Moody’s downgrade reflects a sharp decline in capital base following 2025 losses
Moody’s downgraded the Insurance Financial Strength Rating (IFSR) of Al-Etihad Cooperative Insurance Co. from A3 to Baa2 and placed it under review for a potential further downgrade, according to a company statement on Tadawul today. 
The Saudi insurer said the downgrade underscores a material deterioration in its financial position following losses incurred in 2025. Total shareholders’ equity declined by 36.8% to SAR 449.6 million at the end of 2025, compared to SAR 711.7 million at the end of 2024. The company also reported accumulated losses of 123% for 2025.
Moody’s downgrade reflects a sharp decline in capital base following 2025 losses
Moody’s downgraded the Insurance Financial Strength Rating (IFSR) of Al-Etihad Cooperative Insurance Co. from A3 to Baa2 and placed it under review for a potential further downgrade, according to a company statement on Tadawul today.
The Saudi insurer said the downgrade underscores a material deterioration in its financial position following losses incurred in 2025. Total shareholders’ equity declined by 36.8% to SAR 449.6 million at the end of 2025, compared to SAR 711.7 million at the end of 2024. The company also reported accumulated losses of 123% for 2025.
