Walaa -
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.