Saudi insurers' aggregate profit rises to SAR 116 mln in Q1 2019

Last Updated Date 10/06/2019 Argaam Report

Saudi insurance firms’ aggregate net profit after zakat jumped to SAR 116.42 million in the first quarter of 2019, compared to SAR 33.49 million a year earlier, data compiled by Argaam showed.

 

Data excluded Saudi Indian Company for Cooperative Insurance (Wafa Insurance).

Insurance - Aggregate Income (M)

Item 3m-2018 3m -2019 Change‬
Net Income 147.52 194.54 31.87 %

Bupa Arabia’s profit for the quarter accounted for 70 percent of the sector’s combined earnings.

 

Bupa Arabia turned to profit of SAR 81.7 million in Q1, compared to SAR 13.2 million in loss a year earlier on a 6 percent YoY increase in gross written premiums, a 45 percent YoY increase in investments and other revenues, and a decrease in doubtful debt provisions.

 

The profit of five insurers rose in Q1, led by Saudi Re, which saw its profit rise to SAR 21.4 million from SAR 4.6 million a year earlier, followed by Axa Cooperative and Alliance SF at 51 percent and 9 percent YoY increase, respectively.

 

In contrast, 10 insurance firms reported a profit decline in Q1 2019, led by Arabian Shield at an 87 percent YoY drop, followed by Wataniya and Walaa Insurance at 68 percent YoY decrease, each.

 

Meanwhile, 12 firms incurred losses in Q1, with Gulf Union posting SAR 37.9 million in losses, followed by Amana Insurance, Enaya and Salama.

Insurance - Net income before taxes and zakat (M)

Company 3m-2018 3m -2019 Change‬
Mutakamela Insurance Co. 9.67 11.22 15.99 %
The Mediterranean and Gulf Insurance and Reinsurance Co. (23.27) 7.04 130.23 %
Saudi Arabian Cooperative Insurance Co. 0.03 3.01 8,784.66 %
Al Sagr Cooperative Insurance Co. 9.27 (0.32) (103.44 %)
Arabia Insurance Cooperative Co. 3.83 (5.20) (235.89 %)
Gulf Union Alahlia Cooperative Insurance Co. 5.47 (36.17) (761.81 %)
Arabian Shield Cooperative Insurance Co. 13.06 3.76 (71.23 %)
Amana Cooperative Insurance Co. (6.91) (20.78) (200.69 %)
Allied Cooperative Insurance Group 2.42 1.98 (18.19 %)
LIVA Insurance Co. 10.55 7.78 (26.26 %)
United Cooperative Assurance Co. (7.61) (5.53) 27.33 %
Aljazira Takaful Taawuni Co. 7.34 7.45 1.47 %
Malath Cooperative Insurance Co. 10.02 6.57 (34.41 %)
Salama Cooperative Insurance Co. 7.29 (14.58) (300.05 %)
Walaa Cooperative Insurance Co. 38.74 15.32 (60.44 %)
Saudi Reinsurance Co. 7.60 24.83 226.89 %
Bupa Arabia for Cooperative Insurance Co. 9.35 94.12 906.87 %
Wataniya Insurance Co. 16.65 7.14 (57.14 %)
Gulf General Cooperative Insurance Co. 0.04 2.64 7,238.89 %
Al-Rajhi Company for Cooperative Insurance 41.36 4.38 (89.40 %)
Saudi Enaya Cooperative Insurance Co. (103.34) (17.61) 82.96 %
Al-Etihad Cooperative Insurance Co. 25.17 14.98 (40.46 %)
CHUBB Arabia Cooperative Insurance Co. 10.64 9.64 (9.44 %)
Gulf Insurance Group 18.24 26.83 47.13 %
The Company for Cooperative Insurance 41.93 46.03 9.78 %
Total 147.52 194.54 31.87 %

Insurance - Quarterly Aggregate Income (M)

