Allianz Saudi Fransi Cooperative Insurance Co. News

Moody's Investors Service (Moody's) has confirmed the A3 insurance financial strength rating (IFSR) of Allianz Saudi Fransi Cooperative Insurance Company, with a stable outlook. Moody's says that the rating affirmation takes into account Allianz SF's moderately strong brand and market position, strong asset quality supported by a smart asset allocation strategy and reliable reinsurance counterparties, strong capitalization with a large buffer above regulatory solvency capital requirements, and good reserve adequacy with actuarial-led reserve setting and monitoring. Allianz SF's focus on highly competitive and commoditized motor and medical insurance in the Saudi insurance market, which has a high level of competition, and its high expense ratio, which dampens underwriting profitability, though this has been improving, partially offset these strengths.