saudi arabia’s insurance - badri management consultancy

SAUDI ARABIA’S INSURANCE INDUSTRY ANNUAL

PERFORMANCE ANALYSIS FOR THE FINANCIAL YEAR 2019

July 9, 2020

01

Principal's message

26

Articles

We help our clients be the best version ofthemselves by fostering partnerships, challengingnorms and providing cutting edge solutions. Weinspire our people to constantly evolve and chaseexcellence with integrity in a diverse, exciting andgrowth-oriented culture.

VISIONS o l u t i o n a r c h i t e c t s s t r e n g t h e n i n g o u r

p a r t n e r s t o o p t i m i z e p e r f o r m a n c e

MISSION

ABOUTBADRI

MANAGEMENTCONSULTANCYBadri Management Consultancy is the

fastest growing Actuarial ConsultingFirm in the Middle East, recognized forits collaborative approach to workingwith its clients as Profit OptimizingPartners. We are serving as AppointedActuary for over 20 companies in theGCC. In addition, we are providingother services including IFRS17Implementations, Development of ERMFramework, Specialized services forMedical Insurance and TPAs, BusinessIntelligence solutions and End ofService Benefits Valuations.

WWW.BADRICONSULTANCY.COM


Badri Management Consultancy

Year 2019 - KSA Insurance Companies

2019




5

GWP for 2019 (Overall)

Industry’s weighted

average retention ratio

Loss ratio

for 2019Industry’s ROE

for 2019

Combined ratio

for 2019

Industry’s Investment Yield for 2019

Industry’s Liquidity

ratio

Analysis of the Key Performance Indicators (KPIs) of 31* Listed Insurance Companiesof KSA for the year ended Dec 31, 2019 has been undertaken.

GWP for 2019 without Saudi Re

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

SAR

Mill

ion

s

INDUSTRY MIX

2018 2019




6

-

3,000

6,000

9,000

12,000

15,000

18,000

21,000

24,000

27,000

30,000

33,000

36,000

39,000

2018 2019

SAR

Mill

ion

s

GROSS WRITTEN PREMIUM

Gross Written Premium

Company

Ranking

IndicationGWP Profit

Bupa 1 1

Tawuniya 2 2

Al-Rajhi 3 3

Medgulf 4 13

AXA 5 4

Walaa 6 12

Allianz 7 7

Al Etihad 8 5

Malath 9 14

SAICO 10 20

Saudi Re 11 6

Wataniya 12 10

Gulf Union 13 24

Arabian Shield 14 15

ACIG 15 19

Salama 16 30Al Sagr 17 27

UCA 18 16

Solidarity 19 28

Arabia 20 26

Alinma 21 25

Buruj 22 17

GGI 23 21

CHUBB 24 9

Amana 25 23

Al Alamiya 26 11

Al Ahlia 27 29

SABB 28 22

Enaya 29 31

AlJazira 30 8

Alahli 31 18

“For the 31 listed companies the GWP has witnessed an increase from SAR 34.6 billion to SAR 37.6 billion for 2019 which is a growth of 8.7%. Excluding Saudi Re, GWP from 2019 is 36.8 billion depicting the growth of 8.64% in 2019.”

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

1.80%

0

5

10

15

20

25

30

35

40

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

SAR

Bill

ion

s

Fiscal Years

GWP & Penetration

Gross Written Premium Insurance Penetration




7

The top 5 companies had acombined premium of SAR 25.19billion for 2019 as compared toSAR 22.70 billion for 2018.

The highest growth over theperiod of 2019 was shown byAmana Insurance with an increaseof 80% in premiums compared tothe corresponding period of 2018.The largest decline over the sameperiod was shown by AlahliInsurance with a decrease of 50%compared to the correspondingperiod of 2018.

201967%

201933%

201866%

201834%

GWP DISTRIBUTION

Top Five

Others

10%

16%

-7% 15% -12% 10%3%

70% -13% 6% -31%30% 7% 59%

-5% -6% -5% 6% 10% 80% -25% 11% 11% 11% 29%-50%

-

200

400

600

800

1,000

1,200

1,400

Wal

aa

Alli

anz

Al E

tih

ad

Mal

ath

SAIC

O

Sau

di R

e

Wat

aniy

a

Gu

lf U

nio

n

Ara

bia

n S

hie

ld

AC

IG

Sala

ma

Al S

agr

UC

A

Solid

arit

y

Ara

bia

Alin

ma

Bu

ruj

GG

I

CH

UB

B

Am

ana

Al A

lam

iya

Al A

hlia

SAB

B

Enay

a

AlJ

azir

a

Ala

hli

SAR

Mill

ion

s

OTHERS

2018 2019

22%

10%

-14% 17%-2%

-

2,000

4,000

6,000

8,000

10,000

12,000

Bupa Tawuniya Al-Rajhi Medgulf AXA

SAR

Mill

ion

s

TOP FIVE

2018 2019




8

Bupa stood first in the list of companies that had major contribution inthe Industry’s total Gross Written Premium and Profit yielded. However,Alahli contributed least of the other companies to the Industry’s totalGross Written Premium.