Period Aggregate Income Growth
2019 - Q4 425.61 236.37 %
2019 - Q3 460.11 38.93 %
2019 - Q2 331.83 (23.50 %)
2019 - Q1 194.54 31.87 %
2018 - Q4 (312.09) 15.36 %
2018 - Q3 331.17 (53.77 %)
2018 - Q2 433.77 66.84 %
2018 - Q1 147.52 (58.73 %)
2017 - Q4 (368.72) (237.19 %)
2017 - Q3 716.38 184.08 %
2017 - Q2 259.99 134.27 %
2017 - Q1 357.41 124.74 %
2016 - Q4 268.76 385.56 %
2016 - Q3 252.17 1,650.48 %
2016 - Q2 110.98 42.90 %
2016 - Q1 159.04 1,252.59 %
2015 - Q4 55.35 452.50 %
2015 - Q3 14.41 (64.57 %)
2015 - Q2 77.66 221.10 %
2015 - Q1 (13.80) 45.49 %
              

When compared to the previous quarter, insurance companies’ turned to profit of SAR 116.4 million in Q1, compared to a net loss of SAR 495.9 million in Q4 2018.

          

Net income before taxes and zakat (M)

Company Q1-2019 Q4-2018 Q3-2018 Q2-2018 Q1-2018 Q4-2017 Q3-2017 Q2-2017 Q1-2017 Q4-2016 Q3-2016 Q2-2016 Q1-2016 Q4-2015 Q3-2015 Q2-2015 Q1-2015 Q4-2014 Q3-2014 Q2-2014 Q1-2014 Q4-2013 Q3-2013 Q2-2013 Q1-2013 Q4-2012 Q3-2012 Q2-2012 Q1-2012 Q4-2011 Q3-2011 Q2-2011 Q1-2011 Q4-2010 Q3-2010 Q2-2010 Q1-2010 Q4-2009 Q3-2009 Q2-2009 Q1-2009 Q4-2008 Q3-2008 Q2-2008 Q1-2008 Q4-2007 Q3-2007 Q2-2007 Q1-2007 Q4-2006 Q3-2006 Q2-2006 Q1-2006 Q4-2005 Q3-2005 Q2-2005 Q1-2005 Q4-2004 Q3-2004 Q2-2004 Q1-2004 Q4-2003 Q3-2003 Q2-2003 Q1-2003
BUPA ARABIA 94.12 92.44 244.78 178.86 9.35 101.17 216.98 145.77 36.69 - - - - - - - - - - - - - - - - - - - - - - - (32.65) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TAWUNIYA 46.03 (270.67) (22.87) 38.27 41.93 (715.78) 159.71 248.76 160.30 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
ALRAJHI TAKAFUL 4.38 13.37 77.41 52.88 41.36 48.95 58.71 41.09 34.11 36.27 29.57 24.43 8.76 5.78 14.60 15.75 6.41 (2.21) 4.17 11.96 4.36 (10.93) 7.39 (11.56) (6.25) 2.12 3.99 (6.47) 1.14 5.12 (18.36) (14.91) (3.83) (47.30) 4.08 (6.34) (8.20) - - - - - - - - - - - - - - - - - - - - - - - - - - - -
MEDGULF 7.04 (92.82) (79.79) (8.64) (23.27) 29.07 60.12 (417.32) (92.97) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
GIG 26.83 15.04 19.03 24.11 18.24 16.50 12.59 14.83 16.27 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
ALSAGR INSURANCE (0.32) (17.72) 7.83 1.30 9.27 2.66 7.53 6.92 5.09 9.59 26.66 58.01 72.55 58.44 30.49 12.82 0.83 14.44 2.83 1.58 7.72 11.95 15.01 16.92 13.80 7.37 7.97 13.95 3.83 11.44 12.66 9.95 2.98 11.86 8.21 3.72 1.19 (1.48) 2.37 (3.46) 1.98 - - - - - - - - - - - - - - - - - - - - - - - -
WALAA 15.32 4.73 22.57 34.33 38.74 32.05 44.38 35.59 32.23 26.32 39.99 30.59 20.41 11.69 (18.57) (40.41) (8.97) (8.99) 41.72 (8.70) (19.19) 12.52 7.91 (8.39) 12.53 7.56 4.57 3.90 2.73 13.21 0.81 (10.17) 0.64 (1.79) 1.18 (2.02) (4.35) (13.37) (2.32) (7.06) (2.34) (12.68) (0.54) (1.24) (0.33) - - - - - - - - - - - - - - - - - - - -
