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Saudi insurance firms make SAR 33 mln profit in Q1: Argaam Research
Saudi listed insurance firms made a total of SAR 33 million in profit before zakat taxes in the first quarter, compared with SAR 1.5 million in losses for the same period last year, according to Argaam Research.
Tawuniya’s profit before zakat was SAR 96.2 million in first quarter, compared with SAR 39.7 million year-on-year. Bupa Arabia for Cooperative Insurance reported a profit of SAR 36.8 million before zakat in first quarter, compared with a SAR 20.8 million loss in first quarter of 2014.
Out of 24 companies posted profit, while three firms reported a drop. As many as 10 companies reported losses.
|
Insurance Firms’ Profits (SAR mln)* |
|||
|
Change |
Q1 |
Company |
|
|
2015 |
2014 |
||
|
143% |
96.2 |
39.7 |
The Company for Cooperative Insurance |
|
277% |
36.8 |
(20.8) |
Bupa Arabia |
|
161% |
13.9 |
5.3 |
Alahli Takaful |
|
73% |
9.9 |
5.7 |
AXA- Cooperative |
|
187% |
6.6 |
2.3 |
United Cooperative Assurance |
|
105% |
6.6 |
3.2 |
SAICO |
|
47% |
6.4 |
4.4 |
Takaful Al-Rajhi |
|
63% |
5.8 |
3.5 |
Buruj |
|
205% |
5.5 |
(5.3) |
Allianz SF |
|
92% |
4.7 |
2.4 |
WAFA Insurance |
|
136% |
4.7 |
(13.0) |
SANAD |
|
120% |
4.5 |
2.0 |
Arabian Shield |
|
69% |
3.8 |
2.3 |
ACIG |
|
(46%) |
3.2 |
5.8 |
Wataniya |
|
14% |
3.1 |
2.8 |
SABB Takaful |
|
43% |
3.0 |
2.1 |
Aljazira Takaful |
|
221% |
2.6 |
0.8 |
SALAMA |
|
120% |
2.5 |
(12.7) |
Trade Union |
|
207% |
2.2 |
(2.1) |
AICC |
|
113% |
2.1 |
(16.5) |
Al Alamiya |
|
135% |
1.6 |
(4.6) |
Gulf Union |
|
(87%) |
1.2 |
9.2 |
GGI |
|
(89%) |
0.8 |
7.7 |
Sagr Insurance |
|
6% |
0.5 |
0.4 |
Al-Ahlia Insurance |
|
(153%) |
(1.0) |
1.8 |
ACE Arabia |
|
30% |
(4.5) |
(6.5) |
Alinma Tokio Marine |
|
(62%) |
(7.9) |
(4.9) |
ANB Insurance- Metlife |
|
53% |
(9.0) |
(19.2) |
Wala’a Insurance |
|
(141%) |
(9.3) |
22.5 |
Saudi Reinsurance Company |
|
15% |
(9.8) |
(11.5) |
Saudi Enaya Cooperative Insurance |
|
(18%) |
(11.4) |
(9.7) |
Malath Cooperative Insurance and Reinsurance |
|
(231%) |
(25.9) |
(7.8) |
Amana Cooperative Insurance Company |
|
(203%) |
(52.4) |
50.8 |
MEDGULF |
|
(53%) |
(64.0) |
(41.8) |
Solidarity Saudi Takaful Company |
|
-- |
33.0 |
( 1.5 ) |
Total |
*Excluding Weqaya Takaful (had not disclosed financial statements)
Premiums written rose 23 percent to SAR 10.48 billion
Total premiums written added 23 percent to SAR 10.48 billion in the first quarter, compared with SAR 8.53 billion in the same period last year.
About 24 companies made growth in total premium written, while 10 companies registered a drop in such premium.
