News Middle East29 Aug 2019

Saudi Arabia:1H aggregate profit of 32 insurers reaches US$138m

| 29 Aug 2019

Thirty two (32) insurance companies listed on the Saudi stock market have 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.

A Mubasher survey based on corporate disclosures on Tadawul revealed that Bupa Arabia retained its position as the top gainer in 1H2019 when its net profit jumped by 65% to SAR310.2m (before zakat and income tax).

Tawuniya reported a 45.2% rise in net profit in the first half of 2019 to SAR116.4m, ranking second in terms of the amount of profits.

Eight insurance companies saw their results turn to red ink in the first half of 2019, while three companies deepened net losses, and two companies managed to reduce their losses during the first half, compared to the same period last year.

Total written premiums in Saudi Arabia reached SAR18.86bn in 1H2019, representing an increase of 11.4%, from about SAR16.94bn during 1H2018.


 

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