The combined net profit of 75 listed GCC insurers remained steady at $1.7bn in the first nine months of this year (9M2025), with mirroring trends from the first half of the year, according to a report by research and consulting firm Insurance Monitor and Lux Actuaries and Consultants.
The report, titled “Q3 2025 Performance Periodical”, also says that overall insurance revenue rose by 8.2% to $29.9bn, but performance varied sharply across markets.
GCC markets
In the UAE, insurers benefited from a relatively benign claims environment and rate adjustments following the April 2024 rainfall-related losses. Total net profit jumped 64.9% to $597mn in 9M2025, supported by a reduction in the Net Combined Ratio (NCR) to 92.9% and healthy investment returns. Only four of 26 UAE listed insurers have reported weaker profits or losses, reflecting a strong and widespread recovery in underwriting.
Across Qatar, Oman, Bahrain and Kuwait, performance varied widely, reflecting the outsized influence of the leading players in each market namely, Qatar Insurance Co (QATI) , LIVA, Solidarity Bahrain (SOLID) and Gulf Insurance Group (GIG) respectively. Much of the business of these players is reliant on business outside their home markets. QATI now generates ~43% of its Gross Written Premium from other GCC countries, while LIVA generates ~64% of its insurance revenue from group operations. SOLID’s results reflect the post-acquisition consolidation of BNH’s insurance operations and GIG in Kuwait continues to feel the impact of the regulator’s termination of the retirees’ health insurance scheme in late 2024.
In contrast, Saudi insurers have had a challenging year so far. Total net profit in the kingdom fell 41.2% to $464mn, driven by weaker motor and medical underwriting results with the Net Combined Ratio reaching 106% for motor insurance. Only a small subset of five Saudi insurers have reported higher earnings during the period.
Insurance revenue continued to grow across most markets, supported by economic expansion, premium rate adjustments, mandatory insurance covers, and regional expansion by the larger players.
Expansion
Qatar’s Doha Insurance (DOHI) now plans to establish a branch in Saudi Arabia to conduct reinsurance business, following its commencement of operations in India’s GIFT city earlier in March. UAE’s ORIENT is exploring entry into Kuwait after securing a license to operate in Saudi Arabia in December 2024.
Qatar’s QATI recently received board approval to open a branch in Saudi Arabia to broaden its footprint, while ADNIC’s board in July 2025 approved the establishment of a branch in India.
The report adds that Investment returns were generally healthy across the region, averaging 3.9% over nine months. However, this may be slightly overstated, as some insurers do not separately disclose investment income derived from policyholder-linked investment contracts.