Logo ofAl Sagr Cooperative Insurance Co.
Al Sagr Cooperative Insurance Co. announced that its Insurer Financial Strength (IFS) rating was affirmed by Fitch Ratings at “BBB”, while its National Long-Term Rating was affirmed at “A+(sau)”. 
The insurer’s both ratings were removed from Rating Watch Negative (RWN), while the outlook on both ratings remains negative, the company said, in a statement to Tadawul.
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Al Sagr also said that this update follows Fitch’s review, which reflects the company’s progress in implementing effective corporate governance practices and continued compliance with applicable regulations and supervisory requirements.
The rating affirmation reflects Al Sagr’s strong capitalization despite its relatively small market share in the Saudi insurance sector. However, the negative outlook continues to reflect recent financial performance and residual risks related to the full resolution of governance-related matters, according to the statement.
The company also reiterated its commitment to strengthening governance frameworks, enhancing financial performance, and addressing all outstanding regulatory and operational concerns that could impact its future credit profile.
According to data available with Argaam, Al Sagr received a letter in February from the IA suspending the sale of compulsory vehicle insurance as of Feb. 19, 2025, due to supervisory violations and the board’s failure to implement effective governance practices.
In April, Fitch Ratings placed Al Sagr’s Insurer Financial Strength Rating of “BBB” and National Insurer Financial Strength Rating of “A+ (sau)” on “Negative” watch.
Logo ofAl Sagr Cooperative Insurance Co.
Al Sagr Cooperative Insurance Co. announced that its Insurer Financial Strength (IFS) rating was affirmed by Fitch Ratings at “BBB”, while its National Long-Term Rating was affirmed at “A+(sau)”.
The insurer’s both ratings were removed from Rating Watch Negative (RWN), while the outlook on both ratings remains negative, the company said, in a statement to Tadawul.
For more news on listed companies
Al Sagr also said that this update follows Fitch’s review, which reflects the company’s progress in implementing effective corporate governance practices and continued compliance with applicable regulations and supervisory requirements.
The rating affirmation reflects Al Sagr’s strong capitalization despite its relatively small market share in the Saudi insurance sector. However, the negative outlook continues to reflect recent financial performance and residual risks related to the full resolution of governance-related matters, according to the statement.
The company also reiterated its commitment to strengthening governance frameworks, enhancing financial performance, and addressing all outstanding regulatory and operational concerns that could impact its future credit profile.
According to data available with Argaam, Al Sagr received a letter in February from the IA suspending the sale of compulsory vehicle insurance as of Feb. 19, 2025, due to supervisory violations and the board’s failure to implement effective governance practices.
In April, Fitch Ratings placed Al Sagr’s Insurer Financial Strength Rating of “BBB” and National Insurer Financial Strength Rating of “A+ (sau)” on “Negative” watch.
