Saudi insurance companies reported a combined profit of SAR 866 million (before zakat) in the first nine months of 2015, compared to SAR 659.4 million in the same period last year, according to data compiled on Argaam.
Tawuniya, Bupa, Al Sagr Cooperative Insurance Co., Al Rajhi Takaful, United Cooperative Assurance Co. (UCA), and Al Ahli Takaful all recorded the highest earnings among other insurers during the nine-month period.
Tawuniya posted a profit of 542.8 million (before zakat) during the nine-month period, compared to SAR 442.6 million in year-earlier period.
Bupa reported a profit of SAR 435.7 million (before zakat) during the nine months, compared to SAR 177.4 million during the same period last year.
Five Saudi insurers swung to profit, while 12 other companies recorded losses. Meanwhile, one company narrowed its losses during the nine-month period, as seen below:
|
*Combined Profit of Saudi Insurers (SAR mln) |
|||
|
Difference |
Nine-month period |
Company |
|
|
2015 |
2014 |
||
|
23% |
542.8 |
442.6 |
Tawuniya |
|
146% |
435.7 |
177.4 |
Bupa Arabia |
|
264% |
44.1 |
12.1 |
Al-Sagr Insurance |
|
79% |
36.8 |
20.5 |
Al-Rajhi Takaful |
|
570% |
36.1 |
5.4 |
United Cooperative Assurance Co. |
|
44% |
28.9 |
20.1 |
Al-Ahli Takaful |
|
269% |
26.3 |
(15.6) |
Trade Union |
|
47% |
25.9 |
17.7 |
SAICO |
|
98% |
24.2 |
12.2 |
Buruj Insurance |
|
177% |
23.1 |
(29.8) |
Al-Alamiya Insurance |
|
19% |
22.6 |
19.0 |
AXA Insurance |
|
273% |
16.7 |
4.5 |
Allianz SF |
|
21% |
13.6 |
11.3 |
SABB Takaful |
|
141% |
13.5 |
5.6 |
Arabian Shield |
|
5% |
12.4 |
11.8 |
AlJazira Takaful |
|
242% |
11.5 |
(8.1) |
Malath Insurance |
|
56% |
11.0 |
7.0 |
ACIG |
|
6% |
6.5 |
6.2 |
ACE Insurance |
|
242% |
6.2 |
(4.4) |
Gulf Union |
|
20% |
6.0 |
5.0 |
Salama Insurance |
|
103% |
4.1 |
2.0 |
Wataniya |
|
108% |
1.9 |
(24.7) |
Sanad |
|
(377%) |
(7.6) |
(1.6) |
Wafa Insurance |
|
(236%) |
(9.9) |
7.2 |
Gulf General |
|
(52%) |
(16.9) |
(11.2) |
Arabia Insurance |
|
(12%) |
(19.9) |
(17.8) |
Alinma Tokio Marine |
|
74% |
(22.5) |
(87.1) |
Amana Insurance |
|
(30%) |
(23.5) |
(18.2) |
ANB Insurance |
|
(7%) |
(34.4) |
(32.1) |
Al-Ahlia Insurance |
|
(44%) |
(40.3) |
(28.0) |
Enaya Insurance |
|
(351%) |
(43.9) |
17.5 |
Saudi Reinsurance |
|
(170%) |
(61.5) |
(22.8) |
Solidarity Takaful |
|
(592%) |
(68.0) |
13.8 |
Walaa Insurance |
|
(196%) |
(135.5) |
141.6 |
Medgulf Insurance |
|
31% |
866.0 |
659.4 |
Total |
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