Performance Indicators of KSAInsurance Companies

(2018)

Insurance | Risk Management | Retirement

Table of Content

About SHMA Consulting 1

Introduction 2

Top Five Companies at a Glance 3

Gross Written Premium 6

Net Profit 7

Market Share 8

Share of Net Profit 9

Market Share VS Share of Net Profit 10

Retention Ratio 11

Loss Ratio 12

Earnings per Share 13

Total Assets, Liabilities and Equity 14

Data Source 18

SHMA Consulting is a corporate entity registered in Dubai Multi

Commodities Center (DMCC) United Arab Emirates operating since

December 2015. It has a fully owned subsidiary with the name of SIR

Consultants (Pvt.) Ltd located in Pakistan.

We proactively serve and empower organizations through our

actuarial and insurance advisory services. The industries we serve

include insurance companies, takaful operators and those

organizations providing end of service benefits (EOSB). Our expertise

includes actuarial valuation in accordance with IFRS and US GAAP,

statutory certification & reporting, product development & pricing,

enterprise risk management & capital modeling, reinsurance &

investment advisory and business planning & capital appraisal.

We provide our services globally in various countries including

Pakistan, United Arab Emirates, Saudi Arabia, Bahrain, Oman, Kuwait,

Qatar, Turkey and Sri Lanka. Our clients are our driving force and we

invest in them fully in order to identify, address and solve the

challenges faced by them.

Our team is comprised of 60 skilled actuarial professionals with an

outstanding repertoire including 4 Fellows, 10 Associates and 2 Fellow

Chartered Accountants.

About SHMA Consulting

Page | 1

There are 33 insurance companies listed on Saudi Arabian Stock Exchange – Tadawul

including Saudi Re for Cooperative Reinsurance Co. (Saudi Re). Our analysis covers 32 of

these listed insurance companies Excluding Saudi Indian Company for Cooperative

Insurance (WAFA Insurance) as it has more than 50% accumulated loss of its capital. This

report provides the financial indicators which reflect the development accomplished by

the insurance market in the Kingdom of Saudi Arabia (KSA)

Introduction

Page | 2

Notations we Used Company NameBupa Arabia Bupa Arabia for Cooperative Insurance Co.Tawuniya The Company for Cooperative InsuranceAl Rajhi Al-Rajhi Company for Cooperative InsuranceMedgulf The Mediterranean and Gulf Insurance and Reinsurance Co.AXA Cooperative AXA Cooperative Insurance Co.Walaa Walaa Cooperative Insurance Co.SAICO Saudi Arabian Cooperative Insurance Co.Al Etihad Al-Etihad Cooperative Insurance Co.

Allianz Saudi Allianz Saudi Fransi Cooperative Insurance Co.Salama Salama Cooperative Insurance Co.Malath Malath Cooperative Insurance Co.Saudi Re Saudi Re for Cooperative Reinsurance Co.Wataniya Wataniya Insurance Co.Arabian Arabian Shield Cooperative Insurance Co.Allied Cooeprative Allied Cooperative Insurance GroupUnited Cooperative United Cooperative Assurance Co.Alinma Tokio Alinma Tokio Marine Co.AICC Arabia Insurance Cooperative Co.Sagr Insurance Al Sagr Cooperative Insurance Co.

Alahli Takaful Alahli Takaful Co.GUCIC Gulf Union Cooperative Insurance Co.Buruj Buruj Cooperative Insurance Co.Al Alamiya Al Alamiya for Cooperative Insurance Co.Gulf Gulf General Cooperative Insurance Co.Solidarity Solidarity Saudi Takaful Co.CHUBB CHUBB Arabia Cooperative Insurance Co.Al Ahlia Al-Ahlia Insurance Co.MetLife MetLife AIG ANB Cooperative Insurance Co.

SABB SABB Takaful Co.Saudi Enaya Saudi Enaya Cooperative Insurance Co.

Amana Insurance Amana Cooperative Insurance Co.Al Jazira Aljazira Takaful Taawuni Co.

