Qutaiba Al-Nisf
The rating agency “Moody’s” raised its credit rating for KFH Takaful Insurance Company “KFH Takaful” from the level of Baa2 to the level of Baa1 with a stable future outlook, which reflects the insurance financial strength (IFSR) of the company, and expresses its position and ability to grow and develop its business and face competition.
The new classification confirms the strength of KFH’s business and financial position, the diversification of its asset portfolio and the strength of its brand. Moody’s took into account several criteria when raising the company’s rating, the first of which is the strong financial performance, which strengthens its position in the market as the largest Takaful insurance company in Kuwait, with good prospects for further growth, in addition to the strength of capital, and the brand that belongs to the Takaful group. Kuwait Finance House “KFH”, in addition to the company’s possession of strong and good assets supported by a conservative investment strategy that takes into account maintaining a low percentage of high-risk assets (HRA).
Vice Chairman of the Board of Directors and CEO of “KFH Takaful” Company, Qutaiba Al-Nisf, confirmed that the financial indicators of the company’s performance are strong and solid and contributed as an essential factor in raising the credit rating, with the availability of reserves larger than the requirements, while the total written insurance subscriptions increased by a value of 34.3 million dinars in 2022. , an increase from 26.8 million dinars in 2021, and net income reached 1.7 million dinars in 2022, compared to 1 million dinars in 2021.
Al-Nisf stressed that the classification is also supported by strong diversification of products and services for companies and individuals in a balanced manner, which provides growth opportunities for the company’s business and potential, with preference for Takaful insurance products that are on the rise, despite strong competition, in addition to prudence in risk management, governance and support. Adequate capital and opening new business lines.
He expressed his happiness with Moody’s raising the company’s credit rating, noting that the company’s business strategy always pushes to provide innovative insurance opportunities that provide an exceptional experience for its customers, and represent an added value to the Takaful insurance market in particular and the Kuwaiti insurance market in general, in addition to strengthening the brand with more services. And products with high value, diversity and comprehensiveness for all needs.
Al-Nisf stressed the strategic role played by “KFH Takaful” in expanding the scope of insurance services in the Gulf and Arab markets, in order to provide insurance cover for “KFH” customers, and in line with “KFH” strategic plans to expand in the geographical scope as the largest Islamic financial institution.
2023-11-04 17:36:10
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