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Saudi Insurance Sector- Quarterly Q2-2018

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Saudi Insurance Sector- Quarterly Q2-2018 September 2018 Saudi Insurance Sector- Quarterly Q2-2018 Head of Research Talha Nazar +966 11 2256250 [email protected] September 2018 Insurance Sector Report Sector report | KSA | Q2-2018 Company Name Codes The Company for Cooperative Insurance Tawuniya Salama Cooperative Insurance Co. Salama UCA Cooperative Assurance Co. UCA Al-Rajhi Company for Cooperative Insurance Al Rajihi Takaful Al Alamiya for Cooperative Insurance Co. Al Alamiya Allied Cooperative Insurance Group ACIG Bupa Arabia for Cooperative Insurance Co. Bupa Arabia Arabian Shield Cooperative Insurance Co. Arabian Shield Buruj Cooperative Insurance Co. Buruj Al Sagr Cooperative Insurance Co. Sagr Insurance Malath Cooperative Insurance Co. Malath Insurance Solidarity Saudi Takaful Co. Solidarity Trade Union Cooperative Insurance Co. Trade Union Sanad Cooperative Insurance Company Sanad Walaa Cooperative Insurance Co. Walaa Allianz Saudi Fransi Cooperative Insurance Co. Allianz SF Al-Ahlia Insurance Co. Al Ahlia The Mediterranean and Gulf Insurance and Reinsurance Co. MEDGULF Saudi Indian Company for Cooperative Insurance Wafa Insurance SABB Takaful Co. SABB Takaful Saudi Arabian Cooperative Insurance Company SAICO Gulf Union Cooperative Insurance Co. Gulf Union Saudi Re for Cooperative Reinsurance Co. Saudi Re Arabia Insurance Cooperative Company AICC ALAHLI TAKAFUL COMPANY ATC AXA Cooperative Insurance Co. AXA-Cooperative Weqaya Takaful insurance and reinsurance Company Weqaya Takaful CHUBB Arabia Cooperative Insurance Co. Chubb Arabia Gulf General Cooperative Insurance Co. Gulf General Wataniya Insurance Co. Wataniya Amana Cooperative Insurance Co. Amana Insurance Saudi Enaya Cooperative Insurance Co. Enaya Alinma Tokio Marine Co. Alinma Tokio MetLife AIG ANB Cooperative Insurance Co. MetLife Aljazira Takaful Taawuni Co. Jazira Takaful September 2018 Insurance Sector Report Sector report | KSA | Q2-2018 Gross Written Premium GWP (Gross Written Premiums) in Q2-18 stood at SAR 7.55bn depicting a fall of 14.1% Y/Y. 30.2% 11.9% -2.2% 12000 26.7% -2.93% 32.0% 24.2% 24.6% 28.0% 22.6% 22.7% 21.5% 10000 2.0% NWP (Net Written Premiums) in Q2-18 stood at SAR 6.3bn, depicting a fall of 13.7%Y/Y. 18.3% 19.3% 16.7% -2.6% 24.0% 15.5% -9.5% -2.1% 20.0% 8000 -7.95% 0.77% 12.2% 16.0% NPE (Net Premium Earned) in Q2-18 at SAR 7.3bn showed a decline of 4.4%Y/Y. 6000 12.0% 8.0% 4000 4.0% 0.0% In Q1-18, Health Sector accounted for 50.3% of the total GWP, followed by Motor which 2000 -4.0% -8.0% accounted for 32.7% of GWP 0 -12.0% Market Share Q1 - 2013 Q2 - 2013 Q3 - 2013 Q4 - 2013 Q1 - 2014 Q2 - 2014 Q3 - 2014 Q4 - 2014 Q1 - 2015 Q2 - 2015 Q3 - 2015 Q4 - 2015 Q1 - 2016 Q2 - 2016 Q3 - 2016 Q4 - 2016 Q1 - 2017 Q2 - 2017 Q3 - 2017 Q4 - 2017 