AM Best affirms Egyptian Takaful Properties and Liabilities Insurance Company's rating

AM Best has affirmed the “B-” (fair) financial strength and “bb-” long-term credit ratings of Egyptian Takaful Properties and Liabilities Insurance Company (EGTAK).

The rating agency also affirmed EGTAK's “aa+.EG” national rating. The outlook is stable.

This rating is reflective of the company's strong balance sheet, adequate operating performance, limited business profile and marginal enterprise risk management.

Over the period 2020-2024, the insurer posted an average combined ratio of 98.5%. The average return on equity stood at 24.7%.