On the occasion of the completion of their merger on October 19, 2022, His Excellency the Governor of Saudi Central Bank (SAMA), Dr. Fahad Almubarak, honored the Board Chairmen and CEOs of "Walaa Cooperative Insurance" and "SABB Takaful". During this occasion, Almubarak pointed out that this fifth merger within the insurance sector since 2020 re-affirms the Central Bank's commitment to support the growth of the sector and promote its development. His Excellency noted that the sector was given the needed support due to the vital role it plays in Saudi Arabia's economy, highlighting that the Kingdom's Vision 2030, through its Financial Sector Development Program, had an initiative specifically dedicated to encouraging and facilitating mergers and acquisitions in the sector.

Almubarak asserted SAMA's continues encouragement and promotion for the mergers and acquisitions within the sector and expressed the Bank's willingness and 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.

The Governor also called on the rest of the insurance companies to follow the example of "Walaa Cooperative 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 talents.