Saudi Arabia: Aggregate profits of 32 insurers hit $138m in 1H2019
Source: Middle East Insurance Review | Oct 2019
Thirty two insurers listed on the Saudi stock market reported an aggregate net profit of SAR517.3m ($138m) for the first six months of this year, 17.1% lower compared to SAR624m for the corresponding period in 2018.
The Saudi insurance sector comprises 33 companies, all of which announced their interim financial results, except for Wafa Insurance, which has submitted a restructuring plan and revealed that it was unable to publish its financial results on time.
Bupa Arabia retained its position as the top gainer in 1H2019 with its net profit jumping by 65% to SAR310.2m (before zakat and income tax), according to a Mubasher survey based on corporate disclosures on Tadawul.
Tawuniya reported a 45.2% rise in net profit in the first half of 2019 to SAR116.4m, ranking second in terms of profitability.
Eight insurers’ results were in the red for 1H2019, while three companies deepened net losses, and two insurers managed to reduce their losses during the first half, compared to the same period last year.
Total written premiums in Saudi Arabia reached SAR18.9bn in 1H2019, representing an increase of 11.8% from the same period in 2018. M
SAR1 = $0.27