Riyadh – Mubasher: Saudi United Cooperative Insurance (Walaa) has received a ‘gcAA+’ financial strength rating (FSR), in accordance with GCC standards, from Standard & Poor’s.

The ratings agency gave the insurance firm a ‘stable’ outlook, Walaa said in a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

“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”, Standard & Poor’s said.

At the stock’s level, Walaa decreased 0.74% closed at SAR 29.30 on Thursday.