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Takaful International Co. BSC May 11
Standard & Poors, May 2011
Good financial flexibility. Good operating performance. Small absolute size in a small Gulf Cooperation Council market. Equity bias in the investment portfolio Reliance on reinsurers. The ratings on Bahrain-based composite insurer Takaful International Co. BSC (TIC) reflect the company's good operating performance and good financial flexibility. These positive factors are partially offset by the small absolute size of the company, which operates in the relatively small Gulf Cooperation Council (GCC) market of Bahrain (BBB/Watch Neg/A-3), and its only adequate capitalization at the current level. TIC has a good earnings record, from both its takaful (Islamic insurance) fund in terms of underwriting performance-- reflected in the increasing surplus in both the general and life policyholders' funds--and the overall shareholders' return on...
Companies mentioned in this report are: Takaful International Co. BSC,Bahrain (Kingdom of)
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Takaful International Co. BSC,Bahrain (Kingdom of)