Q1 - 2018 Q2 - 2018 GWP - LHS % Growth (YoY) - RHS BUPA with 26.8% market share in GWP was the biggest player, followed by Tawuniya at 23.3%. Premium Ceded-Industry 12,000 90% 88% Gainer/Loser: Bupa Arabia improved its market share from 21.0% in Q2-17 to 26.8% in 10,000 86% 84% 8,000 Q2-18 an improvement of 574bps , followed by Wataniya which showed an improvement of 82% 6,000 80% 124bps. Wataniya improved its market share from 0.7% in Q2-17 to 2.2% in Q2-18. 78% 4,000 76% 74% 2,000 Retention Ratio: Industry retention ratio stood at 82.7% in Q2-18, as compared to 82.4% in 72% Q2-17. BUPA has the highest retention ratio of 99.0% in Q2-18, Al Rajhi Takaful at 96.2% 0 70% had the second highest retention ratio. Q1 - 2013 Q2 - 2013 Q3 - 2013 Q4 - 2013 Q1 - 2014 Q2 - 2014 Q3 - 2014 Q4 - 2014 Q1 - 2015 Q2 - 2015 Q3 - 2015 Q4 - 2015 Q1 - 2016 Q2 - 2016 Q3 - 2016 Q4 - 2016 Q1 - 2017 Q2 - 2017 Q3 - 2017 Q4 - 2017 Q1 - 2018 Q2 - 2018 Premium Ceded - LHS Retention Ratio - RHS GWP-Sector WIse NPE-Sector Wise Net Premium Earned 3% 8% Health 2% Health 32.1% 19.9% 8,000 -4.4% 2.3% 0.8% 35.0% 23.8% 24.8% 6.8% 2.2% 1.4% 3% 26.9% 27.3% 27.2% 26.1% -2.4% -4.4% 30.0% 7,000 23.9% 24.4% 25.1% 6% 20.9% 25.0% 6,000 17.8% Motor Motor 16.9% 20.0% 5,000 15.0% 4,000 32% 10.0% Property/ Fire Protection and Saving 3,000 5.0% 2,000 0.0% 50% 61% 33% 1,000 -5.0% Protection and Saving Accident and Liability - -10.0% Others Others Q1 - 2013 Q2 - 2013 Q3 - 2013 Q4 - 2013 Q1 - 2014 Q2 - 2014 Q3 - 2014 Q4 - 2014 Q1 - 2015 Q2 - 2015 Q3 - 2015 Q4 - 2015 Q1 - 2016 Q2 - 2016 Q3 - 2016 Q4 - 2016 Q1 - 2017 Q2 - 2017 Q3 - 2017 Q4 - 2017 Q1 - 2018 Q2 - 2018 NPE % Growth (YoY) - RHS Top 5 and Bottom 5- Retention Ratio Gross Written Premium- Market Share Top 5 Gainers and Losers- GWP market Share 100.0% Bupa Arabia Tawuniya 8.0% 90.0% 5.7% 80.0% 6.0% 70.0% 26.8% 4.0% 60.0% 34.6% 50.0% 2.0% 1.24% 1.12% 0.8% 0.7% MEDGULF WafaInsurance Tawuniya 40.0% UCA MetLife AIG Alarabi Al Rajihi Takaful MEDGULF 0.0% 30.0% -1.0% -0.7% -0.7% 20.0% -2.0% -1.7% 10.0% SAICO -4.0% Wataniya 0.0% 3.3% 23.3% Bupa Arabia ATC UCA 3.7% -6.0% Enaya Bupa Arabia Chubb Arabia Al Rajihi Takaful Malath Salama Walaa Insurance -6.2% Gulf General Al Rajihi Takaful 8.5% Walaa Insurance Others Wafa Insurance -8.0% Source: Argaam, SAMA 1Basis Points September 2018 Insurance Sector Report Sector report | KSA | Q2-2018 Gross Claims Paid GCP (Gross Claims Paid) in Q2-18 stood at SAR 6.6bn depicting a jump of 0.9% Y/Y. Gross Claims Paid - LHS % Growth (YoY) - RHS 35% 7,500 30% 31% 28% 27% 24% 25% 30% 24% 23% NCI (Net Claim Incurred) in Q2-18 stood at SAR 5.8bn, depicting a rise of 5.5%Y/Y. 6,000 18% 25% 19% 17% 20% 4,500 13% 9% 15% Market Share 9% 9% 7% 7% 10% 3,000 5% 0.9% 5% -1% 1,500 -3% 0% Tawuniya with 29.9% market share in GCP the highest claims of SAR 1.97bn, followed by -7% -5% BUPA at 24.9% market share in claims. - -10% Aljazira Takaful paid the lowest claims of SAR 2.2mn. Q1 - 2013 Q2 - 2013 Q3 - 2013 Q4 - 2013 Q1 - 2014 Q2 - 2014 Q3 - 2014 Q4 - 2014 Q1 - 2015 Q2 - 2015 Q3 - 2015 Q4 - 2015 Q1 - 2016 Q2 - 2016 Q3 - 2016 Q4 - 2016 Q1 - 2017 Q2 - 2017 Q3 - 2017 Q4 - 2017 Q1 - 2018 Q2 - 2018 In Q1-18, Health sector accounted for the highest share in claims at 67.4%, followed by Net Claims Paid Net Claims Paid - LHS % Growth (YoY) - RHS 7,000 66% 70% Motor sector at 28.3%. 