|
Gross Premiums Written (SAR mln)* |
|||
|
Change |
Q1 |
Company |
|
|
2015 |
2014 |
||
|
46% |
2,079.4 |
1,421.3 |
Bupa Arabia |
|
30% |
1,515.8 |
1,163.6 |
MEDGULF |
|
1% |
1,505.5 |
1,493.7 |
The Company for Cooperative Insurance |
|
93% |
741.3 |
383.7 |
Malath Cooperative Insurance and Reinsurance |
|
67% |
455.0 |
271.9 |
SAICO |
|
29% |
402.9 |
313.5 |
AXA Cooperative Insurance |
|
33% |
372.6 |
280.9 |
Al-Rajhi Company for Cooperative Insurance |
|
(13%) |
335.8 |
387.7 |
United Cooperative Assurance Company |
|
49% |
251.9 |
169.0 |
Arabian Shield Cooperative Insurance |
|
(19%) |
243.8 |
299.4 |
Saudi Re For Cooperative Reinsurance |
|
(16%) |
212.2 |
253.1 |
Trade Union Cooperative Insurance |
|
19% |
206.4 |
173.2 |
Wataniya Insurance Company |
|
9% |
197.2 |
181.1 |
Walaa Insurance |
|
6% |
196.9 |
186.3 |
Arabia Insurance Cooperative |
|
107% |
187.0 |
90.3 |
ACIG |
|
(0%) |
180.5 |
181.0 |
Allianz SF |
|
(9%) |
142.4 |
156.0 |
Gulf General Cooperative Insurance |
|
145% |
126.7 |
51.6 |
Al Sagr Cooperative Insurance |
|
49% |
117.6 |
78.8 |
Al Alamiya for Cooperative Insurance |
|
29% |
113.7 |
88.0 |
Salama Cooperative Insurance |
|
76% |
107.1 |
61.0 |
Wafa Insurance |
|
15% |
103.7 |
89.9 |
Buruj Cooperative Insurance |
|
(36%) |
98.1 |
152.8 |
Gulf Union Cooperative Insurance |
|
7% |
94.2 |
88.0 |
Alahli Takaful Company |
|
84% |
93.1 |
50.5 |
Solidarity Saudi Takaful Company |
|
1% |
90.8 |
89.9 |
ACE Arabia Cooperative Insurance |
|
(36%) |
77.9 |
122.5 |
Amana Cooperative Insurance |
|
(27%) |
67.1 |
92.2 |
Al-Ahlia Insurance |
|
208% |
65.5 |
21.3 |
Alinma Tokio Marine |
|
16% |
49.5 |
42.5 |
SABB Takaful |
|
-- |
32.8 |
-- |
Metlife AIG ANB Cooperative Insurance |
|
(53%) |
9.7 |
20.6 |
Saudi Enaya Cooperative Insurance |
|
727% |
8.8 |
1.1 |
Aljazira Takaful Taawuni |
|
(99%) |
0.4 |
76.7 |
Sanad Insurance |
|
23% |
10,483.0 |
8,533.0** |
Total |
|
* Excluding Weqaya Takaful *Excluding Metlife Insurance gross premiums (newly listed company) |
|||
Average retained premium was 82 percent in first quarter
The average retained premium by the insurers was 82 percent in first quarter. Overall, retained premiums varied between 20 percent to 100 percent.
Bupa and the Mediterranean & Gulf Insurance & Reinsurance Co (MEDGULF) had recorded retained premiums at 100 percent and 86 percent, respectively. MetLife AIG ANB Cooperative Insurance recorded 20 percent, and Sanad Insurance & Reinsurance Cooperative posted a loss.
|
Gross Premiums Retained—Q1 2015* |
|||
|
Retained Percentage |
Q1 |
Company |
|
|
Net Premiums |
Gross Premiums Written |
||
|
100% |
2,073.3 |
2,079.4 |
Bupa Arabia |
|
86% |
1,299.6 |
1,515.8 |
MEDGULF |
|
83% |
1,247.5 |
1,505.5 |
The Company for Cooperative Insurance |
|
96% |
711.2 |
741.3 |
Malath Cooperative Insurance and Reinsurance |
|
94% |
376.8 |
402.9 |
SAICO |
|
91% |
340.6 |
372.6 |
AXA Cooperative Insurance |
|
62% |
282.4 |
455.0 |
Al-Rajhi Company for Cooperative Insurance |
|
76% |
254.9 |
335.8 |
United Cooperative Assurance |
|
92% |
225.0 |
243.8 |
Arabian Shield Cooperative Insurance |
|
84% |
166.5 |
197.2 |
Saudi Re For Cooperative Reinsurance |
|
86% |
161.1 |
187.0 |
Trade Union Cooperative Insurance |
|
58% |
147.3 |
251.9 |
Wataniya Insurance |
|
65% |
138.3 |
212.2 |
Wala’a Insurance |
|
69% |
136.4 |
196.9 |
Arabia Insurance Cooperative |
|
89% |
112.8 |
126.7 |
ACIG |
|
94% |
106.9 |
113.7 |
Allianz SF |
|
55% |
99.1 |
180.5 |
Gulf General Cooperative Insurance |
|
82% |
85.3 |
103.7 |
Al Sagr Cooperative Insurance |
|
76% |
81.7 |
107.1 |
Al Alamiya for Cooperative Insurance |
|
39% |
80.0 |
206.4 |
Salama Cooperative |
|
53% |
75.9 |
142.4 |
Wafa Insurance |
|
61% |
71.5 |
117.6 |
Buruj Cooperative Insurance |
|
74% |
69.2 |
93.1 |
Gulf Union Cooperative Insurance |
|
90% |
60.2 |
67.1 |
Alahli Takaful |
|
60% |
54.2 |
90.8 |
Solidarity Saudi Takaful |
|
88% |
43.4 |
49.5 |
ACE Arabia Cooperative Insurance |
|
39% |
38.6 |
98.1 |
Amana Cooperative Insurance |
|
46% |
35.6 |
77.9 |
Al-Ahlia Insurance |
|
26% |
24.9 |
94.2 |
Alinma Tokio Marine |
|
22% |
14.3 |
65.5 |
SABB Takaful |
|
20% |
6.7 |
32.8 |
Metlife AIG ANB Cooperative Insurance |
|
58% |
5.6 |
9.7 |
Saudi Enaya Cooperative Insurance |
|
25% |
2.2 |
8.8 |
Aljazira Takaful Taawuni |
|
(124%) |
(0.5) |
0.4 |
Sanad Insurance |
|
82% |
8,628.3 |
10,483.0 |
Total |
Claims incurred reached SAR 5.23 billion
The total net claims incurred in the first quarter were SAR 5.23 billion, compared with SAR 4.14 billion year-on-year.
