Walaa Cooperative Insurance Company — Cyborg Score 7/10
Strong
Takaful Insurance
Strategic Profile
Headquartered in Al-Khobar with three regional offices and more than 70 retail offices nationwide, Walaa has established a strong distribution footprint. The company holds an A- Insurance Financial Strength Rating from S&P Global Ratings and gcAAA GCC regional scale credit rating, both with stable outlook, positioning it as a financially sound competitor in the Saudi takaful insurance sector.
Cyborg Score Rationale
Walaa demonstrates solid market positioning in Saudi Arabia's Takaful insurance space with investment-grade credit ratings (A-/A3), consistent profitability, and a comprehensive digital platform. The company's diverse product portfolio (motor, retirement, travel) and extensive branch network provide competitive resilience, though growth prospects depend on Saudi market dynamics.
Top Insights
(December 2023) Walaa achieved net profits of SAR 148 million for full-year 2023, with Q4 2023 earnings of SAR 45.3 million
Fully digital Takaful offerings (motor, retirement, travel) with 24/7 bilingual support and paperless claims processes enhance operational efficiency
Strong credit ratings (A- from S&P Global, A3 from Moody's, gcAAA regional scale) demonstrate financial stability and risk management capability
Extensive branch network (70+ retail offices plus 3 regional hubs) combined with digital channels supports market penetration across Saudi Arabia
Named Competitors
Alrajhi Takaful — Islamic takaful insurance solutions in Saudi Arabia
Aljazira Takaful Taawuni — Takaful insurance provider in Saudi market
SABB Takaful — Islamic insurance and reinsurance services
Solidarity Saudi Takaful — Shariah-compliant takaful insurance offerings
Wataniya Insurance — Cooperative insurance services in Saudi Arabia
Recent Developments
(August 2024) Prospectus issued on 05/08/2024G indicating public company capital structure and regulatory standing
(December 2023) Full-year net profit of SAR 148 million reported with Q4 earnings of SAR 45.3 million
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