Saudi insurers boost sector profits in first half

Reports indicate that small and medium-sized insurance companies in Saudi Arabia experienced a recovery in their profits during the first half of 2026, successfully reducing their losses or returning to profitability, despite the performance of the top five companies remaining largely unchanged. Listed insurance companies’ profits increased by 13% year-over-year to approximately 1.5 billion Riyals, with sector revenues growing by 14% to 38.5 billion Riyals, supported by growth in motor and medical insurance. The improvement primarily focused on better underwriting results, with investment income rising by 17%, although some smaller companies continued to record losses. Notably, Walaa Takaful Insurance posted its first profit of 43 million Riyals after previous losses. Moody’s expects mergers within the Saudi market to remain prevalent, as increasing pressures on smaller firms are anticipated with the upcoming implementation of the risk-based capital framework starting in 2027, aimed at strengthening financial stability and achieving the market’s strategic objectives through 2030.

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