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Malath Cooperative maintains Moody’s rating at baa2; outlook stable

Malath Cooperative maintains Moody’s rating at baa2; outlook stable
This rating reflects the company's good market position in Saudi Arabia
MALATH INSURANCE
8020
-0.35% 22.72 -0.08

Riyadh – Mubasher: Malath Cooperative Insurance Company has continued to maintain its Insurance Financial Strength (IFSR) at the 'baa2' rating from Moody’s International Credit Agency, with a stable outlook.

This rating reflects the company's good market position in Saudi Arabia, strong asset quality, and good capital adequacy level, according to a bourse filing on Tuesday.

It is noteworthy to mention that during the first nine months of 2020, the company's net profits before Zakat jumped by 301.4% to SAR 10.62 million, compared to SAR 2.65 million in the year-ago period.