Takaful News - Saudi Arabia: Insurers' combined profits up 13%
Source: Middle East Insurance Review | Mar 2016
The combined profits before zakat of 34 insurance companies in Saudi Arabia totalled SAR1,045.2 million (US$278.7 million) in 2015, up 13% y-o-y, according to an analysis by the Argaam business publication.
The study shows that 20 insurance companies posted profits before zakat last year. Among them, the top three most profitable insurers are Bupa Arabia with profits before zakat of SAR645.1 million, The Company for Cooperative Insurance (Tawuniya) with SAR642.3 million, and Falcon Insurance with SAR104.1 million.
The insurance sector increased underwriting profits by 57% to SAR1,049.8 million for 2015. In all, 19 insurers showed underwriting profits.
Total written premiums for the insurance industry stood at SAR36.4 billion for 2015, representing a growth of 20% compared with 2014. Tawuniya was the leader at SAR7,545.3 million, followed by Bupa Arabia with SAR7,328 million and Medgulf with SAR4,001.9 million.
SAR1 = US$0.26