Walaa Insurance announces rating upgrade to (A-) and GCC rating to (gcAAA) by S&P Global Ratings on improved risk profile with stable outlook

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Announcement Detail Walaa Insurance announces that S&P Global Ratings upgraded the Company’s rating from (BBB+) to (A-) and the GCC rating to (gcAAA) with ‘Stable’ outlook.

While raising the rating to (A-), S&P highlighted the following as the major drivers for the upgrade:

1. Successful integration with MetLife AIG ANB Insurance company without experiencing any capital or earnings volatility;

2. Capital adequacy above AAA level as per S&P model and likely strengthening of the same over the next two years with the proposed rights issue to support the diversification in growth;

Stable outlook reflects S&P’s expectation that the Company will maintain its robust capital adequacy while strengthening its competitive position and diversifying its operations.

S&P further commented on the rationale behind the upgrade and noted; the Company management’s proactive approach, exceptional liquidity, very strong financial risk profile and very strong capital, and earnings with moderate risk profile.

The Company expects that the rating upgrade will be positive for the business growth, and the impact of the same will be reflected in the coming years.

The Capital Market Authority and the Saudi Stock 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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