Saudi Arabia’s finance, insurance firms hit 6,659 in 2018: Statistics Authority

23/10/2019 Argaam Special

 

The number of finance and insurance firms operating in Saudi Arabia declined by 5 entities year-on-year (YoY) to 6,659 institutions by the end of 2018, from 6,664 in 2017, annual data compiled by the General Authority for Statistics showed.

 

The total number of employees in these entities dropped by 408 workers YoY to 113,300 last year.

 

The number of Saudi nationals working in these entities retreated by 90 workers to 82,200, and expats fell by around 318 employees.

 

Finance & Insurance Sectors

Item

2017

2018

Variation

Number of entities

6,664

6,659

(5)

Number of Saudi employees (‘000)

82,308

82,218

(90)

Number of non-Saudi employees (‘000)

31,420

31,102

(318)

Total employees (‘000)

113,728

113,320

(408)

 

Financial brokerage firms made up for 44 percent, or 2,962 institutions in the sector, with 74,100 employees in the same period.

 

Finance & Insurance Sectors (2018)

Economic activity

Number of entities

Employees

Saudis

Non-Saudis

Total

Financial brokerage (Banks)

2,962

60,047

14,062

74,109

Insurance

1,229

10,242

7,532

17,774

Other loans providing activities

1,436

5,262

2,041

7,303

Other financial services (excl. insurance)

149

2,086

1,391

3,477

Financial lease

259

496

2,186

2,682

Other helping activities financial services

269

1,579

1,035

2,614

Holding companies

48

539

863

1,402

Reinsurance

45

542

843

1,385

Brokerage activities related to securities contracts

136

546

349

895

Cash management

37

213

225

438

Insurance agency and brokerage

38

193

129

322

Risk & damage assessment

21

286

32

318

Financial markets management

13

50

251

301

Other insurance helping activities

17

137

163

300

Total

6,659

82,218

31,102

113,320

 

Operating expenses in the finance and insurance industry rose 5 percent YoY to SAR around SAR 49.62 billion in 2018, while operating revenue jumped 7 percent YoY to SAR 173.2 billion.

 

Employees’ total compensation stood at SAR 23.18 billion in the same period.

 

Finance & Insurance Sectors (2018) SAR mln

Item

2017

2018

Variation

Employees’ compensations

22.92

23.18

+1%

OPEX

47.31

49.62

+5%

Operating Revenue

162.02

173.20

+7%

 

Finance & Insurance Sectors Details (2018) (SAR bln)

Economic activity

Employees compensations

OPEX

Operating revenue

Financial brokerage (Banks)

17.23

34.40

135.62

Insurance

3.50

10.02

18.50

Other loans providing activities

1.07

2.01

7.32

Holding companies

0.49

0.93

3.23

Financial lease

0.14

0.93

3.33

Other financial services (excl. insurance)

0.25

0.47

2.13

Reinsurance

0.30

0.55

1.99

Other helping activities financial services

0.11

0.18

0.61

Brokerage activities related to securities contracts

0.04

0.05

0.17

Cash management

0.01

0.02

0.07

Financial markets management

0.01

0.02

0.06

Insurance agency and brokerage

0.01

0.02

0.06

Other insurance helping activities

0.01

0.02

0.06

Risk & damage assessment

0.01

0.01

0.05

Total

23.18

49.62

173.20

 

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