Saudi Arabia: Combined profit of listed insurance sector jumps to nearly $900m in 2023

Source: Middle East Insurance Review | May 2024

Listed insurance companies in the Saudi market saw stellar growth in 2023, as their combined profits soared to SAR3.3bn ($894m), compared to profits of less than SAR320m in 2022.

This growth was supported by an increase in net insurance service revenues, which was a direct result of legislative and regulatory changes, especially in motor insurance, reported the newspaper Al-Weam.

The profits reported for 2023 exceeded the aggregate profits of SAR2,877m for the past four years from 2019 to 2022.

The 2023 financial data showed an increase in net profits or a turnaround from 2022 net losses across all 25 insurance companies and the one reinsurer, Saudi Re.

Bupa Arabia topped the list of insurers in terms of profitability, with net profits reaching SAR940m in 2023. It was followed by Tawuniya, which more than doubled its net profits to SAR616m. These two companies accounted for around half of the sector’s 2023 total profits. M

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