Saudi Arabia had 6,664 finance, insurance firms in 2017

The finance and insurance firms operating in Saudi Arabia increased by 75 to 6,664 institutions by the end of 2017, compared to 6,589 a year earlier, annual data from the General Authority for Statistics (GASTAT) showed.

Finance & Insurance Sectors
Item	2016	2017	Variation
Number of entities	6,589	6,664	+75
Number of Saudi employees (‘000)	79.7	82.3	+2.6
Number of non-Saudi employees (‘000)	31.3	31.4	+0.1
Total employees (‘000)	110.9	113.7	+2.8

Total number of employees in the sector grew by 2,782 to 113,700 persons in 2017. Saudis accounted for 82,300 of total employees, an increase of 2,641 persons. Expatriates represented 31,400 employees, compared to 31,300 in 2016.

Finance & Insurance Sectors (2017)
Economic activity	Number of entities	Employees
Economic activity	Number of entities	Saudis	Non-Saudis	Total
Financial brokerage (Banks)	3,025	61,927	14,771	76,698
Holding companies	42	470	838	1,308
Financial lease	266	464	2,068	2,532
Other loans providing activities	1,424	4,844	1,958	6,802
Other financial services (excl. insurance)	142	1,874	1,325	3,199
Insurance	1,201	9,642	7,512	17,154
Reinsurance	44	493	831	1,324
Financial markets management	13	44	246	290
Brokerage activities related to securities contracts	133	481	338	819
Other helping activities financial services	263	1,347	1,004	2,351
Risk & damage assessment	21	243	30	273
Insurance agency and brokerage	37	165	125	290
Other insurance helping activities	17	116	158	274
Cash management	36	198	216	414
Total	6,664	82,308	31,420	113,728

Financial brokerage firms made up for 45 percent, or 3,025 institutions in the sector, with 76,700 employees in the same period.

Finance & Insurance Sectors (2017)
Economic activity	Number of entities	Employees
Economic activity	Number of entities	Saudis	Non-Saudis	Total
Financial brokerage (Banks)	3,025	61,927	14,771	76,698
Holding companies	42	470	838	1,308
Financial lease	266	464	2,068	2,532
Other loans providing activities	1,424	4,844	1,958	6,802
Other financial services (excl. insurance)	142	1,874	1,325	3,199
Insurance	1,201	9,642	7,512	17,154
Reinsurance	44	493	831	1,324
Financial markets management	13	44	246	290
Brokerage activities related to securities contracts	133	481	338	819
Other helping activities financial services	263	1,347	1,004	2,351
Risk & damage assessment	21	243	30	273
Insurance agency and brokerage	37	165	125	290
Other insurance helping activities	17	116	158	274
Cash management	36	198	216	414
Total	6,664	82,308	31,420	113,728

Operating expenses in the finance and insurance sector rose 7 percent year-on-year (YoY) to SAR 47.3 billion in 2017. Operating revenue jumped 10 percent YoY to SAR 162 billion.

Finance & Insurance Sectors (SAR bln)
Item	2016	2017	Variation
Employees compensations	22.10	22.92	+4%
OPEX	44.12	47.31	+7%
Operating revenue	146.85	162.02	+10%

Employees’ total compensation grew by 4 percent YoY to SAR 22.9 billion in the same period.

Finance & Insurance Sectors Details (2017) (SAR bln)
Economic activity	Employees compensations	OPEX	Operating revenue
Financial brokerage (Banks)	17.35	33.28	126.57
Holding companies	0.23	0.45	1.93
Financial lease	0.46	0.86	3.01
Other loans providing activities	0.96	1.85	6.42
Other financial services (excl. insurance)	0.12	0.87	3.05
Insurance	3.33	9.19	18.16
Reinsurance	0.29	0.50	1.91
Financial markets management	0.01	0.02	0.06
Brokerage activities related to securities contracts	0.03	0.05	0.15
Other helping activities financial services	0.10	0.17	0.55
Risk & damage assessment	0.01	0.01	0.04
Insurance agency and brokerage	0.01	0.02	0.06
Other insurance helping activities	0.01	0.02	0.05
Cash management	0.01	0.02	0.06
Total	22.92	47.31	162.02

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