Bupa

Tawuniya

Al-Rajhi

Medgulf

AXA

Walaa

Allianz

Al Etihad

Malath

SAICO

Saudi Re

Wataniya

Gulf Union

Arabian Shield

ACIG

Salama

Al Sagr

UCA

Solidarity

Arabia

Alinma

Buruj

GGI

CHUBB

Amana

Al Alamiya

Al Ahlia

SABB

Enaya

AlJazira

Alahli

0

5

10

15

20

25

30

0

5

10

15

20

25

30

0 5 10 15 20 25 30

RANKING

Profit - Ranking GWP - Ranking




9

-

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

Bu

pa

AC

IG

Gu

lf U

nio

n

Taw

un

iya

Al-

Raj

hi

Med

gulf

Al A

hlia

Sala

ma

Alli

anz

AX

A

SAIC

O

Solid

arit

y

Mal

ath

Al E

tih

ad

Wat

aniy

a

Am

ana

GG

I

Wal

aa

Enay

a

Ara

bia

Al S

agr

Ara

bia

n S

hie

ld

Alin

ma

Sau

di R

e

Bu

ruj

SAB

B

CH

UB

B

AlJ

azir

a

Al A

lam

iya

Ala

hli

UC

A

Premium to Equity Ratio

Premium-Equity ratio Weighted Average

The highest Premium to Equity ratio for 2019 is 3.38, shown by Bupa,whereas the lowest ratio of 0.14 is reflected UCA.

Weighted average of Net written Premium to Equity ratio for themarket is 1.92.

The Net Written Premium to Equity ratio is calculated by taking theproportion of Net Written premium in 2019 to Total Equity as at 31December 2019. It represents the premium that pertains to each SARamount of equity held by the Companies.




10

The highest retention ratio for 2019 of 100% is reflected by Enaya,whereas the lowest retention ratio of 13% is reflected by UCA.

The weighted average retention ratio for listed companies was at 84%.

The retention ratio has been calculated as a ratio of net written premiumto gross written premium.

Although there may be exceptions, retention ratios are generallyreflective of the lines of business being underwritten; Motor andMedical generally tend to have high retention ratios, while commerciallines such as Aviation, Engineering and Fire tend to have lowerretentions. Also, since this analysis does not segregate life and non-lifebusiness, the Companies writing higher volumes of life, especially IL andPA, would also tend to show higher retention levels.

0%

20%

40%

60%

80%

100%

120%

Enay

a

Bu

pa

Al-

Raj

hi

AX

A

Am

ana

Solid

arit

y

Al E

tih

ad

Al A

hlia

Mal

ath

AC

IG

Sala

ma

Al S

agr

AlJ

azir

a

Sau

di R

e

Bu

ruj

Taw

un

iya

Gu

lf U

nio

n

SAB

B

Med

gulf

Alli

anz

SAIC

O

GG

I

Ara

bia

n S

hie

ld

Ara

bia

Wal

aa

Wat

aniy

a

Ala

hli

Alin

ma

Al A

lam

iya

CH

UB

B

UC

A

RETENTION RATIO

Retention Ratios Weighted Average




11

Overall, the Insurance sector has witnessed significant growth in theretention ratio over the years which has mainly been driven by increasein proportion of Health Insurance business. For 2019, as per our analysisthe weighted average retention ratio is 84%.

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Overall

Motor Insurance

Health Insurance

General Insurance

Yearly Retention Ratio by LOBs

2011 2012 2013 2014 2015 2016 2017 2018




12

Top Five

65%

Others

35%

NET RESERVES

Total net reserves as at 31-Dec-2019were SAR 25.01 billion.

Total Net Reserve of top five companiesby Net Reserves as at 31-Dec-2019 is SAR16.18 billion.

