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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. ....

Saudi Arabia , Ar Riya , Saudi Arabian , Talal Bahafi , Fahad Al Mubarak , Abdullah Al Tuwaijri , Clyde Co Insurance Growth , Saudi Central Bank , Economic Growth Forum , Marsh Mclennan , Financial Sector Development Program , Saudi Arabian Cooperative Insurance Co , Saudi Indian Company For Cooperative Insurance , Development Affairs , Walaa Cooperative Insurance Co , Solidarity Saudi Takaful Co , Aljazira Takaful Taawuni Co , Council Of Economic , Gulf Cooperation Council , Insurance Co , Reinsurance Co , Gulf Union National , Saudi Indian Company , Cooperative Insurance , Gulf Insurance , Gulf General Cooperative Insurance ,