Moody's Investors Service has affirmed the ‘Baa2’ insurance financial strength rating of Buruj Cooperative Insurance Company and changed the outlook to stable from positive, the insurer said in a statement to Tadawul on Wednesday.

 

The rating affirmation is driven by the company’s strong asset quality, with majority of investments held as cash, bank deposits and investment grade Islamic sukuk bonds, which translate into a low ratio of high risk assets.

 

The change in outlook reflects the intensified competitive pressures that Buruj faces in the Kingdom’s insurance market.

 

However, Moody’s expects that the company to maintain its profitability and capital adequacy levels, the statement added.

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