Interview: Johnson Varughese Chief Executive Officer WALAA Insurance Company Al-Khobar, Kingdom of Saudi Arabia

"Establishment of the IA will accelerate the growth of the Insurance Sector as the Industry will now get focused attention. The strategy of IA is likely to be aligned with Vision 2030 and Financial Sector Development plan. Since savings is one of the pillars of Vision 2030, I hope to see a lot of emphasis on Protection and Savings Insurance Products."

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Meet Johnson Varughese, the transformative force behind Walaa Insurance's unparalleled success. Joining in 2007 as CFO, he laid the foundation for financial excellence, navigating regulatory landscapes. In 2012, he assumed the role of CEO, orchestrating a 'turn-around' and securing a surplus in shareholders' equity. Under his guidance, Walaa emerged as Saudi Arabia's fifth-largest insurer with A-from S&P and A3 from Moody's.

A mergers maestro, Johnson facilitated historic mergers in 2020 (MetLife AIG ANB) and 2022 (Sabb Takaful). Beyond the boardroom, he chairs the Finance Sub-Committee, leaving an indelible mark on the industry. With over 30 years of experience spanning diverse sectors, Johnson's strategic brilliance and leadership acumen promise a riveting exploration in our upcoming interview. Get ready to uncover the mind behind Walaa Insurance's triumphs in this interview.

S. G Afzal Biya Bani: How does the establishment of the Insurance Authority (IA) impact the Saudi insurance market, according to you?

Johnson Varughese: Establishment of the IA will accelerate the growth of the Insurance Sector as the Industry will now get focused attention. The strategy of IA is likely to be aligned with Vision 2030 and Financial Sector Development plan. Since savings is one of the pillars of Vision 2030, I hope to see a lot of emphasis on Protection and Savings Insurance Products. Other lines of businesses (Health insurance, Vehicle insurance and Medical Insurance) have seen significant growth in the recent past, and the growth will be further boosted in line with the developmental projects under implementation.

S. G Afzal Biya Bani: What are the responsibilities that the Insurance Authority (IA) is expected to assume over time in the regulation of the insurance market?