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AlAhlia Insurance honored with 'Most Innovative Insurer of the Year' Award at OER Business Summit 2023

This prestigious accolade acknowledges the company commitment to provide innovative insurance products and services and continuous efforts to meet the evolving needs of customers ....

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Gulf Islamic insurers face tough competition, pressure on profits – S&P

Gulf Islamic insurers face tough competition, pressure on profits – S&P
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Saudi insurance sector eyes more mergers and acquisitions

2021-05-24T17:28:00+01:00
The Kingdom’s insurance sector closed the financial year 2020 on a high note with the aggregate net profit of local insurance firms, except for the Saudi Indian Company for Cooperative Insurance, rising to SR1.443 billion ($0.38 billion) in Q4, an increase of 47 percent year-on-year, according to data compiled by the financial news service Argaam.
There were 13 insurers recording higher profits in 2020, led by the Mediterranean and Gulf Insurance and Reinsurance Co., which surged 1,081 percent, the Saudi Arabian Cooperative Insurance Co., which increased 545 percent, and the Gulf General Cooperative Insurance Co. which saw net income up 397 percent.
The sector finished out the tough year on a high note mainly thanks to government support. ....

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Saudi insurance sector eyes more mergers and acquisitions

RIYADH: The Kingdom’s insurance sector closed the financial year 2020 on a high note with the aggregate net profit of local insurance firms, except for the Saudi Indian Company for Cooperative Insurance, rising to SR1.443 billion ($0.38 billion) in Q4, an increase of 47 percent year-on-year, according to data compiled by the financial news service Argaam.
There were 13 insurers recording higher profits in 2020, led by the Mediterranean and Gulf Insurance and Reinsurance Co., which surged 1,081 percent, the Saudi Arabian Cooperative Insurance Co., which increased 545 percent, and the Gulf General Cooperative Insurance Co. which saw net income up 397 percent.
The sector finished out the tough year on a high note mainly thanks to government support. ....

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SAMA calls for more M&A deals in insurance sector

RIYADH: The Saudi Central Bank (SAMA) has issued a statement encouraging companies in the insurance sector to consider merger and acquisition (M&A) deals.
SAMA stressed the sector’s importance to the Saudi economy, and the part it plays in the government’s Financial Sector Development Program.
SAMA cited the merger of Walaa Cooperative Insurance and Metlife AIG ANB Cooperative Insurance, and of Gulf Union National Cooperative Insurance and Al-Ahlia Insurance, as successful examples of such deals and how they helped boost the financial solvency of the companies involved by improving the insurers’ capital.
Research shows that M&As can make the sector more competitive and strengthen its financial position. ....

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