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Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Apr 2024

View from India

As ESG risks rise, D&O covers need a new look

Egypt: Insurers take sustainability seriously

ESG disclosures and regulations in the UAE

ESG underwriting has framework but no standardisation

Keeping pace with changes on the corporate governance landscape

The Net-Zero Insurance Alliance can rise again

Broking

More support required for brokers in Jordan

Market Profile

UAE

Healthcare and health insurance is in the pink

Market in correction mode

Regulatory developments in the UAE

Still room for huge reinsurance growth in the UAE

Substantial growth potential ahead for B2B InsurTechs

UAE continues to be biggest growth engine in region

Market spotlight

Libya

Libya dam bursts: Climate change is not always the villain

Libya: A post-crisis boom hampered by outdated regulations

Insurance

General

Event-cancellation insurance is a luxury product

Anoud Tech equips the insurance industry for the Digital Age

Insurance against war and related risks in MENA

Strong insurance growth in Oman

Life & health

Adopt and adapt to AI

GCC life insurance set to flourish

Making CI coverage accessible and relevant

Reinsurance

SIRC Connect

DEI continues to be a focus in recruitment

Building capacity

A dynamic region with a promising future

MENA remains an important region for reinsurers

Saudi Arabia

AI dominates over half of insurance customer interactions in Saudi

Takaful

Takaful gaining ground in Nigeria and Tanzania

Indonesia: Weaker takaful firms expected to struggle for survival

Notebook

GAIF 34: Opportunities for partnerships

News

MENA

Middle East: bolttech extends footprint to several new markets

Middle East: NASCO in global strategic alliance with leading European reinsurance broker

Algeria: Draft insurance law focuses on product diversification, takaful and digitalisation

Bahrain: Gulf Tamin buys stake of 13.85% in ARIG

Egypt: Insurance federation vets business models for proposed Nat CAT pool

Egypt: Parliamentary economic committee proposes formation of national reinsurer

Egypt: Property insurance drives industry growth in 2023

Jordan: AM Best revises issuer credit rating outlook to 'Stable' for Middle East Insurance Co

Kuwait: GIG to dispose of holdings in Buruj Cooperative Insurance

Libya: Insurance federation calls for updating of industry legislation

Oman: Regulator gives nod to digital platforms of four insurance entities

Saudi Arabia: Competition is alive in domestic worker insurance branch

Saudi Arabia: Insurance Authority now in charge of health insurance regulation

Saudi Arabia: Tawuniya becomes a strategic partner of car leasing platform company

Türkiye: Call made for insurance to be mandatory for factories

UAE: Ombudsman Unit starts operations

UAE: Marsh staff mourn Ronny Vellekoop

Global

Global: ILS market at a crossroads

Global: Insurers increasingly concerned about greenwashing when it comes to investing

Global: Health and safety as top risk facing global directors

Global: Lloyd's reports strong preliminary results for 2023

Takaful

Canada: MGA launches takaful operations

Malaysia: Takaful business expected to witness stable profitability and capitalisation

Oman: Sultanate's sole reinsurer clinches retakaful window licence

Saudi Arabia: Al Rajhi Takaful's 2023 net profit jumps by over 350%

UAE: Sukoon offers to buy remaining 6.95% of shares in Ascana

Global Risk Review

Extensive evidence of second-hand trauma amongst claims handlers

New European AI law to impact insurance

Australia: NSW launches first state disaster mitigation plan

Telematics help reduce car crashes

Asia CROs worry most about operational resilience

Terrorism worsens as global conflicts drive risk of new wave

Generative AI could 'supercharge' climate disinformation

Japan: Record high number of serious traffic accidents in 2023 caused by distracted drivers

Risk of employee burnout surges in 2024

Millennials most likely to embrace AI in insurance

Automated safeguards do not ensure complete driving safety

Australia at risk of financial losses from climate change

Australia: Standardising natural hazard definitions

Product Bites

Saudi Arabia: Ejaro and Tawuniya partner to provide daily motor insurance

UAE: Heinz Arabia introduces the world's inaugural ketchup insurance policy

UAE: Indian consulate in the UAE launch life protection plan for blue-collar Indian workers

Middle East: bolttech to launch embedded insurance for electronic products in region

Diary

People on the move

Read the latest edition of AIR and MEIR as an Interactive e-book

Saudi Arabia: Al Rajhi Takaful's 2023 net profit jumps by over 350%

Source: Middle East Insurance Review | Apr 2024

The net profit after zakat attributable to shareholders of Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful), one of the largest providers in Saudi Arabia, surged 353.18% y-o-y to SAR328.06m ($87.5m) in 2023 from SAR72.39m.

The insurance revenues jumped 44.37% to SAR4.23bn last year from SAR2.93bn in 2022, according to the annual financial results filed by the company with the Saudi stock exchange. Al Rajhi Takaful said that the increase was due to growth in all lines of business.

Gross written contributions jumped by 73.60% y-o-y to SAR6.02bn last year, compared to SAR3.47bn in 2022.

The following table summarises the 2023 financial results of Al Rajhi Takaful:

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