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Insurance providers in Saudi Arabia saw their aggregate profit surge 13 percent year-on-year (YoY) to SAR 1.04 billion (before Zakat) on higher written premiums and a strong retention ratio for the 2015 fiscal year, according to research conducted by Argaam.
BUPA Arabia For Cooperative Insurance Co. (BUPA) helped boost earnings during the period as it recorded a SAR 645.1 million net profit (before zakat), marking a sharp rise from the SAR 301.3 million reported in 2014.
As for Q4, aggregate profit declined 25 percent to SAR 201.5 million, compared to SAR 268 million in Q4-2014.
The Company for Cooperative Insurance (Tawuniya) followed, posting a SAR 642.3 million profit (before zakat) last year, compared to SAR 602.3 million in 2014.
Meanwhile, 20 out of the 34 insurers saw profit growth. Three firms witnessed an earnings decline, while 14 companies incurred losses.
Total written premiums rose 20 percent in the 2015 fiscal year to SAR 36.37 billion from SAR 30.38 billion in the year earlier. A total of 30 firms witnessed an increase in written premiums, while four companies saw declines.
The average retention ratio for insurers reached 82 percent during the period, ranging between 21 percent and 99 percent.
Bupa and Saudi Cooperative Insurance Co. (SALAMA) led with the highest retention ratios of 99 percent and 94 percent respectively. Alinma Tokio Marine Co. (ATMC) and Al Ahli Takaful tailed the list, with a retention ratio of 28 percent and 21 percent respectively.
Sanad Cooperative Insurance and Reinsurance Co. sustained losses in terms of subscribed premiums.
Based on guidelines set by the Saudi Arabian Monetary Agency (SAMA), insurance companies in the kingdom are required to retain at least 30 percent of their total insurance premiums and reinsure at least 30 percent within the kingdom.
The insurers’ incurred claims amounted to SAR 20.08 billion in the 2015 fiscal year, up from SAR 16.56 billion in 2014. Total incurred claims accounted for more than 55 percent of total written premiums, according to data compiled by Argaam.
Insurance Companies (SAR mln) |
|||
Company |
2014 |
2015 |
Change (%) |
Bupa Arabia |
301.3 |
645.1 |
114% |
Tawuniya |
602.3 |
642.3 |
7% |
Al Sagr Insurance |
26.6 |
104.1 |
292% |
Al Rajhi Insurance |
18.3 |
42.5 |
133% |
Arabian Shield |
15.3 |
41.3 |
170% |
SAICO |
20.2 |
36.8 |
82% |
Al Ahli Insurance |
30.2 |
34.4 |
14% |
Buruj Insurance |
20.1 |
33.2 |
65% |
AXA Insurance |
18.0 |
27.9 |
54% |
Al-Alamiya Insurance |
(28.1) |
27.3 |
197% |
Trade Union |
(14.3) |
25.7 |
280% |
Allianz SF |
15.9 |
23.8 |
50% |
Al Jazira Takaful |
9.8 |
17.7 |
81% |
ACE Insurance |
15.7 |
13.9 |
(11%) |
Gulf Union |
(6.3) |
13.2 |
310% |
ACIG |
8.9 |
11.1 |
25% |
SABB Takaful |
17.0 |
3.6 |
(79%) |
Salama Insurance |
2.8 |
3.1 |
11% |
Sanad Insurance |
(29.5) |
3.0 |
110% |
Saudi Reinsurance |
10.8 |
0.1 |
(99%) |
Malath Insurance |
(6.2) |
(1.9) |
70% |
Arabia Insurance |
1.9 |
(10.4) |
(644%) |
Wataniya |
11.6 |
(10.9) |
(194%) |
Amana Insurance |
(73.7) |
(12.8) |
83% |
Alinma Tokio Marine |
(29.4) |
(21.9) |
25% |
Gulf General |
27.9 |
(27.4) |
(198%) |
Metlife |
(26.0) |
(31.5) |
(21%) |
Solidarity |
(57.0) |
(51.5) |
10% |
Enaya Insurance |
(45.2) |
(52.0) |
(15%) |
United Cooperative Assurance |
(80.3) |
(53.0) |
34% |
Al Ahlia Insurance |
(53.1) |
(53.9) |
(2%) |
Walaa Insurance |
4.8 |
(56.3) |
(1263%) |
Wafa Insurance |
1.1 |
(60.2) |
(5832%) |
Medgulf |
193.5 |
(261.3) |
(235%) |
Total |
924.9 |
1045.2 |
13% |
*Excluding Weqaya Insurance for not disclosing financial results.
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