Top Five Companies at a Glance

Page | 3

8,5

66,6

48

7,6

41,2

45

2,9

73,5

94

2,0

69,4

73

1,4

41,0

28

7,7

32,9

61

8,4

06,6

69

3,1

93,4

74

2,6

65,8

38

1,4

91,2

11

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

Bupa Arabia Tawuniya Al Rajhi Medgulf AXACooperative

SA

R'0

00

GROSS WRITTEN PREMIUM - TOP 5

2018 2017

25

% 22

%

9%

6% 4

%

22

%

24

%

9% 8

%

4%

0%

5%

10%

15%

20%

25%

30%

Bupa Arabia Tawuniya Al Rajhi Medgulf AXACooperative

MARKET SHARE - TOP 5

2018 2017

Top Five Companies at a Glance

Page | 4

52

5,4

31

(21

3,3

39

)

20

3,7

97

(20

4,5

27

)

83

,85

8

50

0,6

14

(14

6,5

44

)

20

1,7

70

(38

8,0

26

)

65

,71

7

(600,000)

(400,000)

(200,000)

-

200,000

400,000

600,000

Bupa Arabia Tawuniya Al Rajhi Medgulf AXACooperative

SAR

'00

0

NET PROFIT - TOP 5

2018 2017

79

%

-32

%

31

%

-31

%

13

%

75

%

-22

%

30

%

-58

%

10

%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

Bupa Arabia Tawuniya Al Rajhi Medgulf AXACooperative

SHARE OF NET PROFIT - TOP 5

2018 2017

Top Five Companies at a Glance

Page | 5

99

%

85

%

96

% 87

%

90

%

99

% 87

%

96

%

81

%

87

%

0%

20%

40%

60%

80%

100%

120%

Bupa Arabia Tawuniya Al Rajhi Medgulf AXACooperative

RETENTION RATIO - TOP 5

2018 2017

83

%

93

%

81

%

93

%

78

%

83

%

93

% 84

%

90

% 80

%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Bupa Arabia Tawuniya Al Rajhi Medgulf AXACooperative