SAUDI RE 24.83 (10.34) 10.03 6.44 7.60 18.22 (0.27) 13.41 7.48 42.38 2.71 (8.93) (17.70) 44.05 (57.24) 22.61 (9.32) (6.65) 1.21 (7.21) 22.50 (90.26) (22.95) (1.99) 15.01 3.64 14.77 (0.37) 10.90 (12.40) (10.46) (4.59) (6.86) 6.06 5.70 (6.04) (5.67) 0.43 (0.89) (1.04) 6.32 - - - - - - - - - - - - - - - - - - - - - - - -
GULF UNION ALAHLIA (36.17) 17.84 (7.09) (10.73) 5.47 12.80 2.01 5.78 6.58 17.36 (0.23) 6.42 1.42 6.96 7.21 (2.79) 1.59 (1.89) 1.03 (0.84) (4.59) (21.51) 7.13 (3.00) (11.86) 8.45 1.42 1.33 (4.58) (28.84) (31.07) 1.22 (2.02) (0.32) 2.25 3.76 5.20 6.07 3.19 5.69 0.03 (21.31) 0.96 (0.23) 0.56 - - - - - - - - - - - - - - - - - - - -
WATANIYA 7.14 (8.86) 4.69 7.95 16.65 13.12 8.20 7.68 15.71 20.13 8.05 4.24 6.32 (14.94) 3.88 (2.97) 3.17 9.54 3.07 (6.87) 5.81 (28.10) 0.35 (5.98) 0.42 2.41 5.25 (0.02) 3.26 0.84 1.42 5.42 (17.95) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
ARABIAN SHIELD 3.76 9.89 4.65 6.70 13.06 42.01 23.14 22.35 20.68 44.73 18.71 10.07 7.43 27.83 6.37 2.59 4.51 9.73 1.44 2.10 2.05 2.97 0.80 1.37 1.41 2.40 2.94 1.49 2.43 6.38 2.60 4.46 2.98 8.04 4.27 4.02 3.19 3.38 3.82 3.80 2.45 (3.71) 1.54 1.31 1.59 (5.23) - - - - - - - - - - - - - - - - - - -
ALETIHAD 14.98 6.36 31.22 25.39 25.17 19.30 16.70 25.14 8.07 10.25 27.19 6.12 1.40 (0.59) 3.42 20.40 2.51 1.27 (5.37) 2.53 (12.72) (56.67) 5.81 9.73 4.24 12.27 6.11 (5.94) 9.25 10.21 (12.55) (8.40) 35.91 2.70 (1.79) (12.87) 32.81 (41.51) 20.24 (14.46) 50.52 - - - - - - - - - - - - - - - - - - - - - - - -
UCA (5.53) (43.70) (11.94) 3.08 (7.61) (22.88) (2.17) 27.43 34.22 11.28 26.09 43.16 19.24 (89.09) 12.07 17.46 6.59 (85.69) 20.77 (17.68) 2.30 (103.76) 0.96 8.45 16.10 (1.02) 10.30 7.22 13.64 19.11 8.48 11.20 11.88 36.98 10.37 23.96 (15.45) (0.47) 27.42 15.19 18.27 - - - - - - - - - - - - - - - - - - - - - - - -
SAICO 3.01 (6.11) (7.35) 0.41 0.03 14.62 16.39 11.51 9.40 17.53 17.37 21.60 1.67 10.92 11.15 8.17 6.56 2.57 9.90 4.57 3.19 (8.53) (9.79) (6.80) (0.67) 2.35 7.33 5.35 1.44 6.71 3.05 (4.10) (11.74) (18.55) 7.86 0.49 2.48 (0.97) (3.43) (1.20) (1.67) (5.51) (0.80) (0.57) (0.43) - - - - - - - - - - - - - - - - - - - -
AICC (5.20) (2.86) 1.15 1.31 3.83 3.15 3.87 3.65 5.16 4.82 (1.69) 2.11 3.22 6.54 (19.75) 0.49 2.21 13.06 (0.59) (8.49) (2.08) (13.30) (20.31) (43.46) (24.76) (9.11) (3.95) 5.56 4.64 4.17 3.80 5.25 4.07 (3.12) (3.35) (2.87) (2.89) (3.06) (2.94) (3.78) (2.01) (26.78) - - - - - - - - - - - - - - - - - - - - - - -
ACIG 1.98 (1.88) (1.10) 2.94 2.42 2.67 3.93 6.61 4.90 (4.55) 4.71 4.41 3.78 0.15 3.98 3.15 3.85 1.89 1.94 2.88 2.28 4.86 3.80 1.52 2.40 (8.54) (8.80) (2.90) (2.97) (11.43) 0.70 0.91 (0.13) (6.97) (3.01) (4.68) (4.97) (6.66) (5.18) (6.78) (5.60) (12.32) (5.65) (4.24) (0.57) - - - - - - - - - - - - - - - - - - - -