65% 60% 6,000 55% 50% 40% 45% 5,000 38% 40% Metlife had the highest loss ratio of 99% in Q2-18,followed by Tawuniya at 95.0% in Q2-18. 29% 25% 29% 35% 4,000 24% 23% 30% 21% 19.7% 17% 17% 17% 19% 25% 3,000 20% 7% 5.3% 15% Aljazira Takaful had the lowest loss ratio of 7.7%. 3.4% 5.5% 10% 2,000 -2% 0.2% 5% -7% 0% -13.2% -5% 1,000 -10% Aljazira Takaful had the lowest combined ratio of 29%. -15% - -20% Q1 - 2013 Q2 - 2013 Q3 - 2013 Q4 - 2013 Q1 - 2014 Q2 - 2014 Q3 - 2014 Q4 - 2014 Q1 - 2015 Q2 - 2015 Q3 - 2015 Q4 - 2015 Q1 - 2016 Q2 - 2016 Q3 - 2016 Q4 - 2016 Q1 - 2017 Q2 - 2017 Q3 - 2017 Q4 - 2017 Q1 - 2018 Q2 - 2018 Claims Market Share-Company wise Claims Market Share-sector wise Claims Paid-Company wise 2,500 2% 1% Health 2,000 Q2 - 2018 Q2 - 2017 23% Bupa Arabia Tawuniya 29.9% 1,500 28% Motor 1,000 2% MEDGULF Al Rajihi Takaful 500 Protection and Saving IN MN SAR 4% - ATC UCA Buruj AICC ACIG Enaya 67% SAICO Al Ahlia 8% Others Malath Accident and Liability Salama Saudi Re Solidarity Wataniya Tawuniya Allianz SF Gulf Union Al Alamiya MEDGULF Trade Union Bupa Arabia Gulf General Chubb Arabia Jazira Takaful SABB Takaful 24.9% Arabian Shield 8% Sagr Insurance Alinma Tokio M Wafa Insurance Al Rajihi Takaful Walaa Insurance Malath Insurance AXA-Cooperative AXA Others Amana Insurance MetLife AIG Alarabi Loss Ratio Combined Ratio 120.0% 200% Q2 - 2017 Q2 - 2018 180% Q2 - 2018 Q2 - 2017 100.0% 160% 140% 80.0% 120% 60.0% 100% 80% 40.0% 60% 40% 20.0% 20% 0% 0.0% AXA ATC UCA Buruj AICC AXA ATC ACIG UCA Buruj AICC Enaya ACIG SAICO Enaya Al Ahlia Salama SAICO Al Ahlia Salama Saudi Re Solidarity Wataniya Tawuniya Allianz SF Saudi Re Solidarity Wataniya Tawuniya Gulf Union Allianz SF MEDGULF Al Alamiya MEDGULF Al Alamiya Bupa Arabia Gulf General Trade Union Bupa Arabia Gulf General Chubb Arabia Trade Union Jazira Takaful SABB Takaful Arabian Shield Chubb Arabia Jazira Takaful SABB Takaful Sagr Insurance Alinma Tokio M Arabian Shield Wafa Insurance Sagr Insurance Alinma Tokio M Wafa Insurance Al Rajihi Takaful Walaa Insurance Al Rajhi Takaful Malath Insurance Amana Insurance Walaa Insurance Malath Insurance Amana Insurance MetLife AIG Alarabi MetLife AIG Alarabi Source: Argaam, SAMA, AlJazira Capital September 2018 Insurance Sector Report Sector report | KSA | Q2-2018 Net Income Net income for the sector stood at SAR 350.7mn in Q2-18, as compared to SAR 219.9mn in 1,100 894 Q2-17, depicting a jump of 59.5%Y/Y.
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