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Saudi Insurance Sector- Quarterly Q1-19

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Saudi Insurance Sector- Quarterly Q1-19 June 2019 Saudi Insurance Sector- Quarterly Q1-19 Head of Research Talha Nazar +966 11 2256250 [email protected] June 2019 Insurance Sector Report Sector report | KSA | Q1-19 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. Al-Etihad 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 June 2019 Insurance Sector Report Sector report | KSA | Q1-19 Gross Written Premium GWP (Gross Written Premiums) in Q1-19 stood at SAR 12.0bn depicting a jump of 8.5% Y/Y. 12,000 32.0% 26.7% 24.2% 22.6% 22.7% 24.6% 28.0% NWP (Net Written Premiums) in Q1-19 stood at SAR 10.2bn, depicting a jump of 6.5%Y/Y. 10,000 21.5% 24.0% 16.7% 15.5% 20.0% 8,000 12.2% 11.9% 16.0% 8.48% 6,000 12.0% NPE (Net Premium Earned) in Q1-19 at SAR 7.6bn showed an increase of 2.8% Y/Y. 4.82% 8.0% 2.0% 0.74% 0.77% 4.0% 4,000 -2.1% -2.2% -2.6% -3.70% -2.60% 0.0% In Q4-18, Health Sector accounted for 59.7% of the total GWP, followed by Motor which 2,000 -9.5% -4.0% -8.0% accounted for 24.9% of GWP 0 -12.0% Market Share 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 Q3 - 2018 Q4 - 2018 Q1 - 2019 GWP - LHS % Growth (YoY) - RHS BUPA with 24.2% market share in GWP was the biggest player, followed by Tawuniya at Premium Ceded-Industry 20.5%. 12,000 90% 88% Gainer/Loser: MedGulf improved its market share from 3.7% in Q1-18 to 9.0% in Q1-19 an 10,000 86% 8,000 84% improvement of 520bps , followed by Bupa which showed an improvement of 171bps. Alrajhi 82% 6,000 80% 78% Takaful lost its market share from 17.2% in Q1-18 to 13.9% in Q1-19. 4,000 76% 2,000 74% 72% Retention Ratio: Industry retention ratio stood at 85.2% in Q1-19, as compared to 86.7% in 0 70% Q1-18. BUPA has the highest retention ratio of 99.15% in Q1-19, Al Rajhi Takaful at 96.5% had the second highest retention ratio. 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 Q3 - 2018 Q4 - 2018 Q1 - 2019 Premium Ceded - LHS Retention Ratio - RHS GWP-Sector WIse NPE-Sector Wise Net Premium Earned 1% 9% Health Health 8,000 32.1% 35.0% 23.8% 2% 3% 27.3% 27.2%26.1% 30.0% 3% 7,000 24.4% 25.1% 24.8% 4% 20.9% 25.0% 6,000 19.9% Motor Motor 16.9% 20.0% 5,000 15.0% 30% 4,000 6.8% 10.0% 3,000 2.2% Property/ Fire Protection and Saving 2.3% 0.8% 0.0% 2.8% 5.0% -2.4% -1.6% 25% 2,000 -4.4% -4.4% -3.0% 0.0% 60% 1,000 -5.0% 64% Protection and Saving Accident and Liability - -10.0% Others Others 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 Q3 - 2018 Q4 - 2018 Q1 - 2019 NPE % Growth (YoY) - RHS Top 5 and Bottom 5- Retention Ratio Gross Written Premium- Market Share Top 5 Gainers and Losers- GWP market Share 100.00% 6.0% Bupa Arabia Tawuniya 5.2% 90.00% 5.0% 80.00% 34.8% 24.2% 4.0% 70.00% 60.00% 3.0% 50.00% 2.0% 1.71% 1.53% Al Rajihi Takaful MEDGULF 40.00% 1.0% 0.7% Insurance Amana 30.00% Al Rajihi Takaful AXA-Cooperative Saudi Re Salama MetLife AIG Alarabi 20.5% 0.0% 20.00% 0.5% 4.5% -1.0% 10.00% -1.0% -0.7% 7.0% -1.2% -2.0% -1.6% 0.00% 9.0% Tawuniya MEDGULF Bupa Al Rajihi AXA Salama Al Ahlia UCA ATC Chubb Alinma Al