GCC: Listed insurers post US$1.2bn profit in FY2024, despite setbacks

Source: Middle East Insurance Review | May 2025

Despite headwinds including severe weather and the UAE’s new 9% corporate tax, 78 listed GCC insurers reported a total after-tax profit of $2.1bn in FY2024, according to the latest “GCC Performance Periodical” by research and consulting firm Insurance Monitor and Lux Actuaries and Consultants.

The highlights include:

Profit growth, unevenly spread: Excluding Qatar General Insurance & Reinsurance Company’s (QGRI) QAR1.6bn ($439.4m) loss in FY2023, growth in net profit averaged 3.3% for the region. However, gains remained top-heavy, while many mid- and small-sized insurers reported weaker results.
In the UAE, 13 insurers reported reduced earnings or losses while in Saudi Arabia, 19 insurers saw lower profits or reported red ink, compared to a fully profitable FY2023. In Oman, earnings declined by around 70% to OMR5.4m ($14m) due to reduced profits or losses reported by five insurers. In Qatar and Bahrain, all insurers were profitable in FY2024 while in Kuwait, only one insurer posted a loss.
Underwriting margins shrank: In Saudi Arabia, medical margins contracted by ~3% points, while insurers in the UAE and Oman absorbed weather-related losses.
Market continued to grow: Insurance revenue rose by 12.3% to $37.5bn, with 65 insurers reporting growth — though revenue growth was also top-heavy. M

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