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
SOLUM Brings Retail in Sync to EuroShop 2026 with Integrated Retail Innovations23.2.2026 08:00:00 CET | Press release
SOLUM (KOSPI: 248070) brings ‘Retail in Sync’ to EuroShop 2026, unveiling new retail display innovations and integrated solutions that connect technology, operations and data to create more agile and scalable retail environments. By connecting pricing, communication and store operations within a unified framework, SOLUM aims to help European retailers improve efficiency, create new value and advance sustainability initiatives. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260222220569/en/ At EuroShop, SOLUM will present practical applications that combine connected display technologies with data and analytics in real store environments. (Image: SOLUM) At EuroShop, SOLUM will present practical applications that combine connected display technologies with data and analytics in real store environments. Vision AI will demonstrate personalized product recommendations linked to electronic shelf labels (ESL), while Bluetooth Low E
AGCO Power’s Core80 Engine Named Diesel Engine of the Year 202623.2.2026 08:00:00 CET | Press release
Developed and manufactured in Linnavuori, Finland, the engine represents the most advanced technology in AGCO Power’s new Core engine family. The award is among the most respected in the industry and has been recognizing groundbreaking off‑highway powertrain innovations for 20 years. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260222724310/en/ Powertrain International Editor-in-Chief Fabio Butturi (left) presents the Diesel Engine of the Year 2026 award to AGCO Power Vice President Juha Tervala. Next to them, AGCO Power Project Manager for Engineering Juha-Pekka Asikainen applauds. In the background: the CORE80 engine. According to Powertrain International Editor‑in‑Chief Fabio Butturi, the decision was straightforward: “Core80 represents exactly the kind of technical courage and innovation we want to highlight. The award truly belongs to the entire Core engine family, which opens a new era for AGCO Power across tractors
Andersen Consulting styrker rådgivning inden for bygningsaktiver gennem samarbejde med Grinity20.2.2026 23:18:00 CET | Pressemeddelelse
Andersen Consulting har indgået en samarbejdsaftale med Grinity, et rådgivningsfirma med speciale i bygningsaktiver, der leverer tekniske, miljømæssige og bæredygtige udviklingstjenester til bygge- og ejendomsmarkederne. Med sæde i Tjekkiet og Slovakiet og mere end 130 specialister betjener Grinity private og offentlige kunder inden for kommerciel udvikling, industri, teknologi, bilindustri og bæredygtighed. Virksomheden tilbyder tværfaglig ekspertise inden for projekt- og omkostningsstyring, teknisk rådgivning, transaktionsydelser, ESG-rådgivning og energioptimering af bygninger. "Bæredygtighed er blevet en strategisk nødvendighed, men kunderne har også brug for en integreret ydelse på tværs af omfang, omkostninger, tidsplan, risiko og kvalitet," udtalte Pavel Čermák, administrerende direktør for Grinity. "Ved at kombinere vores ekspertise inden for projekt- og omkostningsstyring, teknisk rådgivning og energioptimering med Andersens globale platform kan vi levere omfattende, fremadsku
Telekom Srbija Group Announces Platinum Sponsorship of EXPO 2027 Belgrade20.2.2026 12:32:00 CET | Press release
Telekom Srbija to power EXPO 2027 and unveil dedicated pavilion showcasing its technology ecosystem Telekom Srbija Group today announced its Platinum Sponsorship of EXPO 2027 Belgrade, marking a major milestone in the company’s continued leadership in digital innovation and infrastructure across the region. As a Platinum Sponsor, Telekom Srbija will play a central role in delivering the digital backbone of EXPO 2027, powering connectivity and enabling the state-of-the-art technological infrastructure that will support one of the largest international events ever hosted in Serbia. EXPO 2027 represents a defining moment for Belgrade, Serbia, and the wider region. For Telekom Srbija, the partnership is both a strategic commitment and a landmark opportunity to demonstrate the full strength of its technological ecosystem on a global stage. Telekom Srbija will also host its own pavilion at EXPO 2027, creating an immersive space to showcase its technologies, innovation platforms and future-fa
Axelspace Secures Japan Ministry of Defense Satellite Constellation Project20.2.2026 12:01:00 CET | Press release
As an optical imagery provider, Axelspace has entered into a contract for the acquisition of image data Axelspace Corporation (“Axelspace”), a leading developer and operator of microsatellites dedicated to realizing its vision of “Space within Your Reach,” announced that, for the purpose of carrying out the Ministry of Defense’s satellite constellation project, it has entered into a contract with Tri-Sat Constellation Co., Ltd. and Mitsui Bussan Aerospace Co., Ltd. for acquisition of optical imagery data. Tri-Sat Constellation Co., Ltd. is a special purpose company (SPC) established by Mitsubishi Electric Corporation, SKY Perfect JSAT Corporation, and Mitsui & Co., Ltd. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260220758297/en/ An imagery of satellite constellation © the Ministry of Defense The Ministry of Defense’s satellite constellation project was awarded to a consortium comprising Mitsubishi Electric Corporation, S
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