The merger between Walaa Cooperative Insurance and SABB Takaful was finalized on 19 October 2022. This marks the fifth merger in the Saudi insurance sector since 2020.
In a statement, the Saudi central bank (SAMA) welcomed the transaction between the two companies and encouraged other local insurers to accelerate M&A operations.
According to SAMA, these transactions have the potential to strengthen the sector's financial position, solvency and competitive ability.
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