Alamiya AXA-Cooperative Others Gulf Union -2.1% -3.0% Bupa Arabia Source: Argaam, SAMA 1Basis Points June 2019 Insurance Sector Report Sector report | KSA | Q1-19 Gross Claims Paid GCP (Gross Claims Paid) in Q1-19 stood at SAR 7.3bn depicting a jump of 9.0% Y/Y. Gross Claims Paid - LHS % Growth (YoY) - RHS 7,500 31% 28% 35% 24% 30% 25% NCI (Net Claim Incurred) in Q1-19 stood at SAR 6.3bn, depicting a rise of 7.7%Y/Y. 6,000 24% 23% 18% 9% 25% 17% 20% 4,500 13% 15% 9% 9% 9.0% 7.7% 7% 7% 10% Market Share 3,000 5% 2.3% 5% -1% BUPA with 26.6% market share in GCI paid the highest claims of SAR 1.93bn, , followed by 1,500 -3% -3.8% 0% -7% -5% Tawuniya at 25.0% market share in claims. - -10% Aljazira Takaful paid the lowest claims of SAR 2.2mn. 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 Q3 - 2018 Q4 - 2018 Q1 - 2019 In Q4-18, Health sector accounted for the highest share in claims at 71.3% , followed by Net Claims Paid Net Claims Paid - LHS % Growth (YoY) - RHS 7,000 66% 70% 65% Motor sector at 24.9%. 60% 6,000 55% 50% 5,000 45% 17% 17% 40% 25% 29% Tawuniya had the highest loss ratio of 93.0% in Q1-19,followed by Medgulf at 91.7% in 24% 35% 4,000 23% 21% 19.7% 30% 17% 19% 25% 20% 3,000 7% Q1-19. 3.4% 5.3% 5.5% 2.8% 15% 2%- 0.2% 10% 2,000 0.9% 5% 7%- 13.2%- -6.2% 0% -5% Aljazira Takaful had the lowest loss ratio of 3.0%. 1,000 -10% -15% - -20% Aljazira Takaful had the lowest combined ratio of 75%. 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 Q3 - 2018 Q4 - 2018 Q1 - 2019 Claims Market Share-Company wise Claims Market Share-sector wise Claims Paid-Company wise 1% 2,500 1% Health Q1 - 18 Q1 - 19 2% 2,000 25% 26.6% Bupa Arabia Tawuniya 1,500 %25 Motor 1,000 MEDGULF Al Rajihi Takaful 500 Protection and Saving IN MN SAR 3% - 3% ATC UCA Buruj AICC ACIG Enaya SAICO Al Ahlia 6% Others SAICO Property/ Fire Salama Saudi Re Solidarity %71 Wataniya Tawuniya Allianz SF Gulf Union MEDGULF 25.0% Al Alamiya Bupa Arabia AL- ETIHAD Gulf General Chubb Arabia Jazira Takaful SABB Takaful Arabian Shield Arabian 11% Sagr Insurance Alinma Tokio M Al Rajhi Takaful Walaa Insurance Malath Insurance AXA-Cooperative AXA Others Amana Insurance MetLife AIG Alarabi Loss Ratio Combined Ratio 120.0% 300% Q1 - 18 Q1 - 19 Q1 - 18 Q1 - 19 100.0% 250% 80.0% 200% 60.0% 150% 40.0% 100% 20.0% 50% 0.0% 0% ATC UCA ATC UCA Buruj AICC ACIG Buruj AICC ACIG Enaya Enaya SAICO SAICO Al Ahlia Salama Al Ahlia Salama Saudi Re Solidarity Wataniya Saudi Re Solidarity Tawuniya Wataniya Tawuniya Allianz SF Allianz SF Gulf Union Gulf Union MEDGULF Al Alamiya MEDGULF Al Alamiya Bupa Arabia AL- ETIHAD Gulf General Bupa Arabia AL- ETIHAD Gulf General Chubb Arabia Jazira TakafulJazira SABB Takaful Chubb Arabia Jazira Takaful SABB Takaful Arabian Shield Arabian Shield Sagr Insurance Alinma Tokio M Sagr Insurance Alinma Tokio M Al Rajhi Takaful Al Rajihi Takaful Walaa Insurance Walaa Insurance Malath Insurance AXA-Cooperative Malath Insurance Amana Insurance AXA-Cooperative Amana Insurance MetLife AIG Alarabi MetLife AIG Alarabi Source: Argaam, SAMA, AlJazira Capital ROE-Top 5/Bottom ROE-Top Bupa Arabia 44.9%.
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