In comparison to the same period previous year, the insurance industry in Saudi Arabia recorded a 25% increase in earnings for the first half of 2024, totaling SR2.2 billion ($585 million).
According to data provided by Arab News from Bloomberg, Bupa Arabia topped the industry, taking home SR758.2 million in earnings, or 35% of the total net income for the quarter.
Comparing this to the same time last year, there has been an increase of 35.4%. In order to provide a more accurate view of operational performance, adjusted net income—which is calculated by excluding non-recurring, non-operational, or extraordinary items—is represented in the reported statistics.
With SR656.5 million in earnings, Tawuniya came in second place and accounted for 30% of the sector’s overall revenue. The company’s earnings increased by 105 percent, which was the largest yearly gain among the industry’s top companies.
The industry’s impressive performance in spite of more general economic difficulties is demonstrated by the growth in earnings. The rise is ascribed to calculated industry expansions and investments that have established Saudi Arabia as a major force in the insurance business in the region.
With earnings of SR201.1 million, a 47 percent rise, Al Rajhi Co. secured a 9 percent share.
Also Read:
Construction Contracts in Saudi Arabia Surge to $32 Billion in Q1 2024: USSBC
How Saudi Arabian Corporate Management is Being Transformed by Generative AI
