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Moody's Downgrades Union's Credit Rating
Union Cooperative Insurance Company announced that Moody's downgraded its financial strength rating from Baa2 to Ba1, with the rating placed under review for a possible further downgrade. This comes as a result of financial challenges and the losses the company incurred during 2025 and the first half of 2026. Shareholders' equity declined by 20.5% to reach 357 million SAR by the end of the first half, reflecting a deterioration in its financial position, particularly in underwriting results and capital sustainability. Nonetheless, the company maintains a solid market position and a strong reputation, with stable assets and a conservative investment strategy, which provide some positive factors as it works to improve performance and strengthen its capital.
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