision, its ability to develop programs and services, and its possession of a diversified insurance portfolio, in addition to its possession of a strong IT infrastructure that helps Tauwniya succeed and grow year after year," Al-Boug added.
*Source: AETOSWire
View source version on businesswire.com: https://www.businesswire.com/news/home/20220421005687/en/
Link:
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Mobix Labs to Acquire U.S. Rare Earth and Critical Minerals Company Powering Defense and National Security14.5.2026 14:01:00 CEST | Press release
Proposed Acquisition Would Position Mobix Labs Inside Strategic U.S. Supply Chains Powering Defense, National Security, and AI Infrastructure Mobix Labs, Inc. (Nasdaq: MOBX) today announced it has signed a non-binding Letter of Intent to acquire Special Project Delivery LLC ("SPD"), a strategic infrastructure platform building sovereign U.S. supply chains for rare earth elements, critical minerals, and energy storage. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260514342224/en/ U.S.A F-35 Lightning II The proposed acquisition would expand Mobix Labs — already a supplier to advanced U.S. and allied defense and aerospace systems — directly into one of the world's most strategically important industrial sectors. Key Facts at a Glance~418 kilogramsof rare earth materials are estimated to be used in each F-35 Lightning II. ~4,500 kilogramsof rare earth materials are estimated to be used in each Virginia-class nuclear submarine
Enterprise AI Hits the Wall: NTT DATA Research Reveals Growing Privacy and Sovereignty Barriers14.5.2026 14:00:00 CEST | Press release
Demands for privacy and sovereignty expose limits of architectures built for centralized and borderless data flows. Data jurisdiction has become a core design parameter, shifting away from globally integrated systems to regionally bounded architectures. Organizations that redesign early are gaining a measurable edge in AI readiness and scale. NTT DATA, a global leader in AI, digital business and technology services, today released new research showing that enterprise AI is outgrowing the architecture and infrastructure beneath it as data privacy and sovereignty requirements tighten. The research finds a widening split between enterprises that are redesigning AI for control, locality and security, and organizations still layering AI into environments that were not built to support these requirements. For years, enterprise architecture moved data across systems, clouds, applications and borders with increasing speed and efficiency. AI is exposing the limits of that model. Sensitive data
Mary Kay Launches Global Social Squad Program to Empower the Next Generation of Digital Beauty Leaders14.5.2026 14:00:00 CEST | Press release
A Global Program Connecting 70+ Emerging Creators Among Independent Beauty Consultants with Digital Education, Mentorship, And Real‑World Beauty Brand Experience. Mary Kay Inc., a global leader in beauty and entrepreneurship, announces the launch of its Global Social Squad (GSS) Pilot Program – a groundbreaking initiative designed to empower Mary Kay Independent Beauty Consultants (IBCs) as dynamic digital brand advocates and next-generation social media storytellers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260514978222/en/ The Global Social Squad ignites a diverse and talented group of 73 Mary Kay Independent Beauty Consultants with representation across 15 markets in four regions: North America, Asia Pacific, Latin America, and Europe. These digital leaders create engaging, high-quality content, participate in global campaign activations, and share practical social media strategies with their communities and other I
Vista Equity Partners Establishes Abu Dhabi Office14.5.2026 14:00:00 CEST | Press release
Securing Full Regulatory Authorization from ADGM deepens Vista’s commitment to the Middle East and expands the firm’s global platform for enterprise software investing Vista Equity Partners (“Vista”), a global technology investor that specializes in enterprise software, today announced the opening of its new office in Abu Dhabi within ADGM, the city’s international financial center. VEPM Middle East Limited has received full authorization from ADGM’s Financial Services Regulatory Authority (FSRA), enabling the firm to advise on investments and arrange deals in investments across the region. The Abu Dhabi office reflects Vista’s expanded strategic presence in the Middle East and the region’s increasingly central role in global technology investment and innovation. Established in 2013, ADGM has emerged as one of the world’s leading financial centers, connecting global investors with regional opportunities. Vista joins a growing community of leading global investment firms that have estab
Eighteen48 Partners Announces First Close of Eighteen48 Private Equity Fund I at €175 million14.5.2026 13:56:00 CEST | Press release
Eighteen48 Partners today announced the first close of Eighteen48 Private Equity Fund I (the “Fund”) at €175 million. The Fund, which is targeting €350 million, is focused on European middle-market buyout transactions sourced through Independent Sponsors. Since 2020 Eighteen48 Partners have deployed more than €200 million into this strategy, which aims to provide investors with diversified exposure to off-market sourced transactions. The first close was supported by significant re-up commitments from Eighteen48 clients as well as commitments from institutions, family offices and UHNWs, underscoring the strength of the firm’s platform, track record and experience as well as growing momentum in the Independent Sponsor space. Julien Sevaux, Founding Partner and CEO, commented: “We are increasingly excited by the opportunity in the growing independent sponsor segment of European private equity - a corner of the market we believe remains largely overlooked by investors yet offers compelling
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom