GCC zone: listed insurers' Q1 2024 results
In partnership with Lux Actuaries and Consultants, Insurance Monitor has published the main quarterly performance indicators for the 77 listed insurers operating in the GCC (Gulf Cooperation Council) zone. The study was carried out in accordance with the new IFRS 17 accounting standards.
Total insurance revenue as at 31 March 2024 amounted to 8.836 billion USD, up by 19.6% year-on-year.
The overall combined ratio dropped by 0.9 points to 99.2%. It exceeded 100% in the United Arab Emirates, Oman and Kuwait. As the report points out, this ratio is set to deteriorate further in the United Arab Emirates and Oman following the severe flooding that occurred in April 2024.
Investment income progressed by 34.4% to 642 million USD.
Net profit generated by all the companies concerned stood at 619 million USD, against 507 million USD during the same period in 2023. This 22.1% growth in net profit is mainly attributable to the exceptional 47.9% increase in the results of insurers operating in Saudi Arabia.
Insurance revenue and net income trends by country
In millions USD| Country | Insurance Revenue | Net Result | ||||
|---|---|---|---|---|---|---|
| Q1 2024 | Q1 2023 | Trend | Q1 2024 | Q1 2023 | Trend | |
| Saudi Arabia | 4 177 | 3 454 | 20.9% | 234 | 158 | 47.9% |
| United Arab Emirates | 2 315 | 1 869 | 23.9% | 178 | 150 | 19.2% |
| Kuwait | 904 | 789 | 14.6% | 80 | 85 | -5.1% |
| Qatar | 875 | 744 | 17.6% | 106 | 103 | 2.8% |
| Oman | 406 | 379 | 7.1% | 5 | -2 | - |
| Bahrain | 159 | 151 | 5.1% | 15 | 13 | 9.9% |
| Total | 8 836 | 7 387 | 19.6% | 619 | 507 | 22.1% |
Read also | GCC insurance market forecast for 2028
