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Walaa Cooperative Insurance Co. Announces that Moody’s affirm its A3 rating with Stable outlook.
| Element List | Explanation |
|---|---|
| Announcement Detail | Walaa Cooperative Insurance Company announces that Moody’s Investors Service (Moody’s) has affirmed the A3 insurance financial strength rating (IFSR) of the Company (Walaa), the outlook remains stable. Moody’s stated that the rating affirmation reflects Walaa’s strong market position and brand, as the fifth largest insurer in Saudi Arabia, and good business diversification that limits its exposure to the highly competitive and price-sensitive retail motor and medical lines. Walaa’s financial profile is underpinned by strong asset quality, resulting from its conservative investment strategy, good capital and reserve adequacy, along with good financial flexibility given its low leverage and demonstrated access to capital. For the details of the official announcement from Moody’s Investor Services, please see the attached press release by Moody’s. |
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The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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