Insurance companies in Saudi Arabia: ranking

In thousands

Rank	Companies	2023 turnover		2022 turnover		2022-2023 evolution ⁽¹⁾	2023 shares
Rank	Companies	SAR	USD	SAR	USD	2022-2023 evolution ⁽¹⁾	2023 shares
1	Bupa Arabia	15 887 715	4 234 076	12 873 111	3 428 109	23.42%	27.87%
2	Tawuniya	15 265 424	4 068 235	11 408 348	3 038 043	33.81%	26.78%
3	Al Rajhi Takaful	4 236 470	1 129 019	2 934 503	781 458	44.37%	7.43%
4	Medgulf	3 332 154	888 019	2 643 129	703 865	26.07%	5.85%
5	Walaa ⁽³⁾	2 887 642	769 557	2 572 335	685 013	12.26%	5.07%
6	Gulf Insurance Group ⁽⁴⁾	1 564 749	417 006	1 480 637	394 294	5.68%	2.75%
7	Wataniya Insurance	1 378 636	367 406	835 084	222 383	65.09%	2.42%
8	Al Etihad Cooperative	1 202 169	320 378	1 072 869	285 705	12.05%	2.11%
9	Arabian Shield ⁽⁵⁾	1 145 711	305 332	918 720	244 655	24.71%	2.01%
10	UCA	1 061 771	282 962	634 333	168 923	67.38%	1.86%
11	SAICO	1 044 519	278 364	911 675	242 779	14.57%	1.83%
12	ACIG	974 681	259 752	672 811	179 170	44.87%	1.71%
13	Malath Insurance	934 712	249 101	973 092	259 134	-3.94%	1.64%
14	Allianz Saudi Fransi	862 625	229 890	735 650	195 904	17.26%	1.51%
15	Arabia Insurance Cooperative	838 947	223 579	560 651	149 301	49.64%	1.47%
16	Salama	802 288	213 810	598 351	159 341	34.08%	1.41%
17	Gulf Union Al Ahlia ⁽⁶⁾	624 483	166 425	506 772	134 953	23.23%	1.10%
18	Liva Insurance ⁽⁷⁾	513 629	136 882	337 947	89 995	51.99%	0.90%
19	Sagr Cooperative	486 225	129 579	473 348	126 053	2.72%	0.85%
20	Buruj Insurance	373 444	99 523	417 103	111 075	-10.47%	0.66%
21	Chubb Arabia	329 438	87 795	299 356	79 719	10.05%	0.58%
22	Gulf General	315 646	84 120	315 686	84 067	-0.01%	0.55%
23	Aljazira Takaful Taawuni	301 954	80 471	220 579	58 740	36.89%	0.53%
24	Saudi Enaya	250 880	66 860	226 930	60 431	10.55%	0.44%
25	Amana Cooperative	184 638	49 206	237 700	63 300	-22.32%	0.32%
Total		56 800 550	15 137 347	44 860 720	11 946 410	26.62%	99.65%
Rest of the market ⁽⁸⁾		199 450	53 153	8 495 480	2 262 346	-97.65%	0.35%
Total market ⁽⁹⁾		57 000 000	15 190 500	53 356 200	14 208 756	6.83%	100%

⁽¹⁾ Companies listed on the stock exchange
⁽²⁾ Growth rate in local currency
⁽³⁾ Merger with SABB Takaful
⁽⁴⁾ Ex. AXA Cooperative Insurance Company
⁽⁵⁾ Merger with Al Ahli Takaful and Alimna Tokio Marine
⁽⁶⁾ Merger with Al Ahlia Cooperative Insurance
⁽⁷⁾ Ex. Al Alamiya for Cooperative Insurance Company
⁽⁸⁾ 3 companies
⁽⁹⁾ Badri Management estimate
Sources : Rapports compagnies and www.sama.gov.sa
Exchange rate as at 31/12/2023 : 1 SAR = 0.2665 USD ; 31/12/2022 : 1 SAR = 0.2663 USD

Insurance companies in Saudi Arabia: ranking

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