Moody’s assigns 'A3' rating to Walaa, outlook 'Stable'

Logo of Walaa Cooperative Insurance Co.

Walaa Cooperative Insurance Co. announced that Moody’s Investors Service affirmed its financial strength rating at “A3”, maintaining a “Stable” outlook.

The affirmation of rating and the stable outlook reflect Moody’s view of Walaa’s material strengthening of its capital base at the end of 2024, while the continued robustness of its regulatory solvency ratio provides strong support against expected losses, the company said in a statement to Tadawul.

This will help to mitigate the negative pressures resulting from the company’s weaker underwriting performance in 2025.

The rating also reflects Moody’s expectation that Walaa’s underwriting performance and overall profitability metrics will gradually stabilize due to the corrective measures the company has implemented, particularly through price increases and cost savings, the statement said.