Moody's affirms Walaa's rating

Moody's has confirmed Walaa Cooperative Insurance's "A3" financial strength rating with stable outlook.

The rating reflects the insurer's position as the fifth largest player in the Saudi insurance market, its good asset quality, adequate capitalization and financial flexibility.

Moody's also praised Walaa's successful merger operations with both Metlife AIG ANB Insurance and SABB Takaful.

During the first quarter of 2023, Walaa has recorded a net profit amounting to 26.8 million SAR (7.1 million USD), against a 15.1 million SAR (4 million USD) net loss for the same period in 2022.