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Saudi Insurance Sector: The book values of 26 companies are below their nominal values after 2013 results:
A statistical study by Argaam on listed insurance companies in the Saudi market (except Al Jazeera Takaful and ANB Insurance for non- disclosure of their financials) showed negative Price to earnings ratio (PE) in aggregate for the sector based on the results of the last 12 months.
The aggregate market capitalization for the listed insurance companies on the closure of Sunday 9/2/2014 is amounted to SAR 31.03bn with SAR 1378m of accumulated losses based on 2013 results.
|
Price Earnings Ratio (P/E) for the last 12 months |
|
|
2013 |
Period |
|
Negative |
P/E insurance sector (Cycle) |
|
17.7 |
P/E for the entire Saudi market (Cycle) |
|
31.03 |
The market value of the insurance sector (billion riyals) |
|
( 1378 ) |
Consolidated earnings last 12 months (million) |
Two companies only are traded at less than 20 PE ratio; AL Sagr Insurance at 14 and Bupa at 15.4.
|
Companies that are trading with a P/E less than 20 Cycles based on the results of 2013 |
|||
|
P/E Cycle |
Closing Price (SAR) |
Company |
|
|
14.0 |
28.50 |
SAGR INSURANCE |
|
|
15.4 |
51.25 |
Bupa Arabia |
|
Book value: 26 companies under the nominal value
The study showed that there are only 7 companies with their book values exceeds their nominal values of SAR 10 per share led by Bupa with a book value of SAR 18.28 per share, while there are 26 companies with their book values exceeding their nominal values.
|
Book Value |
|||
|
Book Value (SAR) |
Number of shares (Million) |
Equity |
Company |
|
18.28 |
40.0 |
731.1 |
Bupa Arabia |
|
17.41 |
10.0 |
174.1 |
ACE Insurance Cooperative |
|
16.41 |
100.0 |
1640.6 |
Tawuniya |
|
13.36 |
25.0 |
334.0 |
SAGR INSURANCE |
|
11.84 |
20.0 |
236.8 |
Arabian Shield |
|
10.34 |
20.0 |
206.8 |
Walaa Insurance |
|
10.14 |
34.0 |
344.6 |
SABB Takaful |
|
9.96 |
100.0 |
995.9 |
MEDGULF |
|
9.77 |
27.5 |
268.7 |
Trade Union Insurance |
|
9.70 |
30.0 |
291.0 |
MALATH |
|
9.57 |
20.0 |
191.4 |
AXA-Cooperative |
|
9.17 |
20.0 |
183.5 |
Gulf General Insurance |
|
8.64 |
20.0 |
172.9 |
Allianz Saudi Fransi Cooperative Insurance |
|
8.43 |
28.0 |
236.0 |
United Insurance |
|
8.38 |
16.7 |
139.6 |
AL-Ahli Takaful |
|
8.22 |
100.0 |
821.8 |
Saudi Reinsurance |
|
7.49 |
40.0 |
299.6 |
Enaya Insurance |
|
6.44 |
32.0 |
206.2 |
AMANA Insurance |
|
6.16 |
55.5 |
341.9 |
Solidarity Saudi |
|
6.02 |
10.0 |
60.2 |
Wataniya Insurance |
|
5.94 |
20.0 |
118.8 |
Tokyo Marina Development |
|
5.88 |
22.0 |
129.3 |
Gulf Union Insurance |
|
5.66 |
20.0 |
113.1 |
AL Alamiya Insurance |
|
5.42 |
13.0 |
70.5 |
BURUJ Cooperative Insurance |
|
5.17 |
10.0 |
51.7 |
Saudi Arabia for Cooperative Insurance ( Seiko) |
|
5.11 |
20.0 |
102.3 |
United Group for Cooperative Insurance ( ACIG) |
|
4.32 |
20.0 |
86.5 |
Al Rajhi for Cooperative Insurance |
|
3.53 |
20.0 |
70.6 |
Weqaya Insurance |
|
3.46 |
20.0 |
69.2 |
Sanad Insurance |
|
3.20 |
20.0 |
64.0 |
Arab Cooperative |
|
2.83 |
10.0 |
28.3 |
WAFA Insurance |
|
2.72 |
10.0 |
27.2 |
SALAMA Insurance |
|
2.60 |
10.0 |
26.0 |
Al-Ahlia Insurance |
Price to book value ratio (P/B ratio):
The sector’s listed companies showed the highest P/B ratios among all companies in the Saudi market. While the P/B ratio for the whole market is 2.2 times; the ratio reaches very high levels in insurance companies of more than 5 times for 15 companies, more than 24 times for Wafa insurance, 24 times for Al Ahlia insurance and more than 14 times for Wataniya insurance.
|
Book Value Ratio |
|||
|
Book Value Ratio |
Book Value (SAR) |
Market Value (9/2/2014) |
Company |
|
1.4 |
8.22 |
11.75 |
Saudi Reinsurance |
|
1.8 |
16.41 |
29.00 |
Tawuniya |
|
2.1 |
13.36 |
28.50 |
SAGR INSURANCE |
|
2.2 |
9.70 |
21.05 |
MALATH |
|
2.5 |
10.34 |
25.50 |
Walaa Insurance |
|
2.5 |
9.77 |
24.55 |
Trade Union Insurance |
|
2.6 |
8.43 |
22.20 |
United Insurance |
|
2.7 |
11.84 |
32.50 |
Arabian Shield |
|
2.8 |
9.96 |
27.50 |
MEDGULF |
|
2.8 |
18.28 |
51.25 |
Bupa Arabia |
|
3.3 |
10.14 |
33.30 |
SABB Takaful |
|
3.4 |
17.41 |
59.25 |
ACE Insurance Cooperative |
|
3.7 |
9.57 |
35.30 |
AXA-Cooperative |
|
3.7 |
6.16 |
22.80 |
Solidarity Saudi |
|
4.0 |
5.88 |
23.40 |
Gulf Union Insurance |
|
4.6 |
7.49 |
34.60 |
Enaya Insurance |
|
4.6 |
9.17 |
42.40 |
Gulf General Insurance |
|
5.0 |
6.44 |
32.20 |
AMANA Insurance |
|
5.1 |
5.11 |
26.10 |
United Group for Cooperative Insurance ( ACIG) |
|
5.4 |
3.46 |
18.60 |
Sanad Insurance |
|
5.9 |
8.38 |
49.10 |
AL-Ahli Takaful |
|
6.6 |
3.20 |
21.05 |
Arab Cooperative |
|
7.9 |
3.53 |
27.90 |
Weqaya Insurance |
|
8.2 |
5.42 |
44.40 |
BURUJ Cooperative Insurance |
|
8.8 |
5.66 |
49.70 |
AL Alamiya Insurance |
|
8.9 |
8.64 |
77.25 |
Allianz Saudi Fransi Cooperative Insurance |
|
9.0 |
4.32 |
38.90 |
Al Rajhi for Cooperative Insurance |
|
10.2 |
5.17 |
53.00 |
Saudi Arabia for Cooperative Insurance ( Seiko) |
|
10.5 |
5.94 |
62.25 |
Tokyo Marina Development |
|
13.3 |
2.72 |
36.30 |
SALAMA Insurance |
|
14.1 |
6.02 |
85.00 |
Wataniya Insurance |
|
24.0 |
2.60 |
62.50 |
Al-Ahlia Insurance |
|
24.2 |
2.83 |
68.50 |
WAFA Insurance |
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