Listed insurance companies in Saudi Arabia recorded a 15.2% growth in insurance revenue to SAR66.4bn ($17.7bn), compared to SAR57.7bn in 2023.
Nineteen insurance companies (including Saudi Re) achieved growth in their insurance revenue, ranging from 1.3% to 80.1%, while the remaining eight companies showed declines of 0.2% to 17.2% in insurance revenue.
Saudi Re showed the highest revenue growth of 80.1% in 2024 to approximately SAR1,130m. This represented an increase of SAR503m.
Tawuniya reported the biggest amount of premiums of SAR18.3bn, 19.7% higher than in the previous year.
The listed insurance companies saw a 10% growth in their net profits in 2024, rising to SAR3,759.5m compared to SAR3,422.1m. Eight companies were able to post higher profits. Four insurance companies accounted for SAR2,995.1m or 79.7% of the combined net profits of listed insurers in 2024,. These were Bupa Arabia, Tawuniya, Saudi Re and Al-Rajhi Takaful).
Top 10 insurers in 2024 by insurance revenue
|
Insurer
|
Insurance revenue (SAR m)
|
Market share
|
|
2024
|
2023
|
Change %
|
2024
|
2023
|
|
Tawuniya
|
18,273
|
15,265
|
19.7%
|
27.5%
|
26.5%
|
|
Bupa Arabia
|
18,102
|
15,888
|
13.9%
|
27.2%
|
27.6%
|
|
Al Rajhi Takaful
|
5,392
|
4,237
|
27.3%
|
8.1%
|
7.3%
|
|
MedGulf Insurance
|
3,552
|
3,332
|
6.6%
|
5.3%
|
5.8%
|
|
Walaa
|
3,345
|
2,888
|
15.8%
|
5.0%
|
5.0%
|
|
Total of all listed insurers
|
66,449
|
57,666
|
15.2%
|
100.0%
|
100.0%
|