4%

-2%

-9%0%

13%8% -21% 14% 74% -26% -2% 1%

-28%-11%

44% 3% 48% 15% 77% -29% 30% 20% 74% -28% -2% -19%

-

200

400

600

800

1,000

1,200

Sau

di R

e

Alli

anz

Al E

tih

ad

Wal

aa

Mal

ath

SAB

B

Sala

ma

Al S

agr

Gu

lf U

nio

n

SAIC

O

Wat

aniy

a

AC

IG

Ara

bia

n S

hie

ld

Bu

ruj

AlJ

azir

a

Ara

bia

Solid

arit

y

Al A

hlia

Am

ana

UC

A

Alin

ma

GG

I

Enay

a

Al A

lam

iya

CH

UB

B

Ala

hli

SAR

Mill

ion

s

OTHERS

Net Reserves 2018 Net Reserves 2019

23%0%

-2%

-9% 16%

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Bupa Tawuniya Al-Rajhi Medgulf AXA

SAR

Mill

ion

s

TOP FIVE

Net Reserves 2018 Net Reserves 2019




13

Gross Claims Paid have grown rapidly over the period from 2011 to 2016,keeping pace with the growth in business volumes, and then the growthhas tapered down over the last 3 years.

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

5

10

15

20

25

30

2011 2012 2013 2014 2015 2016 2017 2018 2019

Gro

wth

%

SAR

Bill

ion

s

Fiscal Years

Gross Claims Paid & Growth

GCP Growth




14

Combined Ratio is the sum of Loss Ratio and Expense Ratio.

For 2019, the weighted average combined ratio was 101%.

Highest combined ratio was shown by Enaya while the lowest combinedratio was reflected by Al Jazira.

0%

20%

40%

60%

80%

100%

120%

140%

Am

ana

Al S

agr

Ara

bia

Solid

arit

y

UC

A

GG

I

Gu

lf U

nio

n

Sala

ma

Bu

ruj

SAIC

O

Ara

bia

n S

hie

ld

Mal

ath

Al A

lam

iya

Med

gulf

Wat

aniy

a

AC

IG

Wal

aa

Al-

Raj

hi

Sau

di R

e

Taw

un

iya

Al E

tih

ad

Alli

anz

AX

A

Bu

pa

CH

UB

B

AlJ

azir

a

OTHERS

Loss Ratio Expense Ratio Industry Combined Ratio

0%

50%

100%

150%

200%

250%

Enaya Al Ahlia SABB Alinma Alahli

TOP FIVE

Loss Ratio Expense Ratio




15

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Am

ana

Sala

ma

Solid

arit

y

Al-

Raj

hi

Taw

un

iya

Alin

ma

Med

gulf

Bu

pa

SAB

B

Ara

bia

Wal

aa

SAIC

O

Al E

tih

ad

AC

IG

Mal

ath

Bu

ruj

AX

A

Wat

aniy

a

GG

I

Alli

anz

Sau

di R

e

AlJ

azir

a

Al A

lam

iya

CH

UB

B

Ala

hli

UC

A

OTHERS

Loss Ratio Industry Loss Ratio

0%

20%

40%

60%

80%

100%

120%

140%

160%

Enaya Al Ahlia Al Sagr Arabian Shield Gulf Union

TOP FIVE

Loss Ratio

Loss Ratio has been calculated by dividing net incurred claims to the netearned premiums.

For 2019, the weighted average Loss ratio was 82%.

Highest Loss ratio was shown by Enaya at 138% while the lowest Lossratio was reflected by UCA of 12%.




16

0%

20%

40%

60%

80%

100%

120%

UCA Alahli Enaya Al Alamiya SABB

TOP FIVE

Expense Ratio

Expense Ratio has been calculated by dividing the sum of Net ofCommission expenses and other operational expense to Net EarnedPremium.

For 2019, the weighted average Expense ratio was 19%.

Highest Expense ratio was shown by UCA at 104% while the lowestExpense ratio was reflected by Arabian Shield of 13%.




17

Weighted average G&A Expense ratio for the industry was 15.6% for2019.

Among all, UCA had the highest G&A Expense ratio of 146% whereas, thelowest G&A Expense ratio of 10% is reflected by Al Jazira.

G&A Expenses are calculated by taking the proportion of General andAdministrative Expense to the Net Earned Premium.