Claims are the total sum of damages paid to the insured by the companies.
Total claims incurred in the first quarter reached 50 percent of written premiums.
As many as 22 companies witnessed an increase in claims, while 12 reported a drop.
Surplus from insurance operations, after discounting return on investments, was SAR 31.9 million, compared with SAR 61.8 million deficit in the first quarter of 2014.
As many as 23 firms reported a surplus, while 11 posted a deficit in that period.
|
Claims Incurred (SAR mln)* |
|||
|
Change |
Q1 |
Company |
|
|
2015 |
2014 |
||
|
70% |
1,302.4 |
767.1 |
Bupa Arabia |
|
2% |
1,010.0 |
986.5 |
The Company for Cooperative Insurance |
|
17% |
791.7 |
675.6 |
MEDGULF |
|
95% |
333.3 |
171.0 |
Malath Cooperative Insurance and Reinsurance |
|
580% |
213.2 |
31.4 |
Amana Cooperative Insurance |
|
26% |
189.1 |
150.1 |
AXA Cooperative Insurance |
|
46% |
176.0 |
120.9 |
Al-Rajhi Company for Cooperative Insurance |
|
(2%) |
141.4 |
144.6 |
United Cooperative Assurance |
|
45% |
116.6 |
80.3 |
SAICO |
|
46% |
92.7 |
63.6 |
Solidarity Saudi Takaful Company |
|
0% |
92.2 |
91.9 |
Arabia Insurance Cooperative |
|
(30%) |
90.6 |
129.4 |
Trade Union Cooperative Insurance |
|
59% |
70.2 |
44.2 |
Walaa Insurance |
|
(29%) |
68.0 |
95.6 |
Saudi Re For Cooperative Reinsurance |
|
48% |
65.9 |
44.6 |
Salama Cooperative Insurance |
|
70% |
64.0 |
37.5 |
Buruj Cooperative Insurance |
|
34% |
60.5 |
45.3 |
Arabian Shield Cooperative Insurance |
|
(39%) |
51.0 |
83.4 |
Allianz SF |
|
18% |
49.5 |
41.8 |
ACIG |
|
26% |
41.8 |
33.1 |
Al Sagr Cooperative Insurance Company |
|
53% |
34.9 |
767.1 |
Al Sagr Cooperative Insurance |
|
(20%) |
34.9 |
43.5 |
Wataniya Insurance |
|
(26%) |
32.3 |
43.5 |
Al Alamiya for Cooperative Insurance |
|
4% |
31.8 |
30.6 |
Gulf General Cooperative Insurance |
|
(21%) |
30.8 |
38.9 |
Al-Ahlia Insurance |
|
25% |
24.9 |
19.9 |
Wafa Insurance |
|
40% |
19. |
14.2 |
ACE Arabia Cooperative Insurance |
|
(68%) |
15.8 |
49.0 |
Gulf Union Cooperative Insurance |
|
1% |
6.0 |
5.9 |
Alinma Tokio Marine |
|
(62%) |
3.4 |
9.1 |
Saudi Enaya Cooperative Insurance |
|
(20%) |
3.3 |
4.1 |
Alahli Takaful |
|
(63%) |
2.3 |
6.3 |
SABB Takaful |
|
(97%) |
1.2 |
34.9 |
Sanad Insurance |
|
-- |
1.13 |
--- |
Metlife AIG NB Cooperative |
|
23,300% |
0.5 |
0.0 |
Aljazira Takaful Taawuni |
|
26% |
5,228.2 |
4,137.7** |
Total |
|
* Excluding Weqaya Takaful *Excluding Metlife Insurance |
|||
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