Tawuniya holds 26% local market share in all insurance segments: CFO

Logo of The Company for Cooperative Insurance (Tawuniya)

The Company for Cooperative Insurance (Tawuniya) holds a market share between 26% and 27% across all insurance segments, Chief Financial Officer Mater Alenazi said in a recent interview.

The company serves as a key player in the Middle East and North Africa markets, Alenazi told Al Arabia TV.

Alenazi emphasized the remarkable growth that the company has achieved, with written premiums increasing by over 34% during the first nine months of 2023 compared to the year-ago period.

Insurance revenue rose 36% year-on-year (YoY) in 9M 2023 to reach SAR 11 billion. Notably, this growth spanned all major insurance segments within the company, with health insurance growing by 33%, vehicle insurance by 116%, and the general insurance segment by 20%.

Tawuniya’s net investment income surged by 175% to SAR 304 million during the first nine months of 2023, compared to the same period a year earlier. This increase was driven by rising interest rates. The new financial reporting standards also had a positive impact on the results, Alenazi noted.

According to data available on Argaam, Tawuniya, which is the oldest insurance company in Saudi Arabia, reported profits of SAR 526.6 million at the end of the first nine months of 2023, compared to SAR 68.8 million achieved during the same period in 2022. The Q3 2023 profits also increased to SAR 206.3 million.