News Middle East17 Jun 2019

Saudi Arabia:Bupa commands 91% of insurance market's net profits in 2018

| 17 Jun 2019

Twenty-one (21) insurance companies in Saudi Arabia reported pre-zakat and income tax profits in 2018 compared to 24 companies in 2017, according to an analysis by Arabian Shield Insurance.

In its report “Saudi Insurance Market 2018”, Arabian Shield Insurance notes that overall market profitability deteriorated by 46% to SAR577m in 2018 from SAR1.1bn in 2017. The main source of the data presented in the report is the companies’ financial statements published on the Tadawul website.

The top three insurers collectively commanded 86% of the profits of the industry. BUPA Arabia was the biggest winner in 2018 as it managed to grab 91% of the whole sector’s net profits, reporting earnings of SAR525m.

The list of profitable insurers welcomed two newcomers in 2018. On the other hand, five insurance companies reported losses in 2018 after having posted profits in the previous year. Of the 32 insurance companies registered in the kingdom, one insurer, Wafa, failed to publish its results at the time of publication of the report.

The profit/loss situation of the insurers in the Saudi market is summarised as follows

Situation

#

Insurer

2018 profit/loss

SAR m

2017 profit/loss

SAR m

Change %

 

 

 

 

 

 

 

 

 

Profits in 2018 and 2017

1

Bupa Arabia

525

501

5

2

Al-Rajhi

185

183

1

3

AXA

76

60

27

4

Walaa

100

142

-29

5

Allianz

37

35

6

6

Trade Union

88

67

32

7

Salama

16

65

-75

8

Arabian Shield

34

108

-68

9

Watanya

20

45

-54

10

Buruj

72

98

-26

11

ACIG

2

18

-87

12

Gulf Union

6

27

-79

13

Al Ahli

10

39

-73

14

SAQR

1

21

-96

15

AICC

3

16

-78

16

Alamiya

31

44

-30

17

Chubb

44

38

18

18

Al Ahlia

16

10

52

19

Jazira

32

31

2

 

Subtotal

1,302

1,548

-16

In the black in 2018

1

Malath

16

-11

NA

2

SABB

1

-5

NA

 

Subtotal

17

-16

NA

 

 

Red ink in 2018

1

SAICO

-13

52

NA

2

UCA

-60

37

NA

3

Gulf General

-25

20

NA

4

Solidarity

-60

34

NA

5

Amana

-20

1

NA

 

Subtotal

-178

143

NA

 

Losses in 2018 and 2017

1

Taiwuniya

-213

-147

Widened

2

MedGulf

-205

-388

Narrowed

3

MetLife

-22

-58

Narrowed

4

Tokio Marine

-32

-3

Widened

5

Enaya

-92

-15

Widened

 

Subtotal

-564

-610

Narrowed

 

 

Total

577

1,065

-46

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