Moody’s: T'azur Takaful view to positive

Moody's Investors Service said it affirmed the Ba1 insurance financial strength rating of T'azur Takaful Insurance Co. KSCC and changed the outlook to positive from stable.

Moody’s said the outlook change reflects the continued improvements T'azur Takaful has made in: (a) Asset quality, with a reduction in high risk assets equating to 58% of shareholders' and policyholders' (consolidated) equity at year-end 2015 from 64% at year-end 2013; and (b) profitability, with the return on capital of 5.8% and a 94% combined ratio on average between 2011-2015.

The outlook change also reflects the agency’s expectation that capital adequacy will improve in the future.

The rating continues to reflect: (a) T'azur Takaful's good market position within Kuwait's domestic Takaful market, with a market share of around 8% and fourth position within the Takaful segment; and (b) diversified product mix between non-life, health and life insurance, Moody’s added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.