The number of finance and insurance firms operating in Saudi Arabia declined by 5 entities year-on-year (YoY) to 6,659 institutions by the end of 2018, from 6,664 in 2017, annual data compiled by the General Authority for Statistics showed.
The total number of employees in these entities dropped by 408 workers YoY to 113,300 last year.
The number of Saudi nationals working in these entities retreated by 90 workers to 82,200, and expats fell by around 318 employees.
|
Finance & Insurance Sectors |
|||
|
Item |
2017 |
2018 |
Variation |
|
Number of entities |
6,664 |
6,659 |
(5) |
|
Number of Saudi employees (‘000) |
82,308 |
82,218 |
(90) |
|
Number of non-Saudi employees (‘000) |
31,420 |
31,102 |
(318) |
|
Total employees (‘000) |
113,728 |
113,320 |
(408) |
Financial brokerage firms made up for 44 percent, or 2,962 institutions in the sector, with 74,100 employees in the same period.
|
Finance & Insurance Sectors (2018) |
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|
Economic activity |
Number of entities |
Employees |
||
|
Saudis |
Non-Saudis |
Total |
||
|
Financial brokerage (Banks) |
2,962 |
60,047 |
14,062 |
74,109 |
|
Insurance |
1,229 |
10,242 |
7,532 |
17,774 |
|
Other loans providing activities |
1,436 |
5,262 |
2,041 |
7,303 |
|
Other financial services (excl. insurance) |
149 |
2,086 |
1,391 |
3,477 |
|
Financial lease |
259 |
496 |
2,186 |
2,682 |
|
Other helping activities financial services |
269 |
1,579 |
1,035 |
2,614 |
|
Holding companies |
48 |
539 |
863 |
1,402 |
|
Reinsurance |
45 |
542 |
843 |
1,385 |
|
Brokerage activities related to securities contracts |
136 |
546 |
349 |
895 |
|
Cash management |
37 |
213 |
225 |
438 |
|
Insurance agency and brokerage |
38 |
193 |
129 |
322 |
|
Risk & damage assessment |
21 |
286 |
32 |
318 |
|
Financial markets management |
13 |
50 |
251 |
301 |
|
Other insurance helping activities |
17 |
137 |
163 |
300 |
|
Total |
6,659 |
82,218 |
31,102 |
113,320 |
Operating expenses in the finance and insurance industry rose 5 percent YoY to SAR around SAR 49.62 billion in 2018, while operating revenue jumped 7 percent YoY to SAR 173.2 billion.
Employees’ total compensation stood at SAR 23.18 billion in the same period.
|
Finance & Insurance Sectors (2018) SAR mln |
|||
|
Item |
2017 |
2018 |
Variation |
|
Employees’ compensations |
22.92 |
23.18 |
+1% |
|
OPEX |
47.31 |
49.62 |
+5% |
|
Operating Revenue |
162.02 |
173.20 |
+7% |
|
Finance & Insurance Sectors Details (2018) (SAR bln) |
|||
|
Economic activity |
Employees compensations |
OPEX |
Operating revenue |
|
Financial brokerage (Banks) |
17.23 |
34.40 |
135.62 |
|
Insurance |
3.50 |
10.02 |
18.50 |
|
Other loans providing activities |
1.07 |
2.01 |
7.32 |
|
Holding companies |
0.49 |
0.93 |
3.23 |
|
Financial lease |
0.14 |
0.93 |
3.33 |
|
Other financial services (excl. insurance) |
0.25 |
0.47 |
2.13 |
|
Reinsurance |
0.30 |
0.55 |
1.99 |
|
Other helping activities financial services |
0.11 |
0.18 |
0.61 |
|
Brokerage activities related to securities contracts |
0.04 |
0.05 |
0.17 |
|
Cash management |
0.01 |
0.02 |
0.07 |
|
Financial markets management |
0.01 |
0.02 |
0.06 |
|
Insurance agency and brokerage |
0.01 |
0.02 |
0.06 |
|
Other insurance helping activities |
0.01 |
0.02 |
0.06 |
|
Risk & damage assessment |
0.01 |
0.01 |
0.05 |
|
Total |
23.18 |
49.62 |
173.20 |
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