Saudi Arabia: Insurance sector's net profit jumps by 15% to $800m in first three quarters

Source: Middle East Insurance Review | Dec 2024

The insurance industry’s profitability (after-zakat and tax) in the Kingdom of Saudi Arabia (KSA) stood at SAR3bn ($800m) in the first nine months of 2024, growing by 15% from SAR2.6bn in the corresponding period in 2023, according to a report by Badri Management Consultancy.

The top three insurers — BUPA, Tawuniya and Al Rajhi — saw profit gains of 34%, 62% and 29%, respectively. Their combined profits for the January-to-September period were SAR2.3bn.

Meanwhile, 18 insurers saw their profits fall by an average of 40% to a combined SAR0.5bn. While Arabian Shield, LIVA and UCA posted notable profit gains, several others faced significant declines.

Total insurance revenue of the 25 listed insurers grew by 16% to SAR48bn in the first three quarters (Q3) of this year from SAR42bn in the corresponding period in 2023. M

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