March 12, 2017 | Sector Reports

Saudi Insurance Sector

Concentration of Insurance Segments per Company

Concentration of Insurance Segments per Company

Company Health Insurance Vehicle Insurance General Insurance Protection & Savings Total

Health Insurance

Bupa Arabia 100% 0% 0% 0% 100%

Enaya 100% 0% 0% 0% 100%

MEDGULF 71% 17% 12% 0% 100%

Solidarity 67% 13% 7% 13% 100%

Tawuniya 65% 19% 16% 0% 100%

METLIFE AIG ANB 61% 7% 21% 12% 100%

Vehicle Insurance

Salama 5% 92% 3% 0% 100%

Malath Insuranc 4% 88% 8% 0% 100%

AlRajhi Takaful 11% 81% 6% 1% 100%

WAFA Insurance 16% 76% 8% 0% 100%

UCA 8% 60% 32% 0% 100%

Trade Union 29% 59% 12% 0% 100%

Walaa 15% 56% 29% 0% 100%

AXA Cooperative 28% 56% 15% 2% 100%

ACIG 37% 55% 9% 0% 100%

Buruj 34% 55% 12% 0% 100%

Alinma Tokio M 2% 54% 36% 8% 100%

Wataniya 0% 51% 41% 8% 100%

General Insurance

Al Alamiya 1% 27% 68% 4% 100%

CHUBB 0% 34% 66% 0% 100%

Protection & Savings

Jazira Takaful 0% 0% 0% 100% 100%

ATC 0% 0% 0% 100% 100%

SABB Takaful 0% 0% 15% 85% 100%

Multi Insurance

Gulf General 12% 48% 40% 0% 100%

SAICO 40% 27% 33% 0% 100%

Gulf Union 21% 46% 32% 0% 100%

Allianz SF 15% 36% 32% 18% 100%

Sagr Insurance 48% 28% 25% 0% 100%

Al-Ahlia 35% 42% 23% 0% 100%

AICC 37% 43% 20% 0% 100%

Arabian Shield 37% 48% 15% 0% 100%

Amana Insurance 47% 42% 11% 0% 100%

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March 12, 2017 | Sector Reports

Saudi Insurance Sector

Financial Indicators

Financial Indicators

Closing Price Free Floating Net Income Shareholders

(March 9, 2016) Issued Shares Shares 2016 Equity Market Cap. Earning Per Price to Price to Book
Company (SAR) (Million) (Million) (Million) (Million) (SAR mn) Share (SAR) Equity Value
Tawuniya 118.80 100 53 786.63 2921.9 11880.0 7.87 15.10 4.06