LOSS RATIO - TOP 5

2018 2017

Gross Written PremiumAll amounts in SAR ’000

Company 2018 2017 Growth Rate

Bupa Arabia 8,566,648 7,732,961 11%

Tawuniya 7,641,245 8,406,669 -9%

Al Rajhi 2,973,594 3,193,474 -7%

Medgulf 2,069,473 2,665,838 -22%

AXA Cooperative 1,441,028 1,491,211 -3%

Walaa 1,104,957 1,102,332 0%

SAICO 949,992 804,577 18%

Al Etihad 929,776 831,249 12%

Allianz Saudi 870,716 925,537 -6%

Salama 734,982 750,691 -2%

Malath 729,076 726,978 0%

Saudi Re 721,605 942,007 -23%

Wataniya 712,324 578,701 23%

Arabian 625,101 593,078 5%

Allied Cooeprative 500,013 429,972 16%

United Cooperative 391,968 580,565 -32%

Alinma Tokio 353,591 296,723 19%

AICC 350,787 314,391 12%

Sagr Insurance 350,379 329,307 6%

Alahli Takaful 338,346 353,113 -4%

GUCIC 328,001 359,627 -9%

Buruj 319,999 511,509 -37%

Al Alamiya 293,533 263,369 11%

Gulf 264,675 185,627 43%

Solidarity 245,857 136,134 81%

CHUBB 233,973 220,498 6%

Al Ahlia 172,981 183,219 -6%

MetLife 168,803 354,880 -52%

SABB 139,966 175,084 -20%

Saudi Enaya 138,244 274,822 -50%

Amana Insurance 135,446 71,965 88%

Al Jazira 101,145 85,620 18%

Total/Average 34,898,224 35,871,728 -3%

Page | 6

Net ProfitAll amounts in SAR ’000

Page | 7

Company 2018 2017 Growth Rate

Bupa Arabia 525,431 500,614 5%

Tawuniya (213,339) (146,544) 46%

Al Rajhi 203,797 201,770 1%

Medgulf (204,527) (388,026) 47%

AXA Cooperative 83,858 65,717 28%

Walaa 111,712 158,239 -29%

SAICO (13,013) 57,251 -123%

Al Etihad 97,397 74,424 31%

Allianz Saudi 40,489 38,269 6%

Salama 17,782 72,418 75%

Malath 16,986 (11,028) -254%

Saudi Re 15,092 39,253 -62%

Wataniya 20,433 44,708 -54%

Arabian 36,989 120,170 -69%

Allied Cooeprative 3,207 19,840 -84%

United Cooperative (60,172) 40,189 250%

Alinma Tokio (31,746) (3,319) 856%

AICC 3,096 17,315 -82%

Sagr Insurance 817 22,889 -96%

Alahli Takaful 10,421 38,531 -73%

GUCIC 6,332 30,576 -79%

Buruj 79,744 107,971 -26%

Al Alamiya 34,125 48,988 -30%

Gulf (24,968) 19,584 -227%

Solidarity (59,695) 38,411 -255%

CHUBB 49,497 41,967 18%

Al Ahlia 16,111 10,593 -52%

MetLife (22,302) (57,806) 61%

SABB 1,056 (5,485) -119%

Saudi Enaya (91,835) (14,519) 533%

Amana Insurance (20,218) 703 -2976%

Al Jazira 34,667 33,782 3%

Total/Average 667,224 1,217,445 -45%

Market Share

Page | 8

Company 2018 2017

Bupa Arabia 25% 22%

Tawuniya 22% 24%

Al Rajhi 9% 9%

Medgulf 6% 8%

AXA Cooperative 4% 4%

Walaa 3% 3%

SAICO 3% 2%

Al Etihad 3% 2%

Allianz Saudi 2% 3%

Salama 2% 2%

Malath 2% 2%

Saudi Re 2% 3%

Wataniya 2% 2%

Arabian 2% 2%

Allied Cooeprative 1% 1%

United Cooperative 1% 2%

Alinma Tokio 1% 1%

AICC 1% 1%

Sagr Insurance 1% 1%

Alahli Takaful 1% 1%

GUCIC 1% 1%

Buruj 1% 1%

Al Alamiya 1% 1%

Gulf 1% 1%

Solidarity 1% 0%

CHUBB 1% 1%

Al Ahlia 0% 1%

MetLife 0% 1%

SABB 0% 1%

Saudi Enaya 0% 1%

Amana Insurance 0% 0%

Al Jazira 0% 0%

Share of Net Profit

Page | 9

Company 2018 2017

Bupa Arabia 79% 75%

Tawuniya -32% -22%

Al Rajhi 31% 30%

Medgulf -31% -58%

AXA Cooperative 13% 10%

Walaa 17% 24%

SAICO -2% 9%

Al Etihad 15% 11%

Allianz Saudi 6% 6%

Salama 3% 11%

