Saudi: Fitch assigns BBB+ rating to Gulf Union Al Ahlia; outlook stable

The company also received a national IFS rating of ‘AA-(sau)’ from the agency

Staff Writer, Mubasher

July 4, 2024

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Riyadh: Gulf Union Al Ahlia Cooperative Insurance Company has obtained insurer financial strength (IFS) rating of ‘BBB+’ from Fitch Ratings.

The company also received a national IFS rating of ‘AA-(sau)’ from the agency, according to a bourse filing.

Fitch assigned stable outlooks to both ratings, emphasising that they reflect the insurer's robust capitalisation, improving financial performance, and strong company profile.

In the first quarter (Q1) of 2024, Gulf Union Al Ahlia logged a net profit of SAR 19.54 million, down from SAR 27.91 million in Q1-23.

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