METLIFE AIG ANB 23.14 35 11 (21.86) 237.1 809.9 (0.63) N 3.41

Jazira Takaful 29.43 35 11 25.92 378.9 1030.1 0.74 39.74 2.71

Malath Insuranc 8.39 30 30 (156.17) 89.4 251.7 (5.21) N 2.81

MEDGULF 24.64 100 37 66.11 952.5 2464.0 0.66 37.27 2.58

Allianz SF 43.09 20 7 24.43 221.4 861.8 1.22 35.28 3.89

Salama 14.73 25 18 21.30 193.2 368.3 0.85 17.29 1.90

Walaa 26.13 40 38 117.32 435.5 1045.2 2.93 8.91 2.40

Arabian Shield 61.38 20 14 80.95 350.2 1227.6 4.05 15.16 3.50

SABB Takaful 27.24 34 12 11.86 361.2 926.2 0.35 78.09 2.56

SAICO 20.41 25 17 50.84 298.0 510.3 2.03 10.04 1.71

WAFA Insurance 18.23 21 17 59.66 122.2 373.7 2.91 6.26 3.05

Gulf Union 12.39 22 15 24.97 149.9 272.6 1.14 10.92 1.81

ATC 37.43 17 7 33.34 215.7 623.8 2.00 18.71 2.89

Al-Ahlia 12.21 16 15 (21.10) 104.4 195.4 (1.32) N 1.87

ACIG 15.72 20 12 8.34 125.2 314.4 0.42 37.70 2.51

AICC 12.80 27 17 8.45 244.3 339.2 0.32 40.14 1.38

Trade Union 18.67 28 18 44.96 297.5 513.4 1.64 11.42 1.72

Sagr Insurance 39.01 25 18 151.31 509.0 975.3 6.05 6.45 1.91

UCA 14.50 49 32 99.77 389.6 710.5 2.04 7.12 1.82

Bupa Arabia 124.69 80 57 630.71 2027.0 9975.2 7.88 15.82 4.92

AlRajhi Takaful 43.66 40 18 88.63 429.4 1746.4 2.22 19.70 4.06

CHUBB 48.35 10 6 37.30 226.4 483.5 3.73 12.96 2.13

AXA Cooperative 19.44 45 22 42.68 499.6 874.8 0.95 20.50 1.75

Gulf General 17.95 20 13 19.49 195.8 359.0 0.98 18.42 1.83

Buruj 32.95 25 15 82.79 315.1 823.8 3.31 9.95 2.61

Al Alamiya 24.01 40 12 46.35 331.0 960.4 1.16 20.72 2.90

Solidarity 19.95 25 18 46.99 246.2 498.8 1.88 10.61 2.02

Wataniya 30.06 20 8 38.75 185.4 601.2 1.94 15.51 3.24

Amana Insurance 19.14 14 11 23.24 132.7 268.0 1.66 11.53 2.01

Enaya 16.48 20 14 (28.12) 171.8 329.6 (1.41) N 1.91

Alinma Tokio M 17.80 45 15 (17.44) 291.7 801.0 (0.39) N 2.74

Insurance Sector 1,211 725 2,447 14,454 44,898 2.0 15.5 3.11

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March 12, 2017 | Sector Reports

Saudi Insurance Sector

P/E and P/BV for Insurance Companies

In terms of profit, 27 companies in the insurance sector generated profits during the last four quarters, ending December 2016. The following figure
reflects the valuation levels of these companies(1) based on P/E and P/BV(2):

6.00

5.00 Bupa Arabia

AlRajhi Takaful
4.00 Tawuniya
Allianz SF

Arabian Shield
Wataniya

3.00 Al Alamiya
P/B V

WAFA Insurance MEDGULF

Buruj

ACIG
UCA Amana Insurance CHUBB
Salama
2.00 Gulf Union Enaya
Trade Union Gulf General
Sagr Insurance

1.00

0.00

5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00

PE

* Excluding seven companies with very inflated multiples.

** Closing prices of March 9, 2017.

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March 12, 2017 | Sector Reports

Saudi Insurance Sector

Insurance Premiums Breakdown

Insurance Premiums Breakdown

Gross Written Premium Net Written Premium Net Earned Premium Net Claims Incurred
Retention Ratio Claims Ratio
(SAR million) (SAR million) (SAR million) (SAR million)

Company 2015 2016 Growth 2015 2016 Growth 2015 2016 Growth 2015 2016 Growth 2015 2016 2015 2016

Tawuniya 79101 69311 %7 69005 79370 %53 19661 69605 %05 09500 19530 %00 %61 %66 %70 %71

METLIFE AIG ANB 501 036 %00 ,7 50, %10 00 501 %003 05 500 %035 %67 %70 %,0 %61

Jazira Takaful 75 76 %7 01 03 %05 00 07 %56 0 0 %6 %01 %0, %50 %55

Malath Insuranc 59660 09566 %56 59100 59135 )%0( 59705 59000 )%57( 59061 59600 %, %60 %6, %66 %550

MEDGULF 09330 095,0 )%03( 0901, 096,7 )%03( 09067 09,06 )%51( 0906, 09061 )%01( %60 %60 %,0 %60

Allianz SF 630 606 %0 063 116 %05 066 133 %0, 076 076 %01 %17 %67 %70 %71

Salama 0,0 175 %06 06, 100 %07 005 000 %07 0,0 003 %50 %,0 %,1 %61 %76

Walaa 710 59357 %01 10, 766 %00 00, 606 %00 060 036 %6 %70 %71 %61 %60

Arabian Shield 105 710 %00 000 065 %01 003 030 %00 006 066 %50 %60 %60 %70 %66

SABB Takaful 030 5,0 )%0( 573 516 )%6( 506 517 %00 6 57 %575 %60 %63 %1 %55

SAICO 666 630 )%53( 163 13, )%,( 630 151 )%50( 063 000 )%01( %60 %60 %76 %67

WAFA Insurance 100 115 %6 036 073 %51 060 066 %60 076 007 %06 %76 %61 %530 %75

Gulf Union 001 077 %00 533 500 %00 505 530 )%51( 65 10 )%00( %00 %10 %67 %10

ATC 065 016 )%5( 70 63 %6 70 63 %6 51 5, %07 %05 %00 %03 %00

Al-Ahlia 063 567 )%06( 001 510 )%01( 03, 5,7 )%6( 565 501 )%53( %,5 %,0 %77 %70

ACIG 10, 155 )%7( 016 00, )%6( 060 000 %50 0,5 000 %56 %60 %60 %76 %63

AICC 610 05, )%06( 07, 060 )%06( 050 003 )%03( 006 050 )%01( %16 %67 %7, %60

Trade Union 606 ,10 %50 666 716 %50 163 760 %00 063 633 %01 %7, %7, %60 %76

Sagr Insurance 660 576 )%63( 7,0 53, )%66( 000 130 %50 016 000 )%50( %,0 %60 %16 %00

