Argaam Report: Last Updated Date 01/11/2016
Tadawul-listed insurers more than doubled their aggregate earnings from a year earlier to SAR 1.52 billion in the first nine months of 2016, data compiled by Argaam showed.
A total of 18 companies posted profit growth this time around, led by Wataniya Insurance Co. which saw its earnings surge by 587 percent YoY to SAR 17.1 million.
Chubb, formerly known as ACE Arabia Cooperative Insurance Co., and Arabian Shield Cooperative Insurance Co. saw their profit more than double.
The Company for Cooperative Insurance’s (Tawuniya) profit grew by 5 percent YoY to SAR 535 million, thanks to higher net written premiums (NWPs).
| Item | 9m-2015 | 9m -2016 | Change |
|---|---|---|---|
| Net Income | 158.27 | 436.62 | 175.87 % |
Saudi Indian Company for Cooperative Insurance (Wafa), Saudi United Cooperative Insurance Co. (Walaa) and The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) all turned profitable in the first nine months of 2016.
In Q3 alone, the aggregate profit of Saudi insurers jumped 63 percent YoY to SAR 800.7 million.
The data provided excludes Weqaya Takaful Insurance and Reinsurance Co.’s financial results.
| Company | 9m-2015 | 9m -2016 | Change |
|---|---|---|---|
| Salama Cooperative Insurance Co. | - | - | - |
| Al Sagr Cooperative Insurance Co | 44.14 | 157.22 | 256.18 % |
| Walaa Cooperative Insurance Co. | - | - | - |
| Gulf Union Alahlia Cooperative Insurance Co. | 6.24 | 7.61 | 21.83 % |
| Saudi Reinsurance Co. | (43.94) | (23.92) | 45.56 % |
| The Company for Cooperative Insurance | - | - | - |
| LIVA Insurance Co. | 23.08 | 41.41 | 79.44 % |
| Allied Cooperative Insurance Group | 10.98 | 12.89 | 17.40 % |
| Aljazira Takaful Taawuni Company | 12.38 | 18.39 | 48.55 % |
| Al-Etihad Cooperative Insurance Co. | 26.33 | 34.71 | 31.82 % |
| Malath Cooperative Insurance Company | 11.46 | (125.43) | (1,194.68 %) |
| Al-Rajhi Company for Cooperative Insurance | 36.76 | 62.76 | 70.71 % |
| Gulf General Cooperative Insurance Co. | (9.89) | 14.69 | 248.47 % |
| The Mediterranean and Gulf Insurance and Reinsurance Co. | - | - | - |
| Bupa Arabia for Cooperative Insurance Co. | - | - | - |
| Amana Cooperative Insurance Co. | (22.48) | 7.55 | 133.59 % |
| Arabian Shield Cooperative Insurance Co. | 13.47 | 36.22 | 168.94 % |
| CHUBB Arabia Cooperative Insurance Co. | - | - | - |
| Gulf Insurance Group | - | - | - |
| Buruj Cooperative Insurance Co. | 24.21 | 43.14 | 78.19 % |
| Wataniya Insurance Co. | 4.08 | 18.61 | 356.38 % |
| Allianz Saudi Fransi Cooperative Insurance Company | 16.74 | 19.36 | 15.68 % |
| Saudi Enaya Cooperative insurance Company | (40.33) | (21.34) | 47.08 % |
| Saudi Arabian Cooperative Insurance Company | 25.89 | 40.64 | 57.00 % |
| Arabia Insurance Cooperative Company | (16.95) | 3.63 | 121.43 % |
| United Cooperative Assurance Co. | 36.11 | 88.49 | 145.04 % |
| Total | 158.27 | 436.62 | 175.87 % |
