28/12/2017 06:28 AST
The Company for Cooperative Insurance (Tawuniya) has been ranked as one of the top 100 companies in the Arab world for the year 2017. The ranking, issued by Forbes Middle East magazine, is based on an analysis of the largest 1,300 publicly traded companies in Saudi Arabia, Qatar, Oman, Jordan, Egypt, Kuwait, Bahrain, UAE, Lebanon, Morocco and Tunisia.
Forbes sets minimum requirements for companies in order to be considered for the evaluation and ranking. The main evaluation criteria include the company’s revenue, net profit, assets and market value, with each company receiving four ratings based on its ranking in each criterion.
Tawuniya’s high ranking on the list was due to the strength of its financial position in 2016, with SR8.05 billion in total written premiums (revenues) and SR733 million net profit after Zakat. The company also saw its capital increase to SR1,250 million and total assets to SR13.5 million with an estimated market value of SR12 billion.
Commenting on the announcement, Tawuniya’s general manager for marketing Majed Al-Bahiti expressed his pride in the strong results achieved by Tawuniya which contributed to its high ranking in Forbes Middle East’s list of the Top 100 Companies in the Arab world for 2017, in which Tawuniya was ranked as the best insurance company in Saudi Arabia.
Al-Bahiti noted the company’s success in its strong financial performance, as well as its focus on enhancing its capital adequacy ratio to underpin both its capital position and competitive position, as key drivers in its leadership position in the Saudi market with more than 30 years of experience in the industry.
“In 2017, The company received the highest credit rating in the Saudi insurance market from Standard & Poor's with an (A-) stable outlook for the 12th consecutive year. It also took home a number of prestigious awards, including ‘Best Provider of Corporate Insurance Solutions in Saudi Arabia’, ‘Best Insurance Company in GCC’ and ‘Best Insurance company in the Middle East’”, Al-Bahiti added.
“The ranking also reflects Tawuniya’s strategic focuses which revolve around continuous product development and enhancement of the quality of its services, in line with its customer-centric strategy and its pioneering smart insurance concept through the utilization of advanced technical and information systems. These factors have collectively helped the company boost customer trust and form the foundation of our sustained excellence and innovation”, Al-Bahiti concluded.
Saudi Gazette
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