AlJazira Takaful Gets ‘BBB+’ Rating From Fitch; Outlook Stable

AlJazira Takaful Taawuni Co. said it obtained an Insurer Financial Strength rating of 'BBB+' from Fitch Ratings, with a stable outlook. The Saudi insurer also received a National IFS rating of 'AA- (sau)'.

The ratings reflect AlJazira Takaful's strong capitalization, supported by a low-risk investment portfolio and consistent underwriting performance, Fitch said. The agency noted that the company's regulatory solvency margin stood well above the minimum requirement at the end of last year.

Fitch said the stable outlook balances AlJazira Takaful's solid capital position against the competitive pressures in Saudi Arabia's takaful sector. The agency could upgrade the ratings if the company sustains its underwriting profitability while growing its premium base. A downgrade would likely follow a material deterioration in capital adequacy or a rise in claims volatility beyond Fitch's base-case assumptions.