Insurance companies in Saudi Arabia: ranking
In thousands
Rank | Companies | 2023 turnover | 2022 turnover | 2022-2023 evolution (1) | 2023 shares | ||
---|---|---|---|---|---|---|---|
SAR | USD | SAR | USD | ||||
1 | Bupa Arabia | 15 887 715 | 4 234 076 | 12 873 111 | 3 428 109 | 23.42% | 27.87% |
2 | Tawuniya | 15 265 424 | 4 068 235 | 11 408 348 | 3 038 043 | 33.81% | 26.78% |
3 | Al Rajhi Takaful | 4 236 470 | 1 129 019 | 2 934 503 | 781 458 | 44.37% | 7.43% |
4 | Medgulf | 3 332 154 | 888 019 | 2 643 129 | 703 865 | 26.07% | 5.85% |
5 | Walaa (3) | 2 887 642 | 769 557 | 2 572 335 | 685 013 | 12.26% | 5.07% |
6 | Gulf Insurance Group (4) | 1 564 749 | 417 006 | 1 480 637 | 394 294 | 5.68% | 2.75% |
7 | Wataniya Insurance | 1 378 636 | 367 406 | 835 084 | 222 383 | 65.09% | 2.42% |
8 | Al Etihad Cooperative | 1 202 169 | 320 378 | 1 072 869 | 285 705 | 12.05% | 2.11% |
9 | Arabian Shield (5) | 1 145 711 | 305 332 | 918 720 | 244 655 | 24.71% | 2.01% |
10 | UCA | 1 061 771 | 282 962 | 634 333 | 168 923 | 67.38% | 1.86% |
11 | SAICO | 1 044 519 | 278 364 | 911 675 | 242 779 | 14.57% | 1.83% |
12 | ACIG | 974 681 | 259 752 | 672 811 | 179 170 | 44.87% | 1.71% |
13 | Malath Insurance | 934 712 | 249 101 | 973 092 | 259 134 | -3.94% | 1.64% |
14 | Allianz Saudi Fransi | 862 625 | 229 890 | 735 650 | 195 904 | 17.26% | 1.51% |
15 | Arabia Insurance Cooperative | 838 947 | 223 579 | 560 651 | 149 301 | 49.64% | 1.47% |
16 | Salama | 802 288 | 213 810 | 598 351 | 159 341 | 34.08% | 1.41% |
17 | Gulf Union Al Ahlia (6) | 624 483 | 166 425 | 506 772 | 134 953 | 23.23% | 1.10% |
18 | Liva Insurance (7) | 513 629 | 136 882 | 337 947 | 89 995 | 51.99% | 0.90% |
19 | Sagr Cooperative | 486 225 | 129 579 | 473 348 | 126 053 | 2.72% | 0.85% |
20 | Buruj Insurance | 373 444 | 99 523 | 417 103 | 111 075 | -10.47% | 0.66% |
21 | Chubb Arabia | 329 438 | 87 795 | 299 356 | 79 719 | 10.05% | 0.58% |
22 | Gulf General | 315 646 | 84 120 | 315 686 | 84 067 | -0.01% | 0.55% |
23 | Aljazira Takaful Taawuni | 301 954 | 80 471 | 220 579 | 58 740 | 36.89% | 0.53% |
24 | Saudi Enaya | 250 880 | 66 860 | 226 930 | 60 431 | 10.55% | 0.44% |
25 | Amana Cooperative | 184 638 | 49 206 | 237 700 | 63 300 | -22.32% | 0.32% |
Total | 56 800 550 | 15 137 347 | 44 860 720 | 11 946 410 | 26.62% | 99.65% | |
Rest of the market (8) | 199 450 | 53 153 | 8 495 480 | 2 262 346 | -97.65% | 0.35% | |
Total market (9) | 57 000 000 | 15 190 500 | 53 356 200 | 14 208 756 | 6.83% | 100% |
(1) Companies listed on the stock exchange
(2) Growth rate in local currency
(3) Merger with SABB Takaful
(4) Ex. AXA Cooperative Insurance Company
(5) Merger with Al Ahli Takaful and Alimna Tokio Marine
(6) Merger with Al Ahlia Cooperative Insurance
(7) Ex. Al Alamiya for Cooperative Insurance Company
(8) 3 companies
(9) Badri Management estimate
Sources : Rapports compagnies and www.sama.gov.sa
Exchange rate as at 31/12/2023 : 1 SAR = 0.2665 USD ; 31/12/2022 : 1 SAR = 0.2663 USD
Read also | Saudi insurance market
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