News Middle East10 Sep 2020

Saudi Arabia:Wafa Insurance, undergoing restructuring, posts US$7.6m net loss for 1H

| 10 Sep 2020

Saudi Indian Cooperative Insurance (Wafa Insurance), which is undergoing financial restructuring, has disclosed its financial results for the first half of this year in which the insurer posted net loss before zakat of SAR28.4m ($7.6m) on premiums of SAR2.2m.

The Saudi Arabian Monetary Authority (SAMA) suspended Wafa Insurance from issuing or renewing any insurance policies wef 24 May 2018. This was after the regulator had issued a series of warnings to Wafa Insurance for failing to comply with solvency requirements.

The company's financial restructuring plan was approved on 26 April 2020 by the Commercial Court in Riyadh.

Despite Wafa Insurance's net results, the aggregate profits of the other 30 insurers in the country reached SAR1.2bn for 1H2020, 166% higher than the SAR468m they chalked up for 1H2019.

The table below summarises the unaudited interim financial results of the 31 insurers in Saudi Arabia:

Company Premium 1H 2020 SAR '000 Premium 1H 2019 SAR '000 Change % Market Share % (1H 2020) P/L 1H 2020 SAR '000 P/L 1H 2019 SAR '000 Change %
Bupa 5,713,196 5,344,249 6.9% 27.53% 568,714 310,197 83.3%
Tawuniya 5,042,534 4,456,547 13.1% 24.30% 295,166 116,434 153.5%
Medgulf 1,511,913 1,367,701 10.5% 7.29% 35,246 11,164 215.7%
Al-Rajhi 1,456,558 1,388,231 4.9% 7.02% 132,031 55,460 138.1%
AXA Arabia 811,778 794,919 2.1% 3.91% 70,305 57,304 22.7%
Walaa 632,046 573,759 10.2% 3.05% 17,533 1,012 1632.5%
SAICO 524,473 554,204 -5.4% 2.53% 27,167 7,054 285.1%
Wataniya 482,462 478,851 0.8% 2.33% 6,002 -7,100  
Malath 463,410 482,127 -3.9% 2.23% 8,717 -4,162  
Allianz SF 418,035 647,312 -35.4% 2.01% -4,578 18,001  
United Cooperative 389,157 200,628 94.0% 1.88% -4,505 1,760  
Arabian Shield 330,716 342,671 -3.5% 1.59% 16,792 8,502 97.5%
Al Etihad 308,124 392,211 -21.4% 1.48% 50,836 33,119 53.5%
ACIG 268,208 274,945 -2.5% 1.29% 9,963 5,669 75.7%
Gulf Union 226,112 273,847 -17.4% 1.09% 4,119 -34,874  
Alinma Tokio Marine 213,057 209,430 1.7% 1.03% 2,169 -17,223  
Arabia Cooperative 212,194 165,435 28.3% 1.02% 4,832 -17,675  
Solidarity 196,783 154,003 27.8% 0.95% -15,768 -20,603  
Saqr 194,501 199,274 -2.4% 0.94% -46,152 -6,714  
SALAMA 182,417 288,407 -36.8% 0.88% 6,422 -49,959  
Gulf General 176,734 136,440 29.5% 0.85% 14,494 7,220 100.7%
Amana 168,888 146,902 15.0% 0.81% 7,185 -25,101  
Chubb Arabia 146,602 143,905 1.9% 0.71% 17,105 14,739 16.1%
Ahli Takaful 125,131 118,225 5.8% 0.60% 6,760 6,931 -2.5%
Buruj 109,900 189,526 -42.0% 0.53% 7,157 19,105 -62.5%
Al Ahlia 97,489 89,494 8.9% 0.47% -3,300 -5,755  
SABB takaful 92,136 73,224 25.8% 0.44% -11,909 -3,944  
Enaya 87,040 64,240 35.5% 0.42% -12,023 -45,314  
Aljazira Takaful 86,104 38,987 120.9% 0.41% 27,552 17,532 57.2%
Al Alamiya 83,806 112,809 -25.7% 0.40% 7,629 15,266  
Wafa -2,222 111,703     -28,360 -42,462  
Total 20,749,282 19,814,206 4.7% 100.0% 1,217,301 425,583 186.0%

Source: Tadawul

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