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

This rating reflects the company's good market position in Saudi Arabia

  
Image used for illustrative purpose. Saving money. Female hand stack coins to shown concept of growing business and wealthy.

Image used for illustrative purpose. Saving money. Female hand stack coins to shown concept of growing business and wealthy.

Getty Images/ Kiyoshi Hijiki
Riyadh –  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.

Source: Mubasher

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