25/03/2025 Argaam Exclusive
AI Summary
Tadawul-listed insurance firms traded at a combined price-to-earnings (P/E) ratio of 23x, trailing 12 months (TTM) to the end of 2024, market data compiled by Argaam showed.
The study included 26 insurers listed in the Saudi market.
The combined market capitalization of the insurance services providers reached around SAR 84.3 billion, based on March 24, 2025, closing prices, as shown in the following table:
As many as 14 insurance firms traded at a P/E ratio below 23×, led by Wataniya Insurance Co. (8.33x) and Saudi Arabian Cooperative Insurance Co. (SAICO) (9.22x). Meanwhile, Bupa Arabia for Cooperative Insurance Co. and Arabia Insurance Cooperative Co. (AICC) traded close to the sector’s P/E at 21.92x and 21.98x, respectively.
| Company | Price | P/E | Notes |
|---|---|---|---|
| WATANIYA | 21.44 | 8.32 | |
| SAICO | 15.12 | 9.20 | |
| SAUDI RE | 32.51 | 11.63 | |
| ALSAGR INSURANCE | 14.72 | 13.86 | |
| GIG | 26.80 | 14.33 | |
| ALETIHAD | 14.60 | 14.86 | |
| SALAMA | 15.32 | 15.26 | |
| GULF UNION ALAHLIA | 14.56 | 15.31 | |
| LIVA | 15.26 | 18.63 | |
| ARABIAN SHIELD | 17.00 | 19.11 | |
| TAWUNIYA | 141.20 | 20.72 | |
| AICC | 12.54 | 22.05 | |
| BUPA ARABIA | 173.20 | 22.28 |
The price-to-book (P/B) ratio of the insurance sector reached 3.11x. Arabian Shield Cooperative Insurance Co. traded at the lowest price-to-book (P/B) ratio of 0.82x. It was followed by Al-Etihad Cooperative Insurance Co. and AlJazira Takaful Taawuni Co. at 0.97x and 1.02x, respectively.
Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) traded at a P/B of 6.54x.
| Company | Price | Book Value | Price to Book (P/B) |
|---|---|---|---|
| ARABIAN SHIELD | 17.00 | 20.70 | 0.82 |
| JAZIRA TAKAFUL | 14.80 | 14.78 | 1.00 |
| ALETIHAD | 14.60 | 14.23 | 1.03 |
| GULF UNION ALAHLIA | 14.56 | 13.66 | 1.07 |
| AICC | 12.54 | 11.41 | 1.10 |
| ALSAGR INSURANCE | 14.72 | 13.36 | 1.10 |
| SAICO | 15.12 | 12.73 | 1.19 |
| GULF GENERAL | 9.24 | 7.46 | 1.24 |
| MUTAKAMELA | 14.92 | 11.70 | 1.27 |
| GIG | 26.80 | 20.76 | 1.29 |
| AMANA INSURANCE | 9.43 | 7.27 | 1.30 |
| WALAA | 18.70 | 14.30 | 1.31 |
| UCA | 8.89 | 6.71 | 1.33 |
| LIVA | 15.26 | 11.01 | 1.39 |
| WATANIYA | 21.44 | 15.24 | 1.41 |
| ENAYA | 10.22 | 7.13 | 1.43 |
| ACIG | 12.70 | 8.70 | 1.46 |
| MALATH INSURANCE | 13.90 | 8.66 | 1.61 |
| SALAMA | 15.32 | 10.49 | 1.81 |
| CHUBB | 31.50 | 11.36 | 2.77 |
| MEDGULF | 20.92 | 9.80 | 2.81 |
| SAUDI RE | 32.51 | 12.52 | 3.42 |
| TAWUNIYA | 141.20 | 29.85 | 4.73 |
| BUPA ARABIA | 173.20 | 34.12 | 5.08 |
| ALRAJHI TAKAFUL | 136.00 | 20.80 | 6.54 |
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