Malath 3% -2%

Saudi Re 2% 6%

Wataniya 3% 7%

Arabian 6% 18%

Allied Cooeprative 0% 3%

United Cooperative -9% 6%

Alinma Tokio -5% 0%

AICC 0% 3%

Sagr Insurance 0% 3%

Alahli Takaful 2% 6%

GUCIC 1% 5%

Buruj 12% 16%

Al Alamiya 5% 7%

Gulf -4% 3%

Solidarity -9% 6%

CHUBB 7% 6%

Al Ahlia 2% 2%

MetLife -3% -9%

SABB 0% -1%

Saudi Enaya -14% -2%

Amana Insurance -3% 0%

Al Jazira 5% 5%

Market Share VS Share of Profit

Page | 10

Company 2018 2017 Indicator

Bupa Arabia 79% 25% ↑

Tawuniya -32% 22% ↓

Al Rajhi 31% 9% ↑

Medgulf -31% 6% ↓

AXA Cooperative 13% 4% ↑

Walaa 17% 3% ↑

SAICO -2% 3% ↓

Al Etihad 15% 3% ↑

Allianz Saudi 6% 2% ↑

Salama 3% 2% ↑

Malath 3% 2% ↑

Saudi Re 2% 2% →

Wataniya 3% 2% ↑

Arabian 6% 2% ↑

Allied Cooeprative 0% 1% ↓

United Cooperative -9% 1% ↓

Alinma Tokio -5% 1% ↓

AICC 0% 1% ↓

Sagr Insurance 0% 1% ↓

Alahli Takaful 2% 1% ↑

GUCIC 1% 1% →

Buruj 12% 1% ↑

Al Alamiya 5% 1% ↑

Gulf -4% 1% ↓

Solidarity -9% 1% ↓

CHUBB 7% 1% ↑

Al Ahlia 2% 0% ↑

MetLife -3% 0% ↓

SABB 0% 0% →

Saudi Enaya -14% 0% ↓

Amana Insurance -3% 0% ↓

Al Jazira 5% 0% ↑

Retention Ratio

Page | 11

Company 2018 2017

Bupa Arabia 99% 99%

Tawuniya 85% 87%

Al Rajhi 96% 96%

Medgulf 87% 81%

AXA Cooperative 90% 87%

Walaa 66% 76%

SAICO 72% 66%

Al Etihad 90% 82%

Allianz Saudi 70% 70%

Salama 94% 95%

Malath 88% 90%

Saudi Re 85% 68%

Wataniya 59% 52%

Arabian 72% 66%

Allied Cooeprative 91% 85%

United Cooperative 26% 25%

Alinma Tokio 56% 50%

AICC 68% 66%

Sagr Insurance 87% 84%

Alahli Takaful 21% 21%

GUCIC 62% 60%

Buruj 86% 91%

Al Alamiya 54% 56%

Gulf 56% 48%

Solidarity 89% 80%

CHUBB 41% 48%

Al Ahlia 90% 89%

MetLife 58% 81%

SABB 80% 82%

Saudi Enaya 84% 98%

Amana Insurance 67% 46%

Al Jazira 82% 79%

Loss Ratio

Page | 12

Company 2018 2017

Bupa Arabia 83% 83%

Tawuniya 93% 93%

Al Rajhi 81% 84%

Medgulf 93% 90%

AXA Cooperative 78% 80%

Walaa 60% 61%

SAICO 79% 67%

Al Etihad 74% 71%

Allianz Saudi 76% 79%

Salama 80% 74%

Malath 68% 92%

Saudi Re 66% 70%

Wataniya 66% 65%

Arabian 75% 56%

Allied Cooeprative 74% 70%

United Cooperative 48% 30%

Alinma Tokio 75% 56%

AICC 61% 53%

Sagr Insurance 70% 73%

Alahli Takaful 50% 16%

GUCIC 59% 60%

Buruj 5% 59%

Al Alamiya 39% 31%

Gulf 75% 48%

Solidarity 76% 78%

CHUBB 25% 37%

Al Ahlia 70% 70%

MetLife 89% 94%

SABB 90% 60%

Saudi Enaya 109% 68%

Amana Insurance -46% -62%

Al Jazira 2% 4%

Earnings per Share All amounts in SAR

Page | 13

Company 2018 2017

Bupa Arabia 4.39 4.18

Tawuniya (1.71) (1.17)

Al Rajhi 4.63 4.57

Medgulf (3.81) (8.28)

AXA Cooperative 1.70 1.34

Walaa 2.28 3.22

SAICO 0.43 1.73

Al Etihad 3.20 2.44

Allianz Saudi 1.85 1.75

Salama 0.65 2.62

Malath 0.31 (0.57)

Saudi Re 0.17 0.48

Wataniya 1.02 2.20

Arabian 1.14 3.61

Allied Cooeprative 0.12 0.91

United Cooperative (1.50) 0.92

Alinma Tokio 1.06 0.11

AICC 0.13 0.60

Sagr Insurance 0.02 0.52

Alahli Takaful 0.63 2.31

GUCIC 0.38 1.81

Buruj 2.90 3.91

Al Alamiya 0.78 1.11

Gulf (1.25) 0.98

Solidarity 1.36 (2.40)

CHUBB 2.22 1.88

Al Ahlia 0.99 0.65

MetLife (1.24) (3.21)

SABB 0.03 0.16

Saudi Enaya (9.18) (1.45)

