Saudi Arabia's insurance companies registered double-digit in top line while profitability dropped sharply, according to the Insurance Authority's recently released report "Insurance Sector 3rd Quarter Report - 2025".
The Saudi insurance market GWP reached SAR65.2bn ($17.4bn) in the first nine months of 2025 (9M2025) against SAR58.3bn in the corresponding period of the previous year, an increase of almost 12%. The market’s net income after zakat and tax for the same period, however, slumped by 48% year on year to SAR1.8bn from SAR3.5bn.
Insurance revenue for 9M2025 grew by 3% to SAR53.5bn from SAR52bn in the same period of the past year, while net investment income saw a drop of 25% to SAR2.1bn from SAR2.8bn.
|
SAR m
|
9M2025
|
9M2024
|
Change
|
|
Gross Written Premiums
|
65,173.9
|
58,325.7
|
11.7%
|
|
Insurance Revenue
|
53,523.7
|
52,067.9
|
2.8%
|
|
Insurance Service Result
|
1,829.7
|
2,848.8
|
-35.8%
|
|
Net Investment Income
|
2,133.1
|
2,850.9
|
-25.2%
|
|
Insurance Finance Income/(Expenses)
|
-365.5
|
-862.7
|
-57.6%
|
|
Other Income/(Expenses)
|
-1,647.8
|
-936.9
|
-75.9%
|
|
Net Income after Zakat & Tax
|
1,803.9
|
3,453
|
-47.8%
|
Source: Insurance Authority
Life insurance business drops in third quarter
The insurance sector’s GWP grew by 9.7% to reach SAR20.3bn in the July-September 2025 period. Growth was driven by non-life business whereas protection and saving business declined.
For the same three-month period, medical and motor insurance branches each registered a 14.4% increase over the same period of the past year. Medical insurance premiums reached SAR10.7bn vs SAR9.3bn, whereas motor premiums reached SAR4.3bn against SAR3.7bn.
Property and casualty insurance business in 3Q2025 reached SAR3.4bn compared to SAR3.0bn in the corresponding period of 2024.
Protection and saving gross written premium for the third quarter this year dropped by 18.2% reaching SAR2bn from SAR2.4bn achieved in the same quarter of 2024.
The insurance companies’ net income after zakat and tax reached SAR454m in the third quarter of 2025, down from SAR1.22bn in the same period of the previous year. The Insurance Authority’s report attributed the decline to the fall in the insurance service result to SAR489.4m in the July-September period this year from SAR812m in the corresponding quarter of 2024, along with the decrease in net investment income to SAR1bn in the third quarter of this year from SAR1.386m in the corresponding quarter of 2024.