The first-quarter financial results of insurance companies in Saudi Arabia signal an early but cautious recovery from the widespread pressures observed throughout 2025, according to BADRI management consultancy, an international actuarial and risk consultancy.
Saudi Reinsurance Company (Saudi Re) has reported a net profit after zakat of SAR46.7m ($12.5m) in the first quarter of 2026, representing a 32% increase compared to SAR35.4m in the corresponding period of 2025, according to a statement released by the reinsurer.
Al-Etihad Cooperative Insurance has announced the appointment of Mr Tareq Fahad Bouresly as Managing Director of the company for a six-month period.
Lockton has secured its reinsurance licence in the Kingdom of Saudi Arabia, and has announced that Mr Mohammed Al Rowais will lead the business.
The direct impact of the conflict in the Middle East on Saudi Arabia's Gulf Union Alahlia Cooperative Insurance (Gulf Union) is expected to be limited, according to Fitch Ratings.
Motor remained the most distressed line in the Saudi insurance market in 2025, with net service results swinging to a loss of SAR797m ($212.5m) in 2025 from a profit of SAR578m in 2024, a deterioration of 238%, according to BADRI Management Consultancy.
The Saudi authorities have launched Ta'amman, the first independent digital platform dedicated to raising insurance awareness across all segments of society.
Gulf General Cooperative Insurance Company announced that Mr Anuj Agarwal, CEO, has submitted his resignation with his last working day set for 15 April 2026.
Aljazira Takaful Taawuni Company (Aljazira Takaful) has announced that its Board of Directors has approved the resignation of Dr Sager bin Abdullatif Nader Shah from his position as Managing Director and Board Member, as well as from the membership of the Board's subcommittees.
The exposure of Jeddah-headquartered Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) to regions affected by the ongoing war in the Middle East remains limited and is also mitigated through reinsurance, according to S&P Global Ratings (S&P).