Overview of Saudi insurance sector’s P/E ratio in 2021

04/04/2022 Argaam Exclusive

Tadawul-listed insurance firms traded at a combined negative price-to-earnings ratio (P/E) trailing 12 months (TTM) by the end of the fourth quarter of 2021, market data compiled by Argaam showed.

 

The combined market capitalization of the insurance services providers reached around SAR 56.18 billion based on March 31, 2022, closing prices, as shown in the following table.

Last 12M PE - Insurance Sector

Period Price Earnings Sector Price Earnings Market Net Income Sector ‬ Market Value Sector‬
2021 - Q4 More than 100 25.25 103.74 59,125.52
2021 - Q3 More than 100 23.91 619.35 62,435.32
2021 - Q2 70.51 26.44 874.23 61,645.38
2021 - Q1 40.02 35.78 1,436.88 57,507.19

Companies PE Below Insurance Sector PE

Company Price P/E Notes
GIG 35.21 13.34
ALETIHAD 18.00 26.92
ALRAJHI TAKAFUL 33.16 33.67
BUPA ARABIA 143.08 34.31
TAWUNIYA 61.16 34.42
JAZIRA TAKAFUL 16.20 49.91
SAUDI RE 17.04 51.52
ARABIAN SHIELD 22.00 67.14
CHUBB 33.65 More than 100
BURUJ 24.90 More than 100
WALAA 14.10 More than 100
MUTAKAMELA 25.15 More than 100

For price-to-book (P/B) ratio, some insurance firms traded at high levels, led by Allied Cooperative Insurance Group (ACIG), and Saudi Enaya Cooperative Insurance Co. with 15.6x and 6.57x, respectively. AlJazira Takaful Taawuni Co. trades at the lowest P/B of 1.3x.

Price Per Book

Company Price Book Value Price to Book (P/B)
AMANA INSURANCE 17.25 (1.15) (30.12)
JAZIRA TAKAFUL 16.20 12.31 1.32
GULF GENERAL 18.10 12.35 1.47
ALETIHAD 18.00 11.09 1.62
BURUJ 24.90 14.75 1.69
MEDGULF 17.00 9.75 1.74
GIG 35.21 18.76 1.88
SAICO 19.60 9.76 2.01
SAUDI RE 17.04 10.86 2.04
MUTAKAMELA 25.15 11.70 2.15
LIVA 22.20 9.15 2.43
ALRAJHI TAKAFUL 33.16 12.68 2.62
CHUBB 33.65 12.00 2.81
MALATH INSURANCE 22.08 7.43 2.97
TAWUNIYA 61.16 19.69 3.11
ARABIAN SHIELD 22.00 7.70 3.57
ALSAGR INSURANCE 25.41 9.85 3.64
WATANIYA 22.26 5.28 4.22
GULF UNION ALAHLIA 12.78 4.83 4.51
BUPA ARABIA 143.08 27.91 5.13
UCA 32.80 6.25 5.25
SALAMA 20.92 5.20 6.52
AICC 30.67 7.37 7.54
ENAYA 25.71 3.96 10.07
WALAA 14.10 2.09 10.94
ACIG 17.74 1.49 15.38

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