Market capitalization of the listed insurance firms grew by 39.7 percent to SR51.7 billion compared to SR37 billion by the end of last year (2013), according to a financial report.
Insurance companies are the biggest in the Saudi stock market in terms of number at 35 firms. However their contribution to the market value stood at only 2.34 with their capitals standing at SR10.4 billion, the report, carried by Al-Hayat daily, said.
Three insurance companies captured 30 percent of the sector’s capital, each having nearly 10 percent, at the top comes Tawuniya Insurance Co. with its capital standing at SR1 billion, followed by Saudi Reinsurance Company (Saudi Re) and the Mediterranean and Gulf Insurance and Reinsurance Company (MEDGULF), the report said.
Five companies registered the least capitals in the sector where each of them has a capital of SR100 million.
They included Saudi Arabian Cooperative Insurance Co. (SAICO), Saudi Indian Company for Co- operative Insurance (Wafa Insurance), Salama Cooperative Insurance Company (Salama), ACE Arabia Cooperative Insurance (ACE), and Wataniya Insurance Company.
Meanwhile, financial results of the sector varied in Q2 of the current year where 21 companies sustained losses and the remaining 14 firms registered profits.
Tawuniya realized profits of SR 193.16 million in Q2 compared to SR 6.77 million (+2754 percent) in the same period last year. Likewise, profits of Bupa Insurance Co. grew to SR 37.8 million compared to its losses of SR14.18 million in Q2, 2013, the report said.
Profits of other companies in Q2, 2014 compared to Q2, 2013, were as follows: Al-Rajhi Takaful SR11.98 million compared to — SR11.55 million, Saqr Insurance SR1.58 million compared to SR16.9 million (-90.69 percent), SABB Takaful SR4.8 million compared to SR5.17 million (-7.14 percent), the report said.
Market capitalization of listed insurance firms grows to SR51.7bn