JAZIRA TAKAFUL 7.45 10.13 7.86 6.51 7.34 8.09 6.83 8.87 7.28 7.53 6.39 6.28 5.72 5.29 4.34 5.06 2.97 (2.05) 5.27 4.48 2.07 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SALAMA (14.58) (5.80) 5.83 9.03 7.29 13.13 22.03 16.16 14.18 16.08 8.74 3.03 2.50 (2.91) 1.44 1.99 2.56 (2.23) 0.76 3.44 0.80 (24.53) (6.46) (8.31) (2.26) (6.29) 0.67 (2.73) (2.80) 0.23 (1.32) 0.46 4.70 4.35 4.28 1.06 (1.31) 2.57 5.20 3.79 1.80 (51.42) (0.04) 1.42 12.34 - - - - - - - - - - - - - - - - - - - -
MALATH INSURANCE 6.57 (9.71) 10.02 5.29 10.02 (36.03) 11.10 5.04 8.86 (24.75) 1.34 (129.62) 2.86 (14.01) 19.24 3.66 (11.45) 1.88 8.69 (7.06) (9.73) (6.65) (5.34) (5.81) (12.03) 0.41 8.09 22.66 6.31 6.80 9.02 9.54 (3.74) 4.87 7.29 5.83 5.50 3.36 1.98 3.49 3.04 (44.34) (7.44) (2.25) (1.38) (3.71) (2.52) (10.90) - - - - - - - - - - - - - - - - -
MUTAKAMELA 11.22 8.60 9.23 9.55 9.67 10.33 7.98 7.79 8.82 5.07 6.31 6.29 6.76 7.10 5.49 5.71 5.54 11.40 7.48 2.27 (5.26) 1.60 4.05 3.66 3.51 3.26 2.38 2.13 2.51 2.03 1.32 1.54 (3.41) (2.87) (0.97) (2.50) (3.65) (10.71) (3.25) (5.23) (3.28) (21.23) (2.64) (5.84) (3.74) - - - - - - - - - - - - - - - - - - - -
LIVA 7.78 6.67 7.86 6.19 10.55 12.02 8.81 7.11 16.54 4.94 12.21 13.46 15.74 4.20 11.23 9.78 2.07 1.69 (3.50) (9.79) (16.51) (9.01) (7.41) (7.89) 2.41 0.82 0.69 0.89 1.36 (4.65) (3.58) (7.10) (2.67) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
CHUBB 9.64 18.39 5.20 10.27 10.64 10.96 7.80 9.78 9.14 13.85 9.47 11.77 2.22 7.42 (0.75) 8.22 (0.95) 9.56 4.42 (0.07) 1.80 6.27 0.01 3.37 6.23 9.33 7.98 6.22 5.41 3.51 3.46 4.58 4.45 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
AMANA INSURANCE (20.78) (8.03) (4.98) (0.29) (6.91) (7.13) 14.65 (1.80) (4.45) 4.17 7.91 (8.57) 8.21 9.71 1.56 1.83 (25.86) 13.44 (60.01) (19.30) (7.82) 17.73 (9.77) (10.05) (1.92) (17.45) (7.63) (11.54) (1.81) (50.99) (0.70) (6.86) (2.45) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
GULF GENERAL 2.64 (21.42) (6.74) (0.81) 0.04 7.49 4.63 11.29 (0.32) 10.22 6.96 11.63 (3.90) (17.51) (5.27) (5.80) 1.17 20.67 0.68 (2.62) 9.19 10.03 (0.02) (4.08) 4.88 1.57 15.35 (4.78) 3.98 (14.82) (6.18) 1.63 (2.59) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
ENAYA (17.61) (15.63) 3.71 23.42 (103.34) (5.22) 0.73 (3.48) (6.56) (4.48) (6.26) (5.51) (9.57) (11.67) (20.48) (10.07) (9.79) (17.14) (5.25) (11.31) (11.48) (50.24) (12.18) (12.98) (8.13) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total 194.54 (312.09) 331.17 433.77 147.52 (368.72) 716.38 259.99 357.41 268.76 252.17 110.98 159.04 55.35 14.41 77.66 (13.80) (15.70) 40.66 (64.13) (25.31) (355.55) (41.02) (85.27) 15.07 21.54 79.43 35.95 60.66 (33.38) (36.90) 0.03 (22.43) (6.05) 46.37 5.51 3.88 (62.39) 46.23 (11.05) 69.51 (199.30) (14.61) (11.64) 8.04 (8.94) (2.52) (10.90) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


