ELEMENT LIST

EXPLANATION

Announcement Detail

Walaa Insurance announces that S&P Global Ratings upgraded the Company’s rating from (BBB+) to (A-) and the GCC rating to (gcAAA) with ‘Stable’ outlook.

While raising the rating to (A-), S&P highlighted the following as the major drivers for the upgrade:

1. Successful integration with MetLife AIG ANB Insurance company without experiencing any capital or earnings volatility;

2. Capital adequacy above AAA level as per S&P model and likely strengthening of the same over the next two years with the proposed rights issue to support the diversification in growth;

Stable outlook reflects S&P’s expectation that the Company will maintain its robust capital adequacy while strengthening its competitive position and diversifying its operations.

S&P further commented on the rationale behind the upgrade and noted; the Company management’s proactive approach, exceptional liquidity, very strong financial risk profile and very strong capital, and earnings with moderate risk profile.

The Company expects that the rating upgrade will be positive for the business growth, and the impact of the same will be reflected in the coming years.