01/11/2016 Argaam Exclusive
Tadawul-listed insurance companies traded at a combined price-to-earnings ratio (P/E) of 20.2x based on their financial results trailing 12 months (TTM), market data compiled by Argaam Research showed.
The combined market capitalization of the insurance firms reached SAR 33.32 billion as of Oct. 31 closing prices. Combined TTM net income reached SAR 1.65 billion.
The data excluded Weqaya Takaful, which has not yet disclosed its financial statements.
A total of 14 companies traded at a P/E ratio less than 29.2 times, including Al Sagr Cooperative Insurance Co. (3.9x), followed by Walaa Insurance (7x), and SAICO (Saudi Arabian Cooperative Insurance) (7.6 x).
The listed insurers witnessed a drop in the book value in the period ending Sept. 30, 2016, compared to the same time last year.
Average book value ratio reached 1.4 times. Bupa Arabia had the highest book value, reaching 4.9x.
| Company | Price | P/E | Notes |
|---|---|---|---|
| ALSAGR INSURANCE | 37.30 | 5.60 | |
| SAICO | 11.51 | 7.63 | |
| BURUJ | 14.02 | 9.07 | |
| ALETIHAD | 6.59 | 13.12 | |
| CHUBB | 11.36 | 13.57 | |
| TAWUNIYA | 56.91 | 13.65 | |
| BUPA ARABIA | 64.15 | 15.52 | |
| ALRAJHI TAKAFUL | 9.68 | 15.87 | |
| ARABIAN SHIELD | 10.91 | 16.35 | |
| GIG | 10.75 | 20.30 | |
| LIVA | 18.06 | 20.77 |
| Company | Price | Book Value | Price to Book (P/B) |
|---|---|---|---|
| WALAA | 10.46 | (0.07) | (221.12) |
| SAUDI RE | 5.63 | 8.62 | 0.65 |
| GIG | 10.75 | 9.37 | 1.15 |
| ALETIHAD | 6.59 | 5.64 | 1.17 |
| SAICO | 11.51 | 9.43 | 1.22 |
| UCA | 14.44 | 9.40 | 1.54 |
| BURUJ | 14.02 | 8.99 | 1.56 |
| CHUBB | 11.36 | 7.17 | 1.59 |
| AICC | 8.28 | 8.13 | 1.84 |
| GULF GENERAL | 11.92 | 9.01 | 1.92 |
| ALSAGR INSURANCE | 37.30 | 25.86 | 2.04 |
| SALAMA | 12.93 | 9.85 | 2.13 |
| LIVA | 18.06 | 8.21 | 2.20 |
| ALRAJHI TAKAFUL | 9.68 | 3.97 | 2.44 |
| ACIG | 11.49 | 5.63 | 2.64 |
| ARABIAN SHIELD | 10.91 | 7.72 | 2.82 |
| JAZIRA TAKAFUL | 15.96 | 7.57 | 2.84 |
| WATANIYA | 12.69 | 4.15 | 3.05 |
| TAWUNIYA | 56.91 | 18.20 | 3.13 |
| ENAYA | 26.71 | 18.85 | 3.48 |
| ALLIANZ SF | 12.77 | 3.66 | 3.49 |
| GULF UNION ALAHLIA | 11.06 | 7.57 | 3.81 |
| MEDGULF | 34.69 | 9.00 | 3.85 |
| BUPA ARABIA | 64.15 | 12.81 | 5.01 |
| MALATH INSURANCE | 12.00 | 2.25 | 5.33 |
| AMANA INSURANCE | 14.64 | 7.57 | 5.37 |
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