Price Earnings (P/E) Ratios

Company EPS (Riyal) Close Recurring P/E (TTM)
Al-Etihad Cooperative Insurance Co. 1.24 12.49 7.63
Gulf Insurance Group 1.26 22.17 19.07
Mutakamela Insurance Co. 0.54 13.94 23.47
Aljazira Takaful Taawuni Co. 0.63 11.98 25.44
Walaa Cooperative Insurance Co. 0.11 14.05 26.02
LIVA Insurance Co. 0.47 21.06 26.50
CHUBB Arabia Cooperative Insurance Co. 0.88 11.39 34.08
Bupa Arabia for Cooperative Insurance Co. 3.50 74.42 41.66
United Cooperative Assurance Co. (1.54) 9.80 NEG
Gulf General Cooperative Insurance Co. (1.72) 10.77 NEG
Amana Cooperative Insurance Co. (1.70) 12.81 NEG
The Mediterranean and Gulf Insurance and Reinsurance Co. (1.73) 14.14 NEG
Gulf Union Alahlia Cooperative Insurance Co. (2.20) 9.64 NEG
Al Sagr Cooperative Insurance Co. (0.86) 20.14 NEG
Saudi Arabian Cooperative Insurance Co. (0.64) 10.32 NEG
Saudi Enaya Cooperative Insurance Co. (0.61) 22.43 NEG
Salama Cooperative Insurance Co. (0.62) 15.74 NEG
Arabia Insurance Cooperative Co. (0.39) 14.50 NEG
Allied Cooperative Insurance Group (0.19) 16.15 NEG
The Company for Cooperative Insurance (1.85) 59.83 NEG
Malath Cooperative Insurance Co. (0.04) 10.48 NEG
Arabian Shield Cooperative Insurance Co. 0.22 11.61 71.33
Al-Rajhi Company for Cooperative Insurance 1.28 21.52 78.20
Wataniya Insurance Co. 0.11 13.39 More than 100
Saudi Reinsurance Co. 0.14 4.61 More than 100

Sector Performance

Financials Highlights

Valuation Data (Latest Share Price)

P/E (TTM) 30.21
P/BV 2.21
Dividend Yield 1.35 %
Sector Capitalization (M) 62,780.55
Market Cap. (M) 3,032,280.93
Return on Average Assets (TTM) 2.91 %
Return on Average Equity (TTM) 7.18 %

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.