0%

10%

20%

30%

40%

50%

60%

Al A

lam

iya

GG

I

Ara

bia

Alin

ma

Al A

hlia

Wat

aniy

a

Bu

ruj

Am

ana

Solid

arit

y

Gu

lf U

nio

n

Al S

agr

Sala

ma

SAIC

O

Alli

anz

AC

IG

Mal

ath

Wal

aa

Med

gulf

Ara

bia

n S

hie

ld

Al E

tih

ad

AX

A

Al-

Raj

hi

Sau

di R

e

Taw

un

iya

Bu

pa

AlJ

azir

a

OTHERS

G&A Expense Ratio Weighted Average G&A Expense Ratio

0%

20%

40%

60%

80%

100%

120%

140%

160%

UCA Alahli Enaya CHUBB SABB

TOP FIVE

G&A Expense Ratio




18

0%

5%

10%

15%

20%

25%

30%

Saudi Re Amana Malath Solidarity Allianz

TOP FIVE

Commission Expense Ratio

Saudi Re showed the highest commission expense ratio for 2019 of 24%,whereas the lowest commission expense ratio of -42% is reflected byUCA.

Industry Weighted Average Commission Expense ratio is at 4%.

Commission Expense ratio is calculated by taking the proportion ofCommission Expenses to the Net Earned Premium.

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

AX

A

Al S

agr

SAIC

O

Al A

hlia

Ala

hli

Bu

ruj

AC

IG

Enay

a

Sala

ma

Al A

lam

iya

Al E

tih

ad

Alin

ma

AlJ

azir

a

Al-

Raj

hi

Taw

un

iya

Wal

aa

Bu

pa

Med

gulf

Gu

lf U

nio

n

Ara

bia

SAB

B

Wat

aniy

a

GG

I

Ara

bia

n S

hie

ld

CH

UB

BOTHERS

Commission Expense Ratio Weighted Average Commissions Expense Ratio




19

Bupa Arabia booked the highestprofit for 2019 of SAR 713 million ascompared to a profit of SAR 525million for the corresponding periodof 2018.

Enaya has booked the highest loss ofSAR 101 million in 2019 ascompared to a loss of SAR 92 millionin the corresponding period of 2018.

Net profit generated by the industry2019 amounted to SAR 1,305 millioncompared to a profit of SAR 639million for the corresponding periodof 2018, which is an increase ofaround 104%.

(400)

(200)

-

200

400

600

800

Bupa Tawuniya Al-Rajhi AXA Al Etihad

SAR

Mill

ion

s

TOP FIVE

Profit for 2018 Profit for 2019

(120)

(100)

(80)

(60)

(40)

(20)

-

20

40

Al Sagr Solidarity Al Ahlia Salama Enaya

SAR

Mill

ion

s

BOTTOM FIVE


332%12% 19% -35% -5% -24% -77%-109% 17% -51%-126%-79% 32% 202%-100%-100%-82%

-85%-1909%

37% -585%

(250)

(200)

(150)

(100)

(50)

-

50

100

150

Sau

di R

e

Alli

anz

AlJ

azir

a

CH

UB

B

Wat

aniy

a

Al A

lam

iya

Wal

aa

Med

gulf

Mal

ath

Ara

bia

n S

hie

ld

UC

A

Bu

ruj

Ala

hli

AC

IG

SAIC

O

GG

I

SAB

B

Am

ana

Gu

lf U

nio

n

Alin

ma

Ara

bia

SAR

Mill

ion

s

OTHERS


-27%

36%

289%

-41% 19%

-4975%-431%-369%

-26% 10%




20

(120)

(100)

(80)

(60)

(40)

(20)

-

20

40

Solidarity Al Ahlia Salama Enaya

SAR

Mill

ion

s

BOTTOM FIVE

Profit Before Investment Income 2019

Al Sagr

Investment Income 2019

(60) (40) (20)

- 20 40 60 80

100 120

AlJ

azir

a

CH

UB

B

Al-

Raj

hi

Sau

di R

e

Al A

lam

iya

AC

IG

Wal

aa

Wat

aniy

a

UC

A

Ala

hli

Ara

bia

n S

hie

ld

Mal

ath

Bu

ruj

GG

I

SA

ICO

SA

BB

Am

ana

Med

gulf

Alin

ma

Ara

bia

Gu

lf U

nio

n

SAR

Mill

ion

s

OTHERS

Profit Before Investment Income 2019 Investment Income 2019

-

200

400

600

800

Bupa Tawuniya AXA Allianz

Mill

ion

s

TOP FIVE

Profit Before Investment Income 2019

Al Etihad

Investment Income 2019




21

Most of the companies have total shareholder’s equity of less than SAR 500 Million.

