Axa, Allianz report profits boost in Saudi Arabia

Added 12th August 2016

Axa and Allianz have seen a boost in profits out of their operations based in Saudi Arabia, according to data published by the Kingdom’s market intelligence firm Argaam.

Axa, Allianz report profits boost in Saudi Arabia

Axa insurance saw its aggregate profits (before Zakat) rise 25%, growing from SAR18.1m (£3.7m, €4.3m, $4.8m) in the first-half of 2015 to SAR22.8m this half.

Allianz SF reported a profit growth of 16% year-on-year, going from SAR11.2m to SAR13.1m.

Meanwhile, Metlife’s Saudi unit took a hit, with profits in H1 2016 at SAR11.3m compared to SAR15.8m the previous year.

Overall, the data showed that 34 of the Kingdom’s largest insurance companies, which are listed on the Tadawul stock exchange, reported an aggregate profit (before Zakat) of SAR 839.7m in the first half of 2016.

The figure represents a massive increase of 160% year-on-year, with gross written premiums rising by 7% to SAR20.77bn.

Saudi insurers’ average retention ratio reached 82% during over the last, based on ranges between 22-99%.

Tawuniya reported the largest spike in profit, at 36% after disclosing that it made SAR305.4m net profit (before Zakat) compared to the first half of 2015.

Bupa Arabia followed, posting a SAR176.9m net profit (before Zakat) in the first half, which accounted for 21% of combined earnings.

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Monira Matin

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Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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