UCA 59070 603 )%06( 6,0 000 )%60( 70, 605 )%51( 666 001 )%01( %73 %0, %,0 %75

Bupa Arabia 79006 79,0, %6 79066 79675 %6 6970, 79667 %50 19055 69576 %5, %,, %,, %77 %65

AlRajhi Takaful 59060 59,0, %00 59006 59616 %15 5935, 59106 %15 7,5 59061 %60 %,3 %,1 %76 %60

CHUBB 06, 051 )%03( 505 536 )%53( 551 557 %5 73 16 )%57( %01 %13 %65 %0,

AXA Cooperative 59506 59510 %0 59330 59363 %6 ,,6 5930, %1 607 665 %0 %6, %,0 %60 %60

Gulf General 010 011 )%06( 575 500 )%00( 56, 507 )%50( 500 61 )%05( %0, %10 %61 %16

Buruj 007 006 )%0( 066 066 %5 000 0,, %03 011 051 )%56( %66 %6, %77 %10

Al Alamiya 030 055 )%00( 011 565 )%07( 001 037 )%50( 503 530 )%07( %60 %10 %63 %0,

Solidarity 030 060 )%50( 053 00, %, 031 001 %, 570 ,1 )%00( %6, %67 %60 %00

Wataniya 15, 136 )%0( 000 010 %6 03, 011 %00 576 51, )%53( %01 %13 %60 %60

Amana Insurance 050 573 )%1,( 000 550 )%67( 076 010 )%,( 006 516 )%00( %63 %66 %60 %60

Enaya 75 50, %60 00 ,7 %50, 07 60 %501 03 00 %66 %63 %71 %77 %10

Alinma Tokio M 003 000 %06 65 507 %537 06 551 %513 06 ,3 %510 %06 %0, %76 %76

Total 425223 425,23 %0 595091 595213 %0 525,33 59523, %00 505542 555,22 %, %35 %34 %,9 %,,

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March 12, 2017 | Sector Reports

Saudi Insurance Sector

Retention Ratio Breakdown - 2016

Retention Ratio Breakdown

Company Health Insurance Vehicle Insurane General Insurance Total

Tawuniya %,,.0 %533.3 %07.6 %3,.3

METLIFE AIG ANB %,7., %,6.5 %6.0 %,0.2

Jazira Takaful - - - %49.5

Malath Insuranc %533.3 %70.5 %03.5 %29.5

MEDGULF %533.3 %66.6 %56.7 %33.3

Allianz SF %10.0 %,6.6 %00.1 %22.3

Salama %,7.6 %,7.1 %05.3 %92.0

Walaa %533.3 %,,.6 %51.1 %,2.4

Arabian Shield %533.3 %15.7 %50.0 %24.,

SABB Takaful - - %5,.1 %31.3

SAICO %60., %,6.7 %6.7 %24.2

WAFA Insurance %60.7 %,6.7 %7.1 %32.4

Gulf Union %77.6 %63.5 %00.5 %20.9

ATC - - - %55.2

Al-Ahlia %,6.0 %,6.6 %75., %90.2

ACIG %77.1 %,7.1 %07.7 %33.0

AICC %60.0 %,1.0 %51.7 %2,.4

Trade Union %60., %,7.0 %06.0 %,9.2

Sagr Insurance %73.5 %6,.6 %51.7 %25.1

UCA %63.1 %13.0 %,.3 %49.3

Bupa Arabia %,,.0 - - %99.5

AlRajhi Takaful %,,.5 %,,.3 %00.0 %92.4

CHUBB - %,7.6 %06.0 %21.4

AXA Cooperative %,6.0 %,,.1 %10.0 %90.9

Gulf General %06.0 %7,.0 %03.0 %20.9

Buruj %,6.5 %,6.6 %01.6 %33.,

Al Alamiya %07.1 %,6.1 %00.3 %20.,

Solidarity %,6.7 %,6.3 %03.6 %3,.5

Wataniya - %66.3 %6.0 %21.1

Amana Insurance %533.0 %06.6 %00.0 %22.2

Enaya %71.0 - - %,2.4

Alinma Tokio M %533.3 %1,.5 %0.6 %49.4

Total %9,.1 %34.0 %53.0 %,2.9

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