Moody's affirms Allianz SF rating at ‘A3’, retains stable outlook

Logo of Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) 

Moody's Investors Service affirmed the A3 Insurance Financial Strength Rating (IFSR) of Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) and retained a stable outlook, according to a statement to Tadawul. 

The rating follows an approval by Allianz SE, Allianz SF’s current parent that has an 'Aa2' rating and a stable outlook, to sell its 51% stake in Allianz SF to Abu Dhabi National Insurance Co. (ADNIC), the statement added. 

Allianz SF stated that the rating affirmation reflects Moody's expectation that the parent company's support, which currently upgrades the company's IFSR to A3 by one notch, will continue during the ownership transfer period. 

The company will also benefit from similar support under the ownership of ADNIC, subject to regulatory approval of the transaction, it added.

In September 2023, Allianz SF received a notification from Allianz SE of its decision to sell its entire 51% stake in the company to ADNIC, according to data available on Argaam.