Standard & Poor's affirms Walaa Cooperative Insurance's rating

Standard & Poor's has confirmed Walaa Cooperative Insurance's "A-" financial strength rating. The agency also affirmed the Saudi insurer's regional "gcAAA" and national "ksaAAA" ratings.

The "gc" rating is used to evaluate companies operating in the Gulf Cooperation Council (GCC) countries. The outlook is stable.

By way of reminder, Walaa has ended the 2022 financial year with a turnover of 2.641 billion SAR (703.5 million USD), claiming fifth place in the ranking of insurance companies based in Saudi Arabia.