Cash38%

Deferred1%

Investment25%

Property1%

Receivables & Prepayments

9%

Reinsurance24%

Intangible2%

ASSETS CLASSIFICATION6 Companies

are in the range of SAR 0 M to SAR

200 M

6 Companies are in the

range of SAR 200 M to SAR

300 M6 Companies

are in the range of SAR 300 M to SAR

400 M


range of SAR 400 M to SAR

500 M


range of SAR 500 M and

above

EQUITY SIZE & COMPANIES

- 20 40 60

Total Policyholders’ assets

Shareholders’ assets

Total assets

Policyholders’ liabilities and equity

Shareholders’ liabilities and equity

Total Liabilities &Equity

SAR Billions

Financial Instruments

2011 2012 2013 2014 2015 2016 2017 2018




22

The highest Liquidity Ratio for 2019 was 330% shown by Al Alamiya,whereas the lowest return on equity of 11% is reflected by Alahli.

Weighted average Liquidity ratio for the market was at 106%.

The liquidity ratio has been calculated as a ratio of current assets overtotal net technical reserves as at 31 December 2019.

0%

50%

100%

150%

200%

250%

300%

350%

Al A

lam

iya

UC

A

Enay

a

CH

UB

B

Solid

arit

y

Ara

bia

n S

hie

ld

Alin

ma

Am

ana

Wal

aa

AC

IG

GG

I

Al S

agr

Bu

pa

Al A

hlia

Ara

bia

Wat

aniy

a

Sala

ma

Gu

lf U

nio

n

Sau

di R

e

Me

dgu

lf

SAIC

O

AX

A

Al E

tih

ad

Mal

ath

Alli

anz

Taw

un

iya

Bu

ruj

SAB

B

Al-

Raj

hi

AlJ

azir

a

Ala

hli

LIQUIDITY

Liquidity Ratio Weighted Average Liquidity Ratio




23

Bupa showed highest return on equity of 28% for 2019, whereas thelowest return on equity of -183% was reflected by Enaya for the sameperiod.

Industry weighted average return on equity is at 9%.

The return on equity has been calculated as a ratio of net profit of 2019 tototal shareholder’s equity as at the beginning of 2019.

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

Bu

pa

Taw

un

iya

AX

A

Alli

anz

Al E

tih

ad

Al-

Raj

hi

CH

UB

B

Wat

aniy

a

AlJ

azir

a

Sau

di R

e

Al A

lam

iya

Ala

hli

AC

IG

UC

A

Mal

ath

Ara

bia

n S

hie

ld

Wal

aa

Bu

ruj

Med

gulf

SAIC

O

GG

I

SAB

B

Al S

agr

Alin

ma

Ara

bia

Solid

arit

y

Gu

lf U

nio

n

Sala

ma

Am

ana

Al A

hlia

ROE

ROE Weighted Average ROE




24

-

0.10

0.20

0.30

0.40

0.50

0.60

0.70

AlJ

azir

a

Al A

lam

iya

CH

UB

B

Bu

ruj

Enay

a

Ara

bia

n S

hie

ld

Al S

agr

GG

I

SAB

B

Solid

arit

y

Am

ana

Sau

di R

e

Mal

ath

Ara

bia

Wal

aa

Al E

tih

ad

UC

A

Bu

pa

AX

A

Sala

ma

Alin

ma

Al-

Raj

hi

AC

IG

SAIC

O

Ala

hli

Al A

hlia

Gu

lf U

nio

n

Med

gulf

Taw

un

iya

Wat

aniy

a

Alli

anz

Equity Ratio

Equity ratio Weighted Average

The highest Equity ratio for 2019 is 0.59 shown by Al Jazira, whereas thelowest ratio of 0.14 is reflected Allianz.

Weighted average Equity ratio for the market is 0.27.

The Equity ratio is a financial ratio indicating the relative proportion ofequity used to finance a company's assets. It is calculated as Total equityas at 31 December 2019 divide by Total Assets as at 31 December 2019.




25

The highest return on Investment for 2019 is 5%, shown by Al Ahlia, whereas the lowest return on assets of -1% is reflected by Allianz.

Weighted average return on assets for the market is at 2%.

The Return on Asset has been calculated as a ratio of Investment income of 2019 to Total Assets as at 31 December 2019.

