Moody’s affirms Walaa’s IFSR at A3, outlook remains ‘stable’

Logo of Walaa Cooperative Insurance Co. 

Moody’s Investors Service (Moody’s) affirmed the A3 insurance financial strength rating (IFSR) of Walaa Cooperative Insurance Co. (Walaa), with a “Stable” outlook. 

The rating affirmation reflects Walaa’s strong market position and brand as Saudi Arabia's fifth largest insurer, as well as 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, and good financial flexibility given its low leverage and demonstrated access to capital.