Riyadh – Mubasher: Standard and Poors awarded Saudi United Cooperative Insurance Co. (Walaa) BBB+ insurer financial strength rating, with stable outlook.
These ratings reflect the company’s very strong risk-based capital adequacy, a satisfactory business risk profile and an overall upper-adequate financial risk profile, the report said.
S&P noted that the company benefits from the prices of car insurance and medical insurance, which achieved growth in terms of small and medium enterprises.
The rating firm pinpointed that Walaa is the seventh biggest firm in the Kingdom, regarding the insurance installments, and the fourth in terms ot total profits, which hiked to SAR 117.3 million.
