SAMA supports mergers in insurance sector: Al-Mubarak

Fahad Al-Mubarak Governor of SAMA

Fahad Al-Mubarak, Governor of the Saudi Central Bank (SAMA), stressed continues encouragement and promotion for mergers and acquisitions (M&As) in the insurance sector.

This came on the occasion of honoring the board Chairmen and CEOs of Walaa Cooperative Insurance Co. and SABB Takaful.

Al-Mubarak stressed SAMA’s readiness to avail its technical expertise and resources to assist and support the development of the sector, emphasizing that mergers provide a strategic opportunity to enhance the performance of the sector and improve its overall efficacy.

He added that mergers within the sector will also significantly help in strengthening its ability to contribute to the growth of the national economy and its stability, and mitigate the risks associated with economic activities.

Al-Mubarak also called on the rest of the insurance companies to follow suit of Walaa Insurance and SABB Takaful and the previously merged companies, underscoring the many benefits that mergers and acquisitions provide to the sector, its beneficiaries and policy holders where they can reap the benefits of increased solvency and financial resilience, improved competitive capabilities and enhanced operational and technical efficiency, as well as expanded product offerings and an augmented ability to attract competent talent.

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