Kuwait – Mubasher: Moody's Investors Service has assigned a Baa2 insurance financial strength rating (IFSR) to Boubyan Takaful Insurance Company, with a “Stable” outlook.
In a report released on Wednesday, Moody's said that its Baa2 rating reflects Boubyan Takaful's good market position as the largest Takaful insurer in Kuwait and number five within the overall Kuwaiti insurance market.
The rating also reflects the company’s strong diversification and control in distribution, as well as the recent profitability improvements with the return on capital (ROC) of 11.7% in 2015, supported by a good combined ratio (COR) of 84%.
Moody’s said that the stable rating outlook reflects its forecasts that Boubyan Takaful will maintain its improved profitability and keep its market share.
