Walaa is pleased to announce that it has been assigned an (A3) Insurance Financial Strength Rating (IFSR) with a stable outlook by Moody’s Investors Service, and it is one of three Insurance companies to receive an (A) rating in Saudi Arabia.
The (A3) IFSR of Walaa reflects its: (i) strong brand and market position, (ii) strong asset quality, driven by a conservative investment strategy with high-risk assets, (iii) good capital adequacy, (iv) strong reserve adequacy, with the sophistication of setting and monitoring underpinned by in-house actuaries, (v) and the good recent profitability.
Furthermore, the stable rating outlook reflects Moody’s expectation that Walaa will maintain its improved profitability by profitably growing the business and thereby further aid its capital adequacy.
Johnson Varughese, Walaa’s CEO, commented “We are very pleased and proud to receive the (A3) rating from Moody’s. This is a significant milestone in the journey of Walaa as the company is about to complete its 10th anniversary and is a testimony to the hard work of our team’s effort to meet and exceed the expectations of its customers. We remain committed to serving our stakeholders as this rating further reinforces our competitive advantage in the markers and strengthens our growth plans.”