| Company | 2015 - Q3 | 2016 - Q3 | Change |
|---|---|---|---|
| ALSAGR INSURANCE | 30.49 | 26.66 | (12.56 %) |
| GULF UNION ALAHLIA | 7.21 | (0.23) | (103.25 %) |
| SAUDI RE | (57.24) | 2.71 | 104.73 % |
| LIVA | 11.23 | 12.21 | 8.77 % |
| ACIG | 3.98 | 4.71 | 18.13 % |
| JAZIRA TAKAFUL | 4.34 | 6.39 | 47.09 % |
| ALETIHAD | 3.42 | 27.19 | 695.84 % |
| MALATH INSURANCE | 19.24 | 1.34 | (93.06 %) |
| ALRAJHI TAKAFUL | 14.60 | 29.57 | 102.58 % |
| GULF GENERAL | (5.27) | 6.96 | 232.14 % |
| AMANA INSURANCE | 1.56 | 7.91 | 408.49 % |
| ARABIAN SHIELD | 6.37 | 18.71 | 193.94 % |
| BURUJ | 4.05 | 8.55 | 111.20 % |
| WATANIYA | 3.88 | 8.05 | 107.50 % |
| ALLIANZ SF | 5.49 | 6.31 | 14.88 % |
| ENAYA | (20.48) | (6.26) | 69.42 % |
| SAICO | 11.15 | 17.37 | 55.77 % |
| AICC | (19.75) | (1.69) | 91.43 % |
| UCA | 12.07 | 26.09 | 116.21 % |
| Total | 36.33 | 202.53 | 457.43 % |
| Company | EPS (Riyal) | Close | Adjusted P/E (TTM) |
|---|---|---|---|
| Al Sagr Cooperative Insurance Co | 14.27 | 56.59 | 2.15 |
| Saudi Arabian Cooperative Insurance Company | 1.51 | 11.51 | 11.03 |
| Buruj Cooperative Insurance Co. | 1.55 | 14.02 | 12.76 |
| LIVA Insurance Co. | 0.87 | 18.06 | 21.63 |
| Arabian Shield Cooperative Insurance Co. | 1.33 | 10.91 | 31.79 |
| The Company for Cooperative Insurance | 4.17 | 56.91 | 33.92 |
| Al-Etihad Cooperative Insurance Co. | 0.56 | 7.32 | 35.83 |
| CHUBB Arabia Cooperative Insurance Co. | 0.84 | 11.36 | 37.38 |
| Amana Cooperative Insurance Co. | 0.90 | 14.64 | 39.52 |
| Malath Cooperative Insurance Company | (2.94) | 12.00 | NEG |
| Saudi Enaya Cooperative insurance Company | (3.42) | 26.71 | NEG |
| The Mediterranean and Gulf Insurance and Reinsurance Co. | (0.83) | 34.69 | NEG |
| Gulf General Cooperative Insurance Co. | (0.41) | 11.92 | NEG |
| United Cooperative Assurance Co. | (0.14) | 14.44 | NEG |
| Allianz Saudi Fransi Cooperative Insurance Company | 0.35 | 12.77 | More than 50 |
| Allied Cooperative Insurance Group | 0.51 | 11.49 | More than 50 |
| Aljazira Takaful Taawuni Company | 0.45 | 15.96 | More than 50 |
| Gulf Insurance Group | 0.53 | 10.75 | More than 50 |
| Bupa Arabia for Cooperative Insurance Co. | 4.13 | 64.15 | More than 50 |
| Gulf Union Alahlia Cooperative Insurance Co. | 0.70 | 11.06 | More than 50 |
| Salama Cooperative Insurance Co. | 0.48 | 15.68 | More than 50 |
| Arabia Insurance Cooperative Company | 0.27 | 8.28 | More than 50 |
| Al-Rajhi Company for Cooperative Insurance | 0.61 | 9.68 | More than 50 |
| Saudi Reinsurance Co. | 0.05 | 5.63 | More than 50 |
| Wataniya Insurance Co. | 0.05 | 12.69 | More than 50 |
| P/E (TTM) | 25.92 |
| P/BV | 3.87 |
| Dividend Yield | 0.27 % |
| Sector Capitalization (M) | 94,609.30 |
| Market Cap. (M) | 3,394,508.45 |
| Return on Average Assets (TTM) | 3.72 % |
| Return on Average Equity (TTM) | 7.18 % |
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