0%

1%

2%

3%

4%

5%

6%

Al A

hlia

GG

I

Bu

ruj

Al S

agr

Gu

lf U

nio

n

Al-

Raj

hi

Solid

arit

y

Al E

tih

ad

Bu

pa

Al A

lam

iya

Ara

bia

n S

hie

ld

Enay

a

CH

UB

B

AX

A

Mal

ath

Sala

ma

SAIC

O

Ala

hli

Taw

un

iya

Sau

di R

e

UC

A

Am

ana

Wat

aniy

a

AlJ

azir

a

AC

IG

Med

gulf

SAB

B

Wal

aa

Alin

ma

Ara

bia

Alli

anz

INVESTMENT YIELD

Investment Yield Weighted Average Investment Yield




26

Over the past years, ROE has shown chaotic behavior however, it peaked in 2016 and then faced a decline afterwards.

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

2011 2012 2013 2014 2015 2016 2017 2018 2019

ROE Trend

ROE




27

The highest gearing ratio for 2019 is 5.98, shown by Allianz, whereas the lowest ratio of 0.69 is reflected by Al Jazira.

Weighted average gearing ratio for the market is 2.70

The Leverage ratio; also known as gearing ratio, is calculated by taking the proportion of Total Liabilities as at 31 December 2019 to Net worth of the Company as at 31 December 2019.

-

1.00

2.00

3.00

4.00

5.00

6.00

7.00

Alli

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Wat

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Med

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Gu

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Al A

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Ala

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SAIC

O

AC

IG

Al-

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hi

Alin

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Sala

ma

AX

A

Bu

pa

UC

A

Al E

tih

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Wal

aa

Ara

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Mal

ath

Sau

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e

Am

ana

Solid

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SAB

B

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Al S

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Ara

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Enay

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CH

UB

B

Al A

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AlJ

azir

a

Operating Leverage

Operating Leverage Weighted Average




28

S. No. Symbol Name Abbreviations

1 8010 The Company for Cooperative Insurance Tawuniya

2 8012 Aljazira Takaful Taawuni Co. AlJazira

3 8020 Malath Cooperative Insurance Co. Malath

4 8030 The Mediterranean and Gulf Insurance and Reinsurance Co. Medgulf

5 8040 Allianz Saudi Fransi Cooperative Insurance Co. Allianz

6 8050 Salama Cooperative Insurance Co. Salama

7 8060 Walaa Cooperative Insurance Co. Walaa

8 8070 Arabian Shield Cooperative Insurance Co. Arabian Shield

9 8080 SABB Takaful Co. SABB

10 8100 Saudi Arabian Cooperative Insurance Co. SAICO

11 8120 Gulf Union Cooperative Insurance Co. Gulf Union

12 8130 Alahli Takaful Co. Alahli

13 8140 Al-Ahlia Insurance Co. Al Ahlia

14 8150 Allied Cooperative Insurance Group ACIG

15 8160 Arabia Insurance Cooperative Co. Arabia

16 8170 Trade Union Cooperative Insurance Co. Al Etihad

17 8180 Al Sagr Cooperative Insurance Co. Al Sagr

18 8190 United Cooperative Assurance Co. UCA

19 8200 Saudi Re for Cooperative Reinsurance Co. Saudi Re

20 8210 Bupa Arabia for Cooperative Insurance Co. Bupa

21 8230 Al-Rajhi Company for Cooperative Insurance Al-Rajhi

22 8240 CHUBB Arabia Cooperative Insurance Co. CHUBB

23 8250 AXA Cooperative Insurance Co. AXA

24 8260 Gulf General Cooperative Insurance Co. GGI

25 8270 Buruj Cooperative Insurance Co. Buruj

26 8280 Al Alamiya for Cooperative Insurance Co. Al Alamiya

27 8290 Solidarity Saudi Takaful Co. Solidarity

28 8300 Wataniya Insurance Co. Wataniya

29 8310 Amana Cooperative Insurance Co. Amana

30 8311 Saudi Enaya Cooperative Insurance Co. Enaya

31 8312 Alinma Tokio Marine Co. Alinma




• Analysis of the Key Performance Indicators (KPIs) of 31 Listed Insurance Companies of KSA for the year ended Dec 31, 2019 has been undertaken. The data has been extracted from the annual financial statements of 2019 of all companies as available on Tadawul.

• While we have tried to ensure accuracy in the data input and evaluation process, in view of the natural scope for human and/or mechanical error, either at input or during analysis, we accept no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions of any part of this publication. If you come across an error or have a query, do write to us.

• This report is for information purposes only and should not be relied on and we accept no liability for reliance.

• In certain cases, we have combined certain items for comparison purposes.• The Report contains previous years values in a number of places that are taken from

the Industry Reports of previously published by SAMA.

Disclaimer

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