Johnson Varughese has been with Walaa Cooperative Insurance Company (Walaa) since 2007. He is one of the founding members who joined the company as its first CFO, closely supporting the then-CEO in its initial phases of setting up the accounting functions and introducing necessary internal controls and reporting procedures to facilitate compliance with all regulatory requirements necessary for obtaining the operating licenses and approvals. He was appointed as the CEO of Walaa toward the end of 2012, and since then, he has been leading the company from the front through all its phases of growth, challenges, product diversification, and strategic expansions. He has led the company in doubling the Paid-up Capital from SAR 200 million to SAR 400 million through its first capital raise in June 2015, eventually reaching the current capital of SAR 850 million through capital raise, bonus shares, and mergers. Instrumental in ‘turning around’ the operations of the company and establishing a surplus in shareholders’ equity, he led the growth momentum of the company and, in February 2020 successfully completed the first merger in the Saudi Insurance sector with speed and efficiency, followed by a second merger in October 2022. He is a member of the Insurance Executive Committee of Insurers in the Kingdom of Saudi Arabia and has been the Chairman of the Finance Sub-Committee for two consecutive terms. He holds a Bachelor degree in Commerce, is a qualified chartered accountant, and is a Fellow member of the Institute of Chartered Accountants of India. He has over 30 years of experience in manufacturing, hospitality, trading and the financial sectors. CEO of Walaa Varughese Johnson Tell us more about the history of Walaa. Walaa was incorporated in 2007, as a public listed Saudi company and commenced its operations in February 2009. The company was founded by 34 renowned businessmen, mostly from the eastern region of Saudi Arabia. The company wrote a gross written premium of SAR 142 million in the first year (2009), joined the Billion Riyal League in 2016, and wrote over SAR 2.6 billion in 2022. Walaa is one of the few “A” rated insurance companies in the Saudi market today. Over a period of the last 14 years, Walaa grew from a position of being a very small insurer in 2009 - its first year of operation, to be among the top five players in the market, having more than 65 branches spread throughout the kingdom. Walaa’s vision is to position itself as one of the leading insurance and reinsurance company in the Saudi insurance market, providing all classes of Shariyah compliant products in all segments and to all cross-sections of society. CEO Today Middle East Awards 2023 - SAUDI ARABIA - - 29 -
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