Amana Insurance (1.44) 0.05

Al Jazira 0.91 0.89

Total Assets, Liabilities & Equity All amounts in SAR ‘000

Page | 14

56

,08

9,8

98

41

,20

6,5

95

14

,88

3,3

03

54

,30

3,1

88

39

,71

4,8

37

14

,58

8,3

51

-

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

Total Assets Total Liabilities Total Equity

SAR

'00

0

FINANCIAL POSITION

2018 2017

Total Assets All amounts in SAR ‘000

Page | 15

Company 2018 2017

Bupa Arabia 8,271,896 7,332,337

Tawuniya 12,627,578 12,670,309

Al Rajhi 3,722,841 3,086,347

Medgulf 3,472,949 3,647,081

AXA Cooperative 2,207,791 2,006,796

Walaa 1,996,968 1,780,151

SAICO 1,491,978 1,248,530

Al Etihad 1,551,634 1,430,876

Allianz Saudi 2,087,785 2,017,632

Salama 887,376 862,351

Malath 1,233,527 1,319,329

Saudi Re 2,347,806 2,484,938

Wataniya 1,076,002 798,233

Arabian 1,179,492 1,002,084

Allied Cooeprative 552,216 529,797

United Cooperative 1,171,917 1,504,424

Alinma Tokio 578,662 678,856

AICC 668,333 660,305

Sagr Insurance 979,143 914,793

Alahli Takaful 1,098,621 1,109,509

GUCIC 638,956 563,283

Buruj 964,466 1,037,160

Al Alamiya 796,856 777,334

Gulf 457,305 469,429

Solidarity 530,640 487,289

CHUBB 590,507 586,661

Al Ahlia 369,881 365,607

MetLife 513,319 723,327

SABB 836,147 890,699

Saudi Enaya 230,638 390,289

Amana Insurance 345,477 359,022

Al Jazira 611,191 568,410

Total 56,089,898 54,303,188

Total Liabilities All amounts in SAR ‘000

Page | 16

Company 2018 2017

Bupa Arabia 5,706,168 5,010,287

Tawuniya 10,819,357 10,543,928

Al Rajhi 2,954,440 2,488,287

Medgulf 2,805,070 3,148,495

AXA Cooperative 1,617,909 1,463,539

Walaa 1,328,361 1,210,961

SAICO 1,171,424 907,722

Al Etihad 1,108,478 1,067,404

Allianz Saudi 1,820,238 1,768,220

Salama 623,586 609,983

Malath 783,436 868,863

Saudi Re 1,515,158 1,656,146

Wataniya 836,427 572,874

Arabian 751,807 597,297

Allied Cooeprative 414,568 391,863

United Cooperative 811,169 1,083,306

Alinma Tokio 333,664 396,408

AICC 416,078 402,494

Sagr Insurance 537,249 445,598

Alahli Takaful 863,884 868,417

GUCIC 471,508 394,641

Buruj 507,958 633,319

Al Alamiya 409,361 410,469

Gulf 298,178 272,079

Solidarity 275,312 185,947

CHUBB 291,574 324,812

Al Ahlia 247,020 252,341

MetLife 359,452 545,548

SABB 490,036 539,572

Saudi Enaya 174,572 235,361

Amana Insurance 249,932 241,790

Al Jazira 213,221 176,866

Total 41,206,595 39,714,837

Total Equity All amounts in SAR ‘000

Page | 17

Company 2018 2017

Bupa Arabia 2,565,728 2,322,050

Tawuniya 1,808,221 2,126,381

Al Rajhi 768,401 598,060

Medgulf 667,879 498,586

AXA Cooperative 589,882 543,257

Walaa 668,607 569,190

SAICO 320,554 340,808

Al Etihad 443,156 363,472

Allianz Saudi 267,547 249,412

Salama 263,790 252,368

Malath 450,091 450,466

Saudi Re 832,648 828,792

Wataniya 239,575 225,359

Arabian 427,685 404,787

Allied Cooeprative 137,648 137,934

United Cooperative 360,748 421,118

Alinma Tokio 244,998 282,448

AICC 252,255 257,811

Sagr Insurance 441,894 469,195

Alahli Takaful 234,737 241,092

GUCIC 167,448 168,642

Buruj 456,508 403,841

Al Alamiya 387,495 366,865

Gulf 159,127 197,350

Solidarity 255,328 301,342

CHUBB 298,933 261,849

Al Ahlia 122,861 113,266

MetLife 153,867 177,779

SABB 346,111 351,127

Saudi Enaya 56,066 154,928

Amana Insurance 95,545 117,232

Al Jazira 397,970 391,544

Total 14,883,303 14,588,351

The data we have retrieved is from published financial statements for

the year ended December 2018, During the dissection of financial

statements, our focus was on key performance indicators (KPIs) of

insurance sector.

During data extraction we have tried our best to ensure data

accuracy for evaluation. Considering human errors if you come across

any error or have any query regarding our analysis do write to us, we

are looking forward for your feedback.

Data Source

Page | 18