Summary: Takaful International Co. BSC May 11

Standard & Poors, May 2011

Abstract
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 a conventional accounting basis. In Standard & Poor's Ratings Services' view, technical earnings are likely to improve as the currently strong business growth delivers increasing...

Companies mentioned in this report are: Takaful International Co. BSC,Bahrain (Kingdom of)
Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Takaful International Co. BSC,Bahrain (Kingdom of)

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