Al Rajhi Takaful Company Profile

Background

Overview

Al Rajhi Company for Cooperative Insurance, commonly known as Al Rajhi Takaful, is a leading provider of Sharia-compliant insurance solutions in Saudi Arabia. Established in 2009, the company offers a comprehensive range of insurance products, including vehicle, health, life, accident, and general insurance, catering to both individual and corporate clients. Headquartered in Riyadh, Al Rajhi Takaful operates under the supervision of the Saudi Central Bank and holds an A3 financial strength rating.

Mission and Vision

Al Rajhi Takaful is committed to providing innovative and reliable insurance solutions that adhere to Islamic principles, ensuring financial protection and peace of mind for its customers. The company's vision is to be the preferred choice for Sharia-compliant insurance in the Kingdom, fostering a culture of cooperation and solidarity among its members.

Key Strategic Focus

Core Objectives

• Market Leadership: To establish and maintain a dominant position in the Saudi insurance market by offering a diverse portfolio of Sharia-compliant products.

• Customer-Centric Approach: To deliver exceptional customer service through a wide network of branches and experienced professionals.

• Innovation and Digitalization: To invest in digital transformation initiatives that enhance customer experience and operational efficiency.

Areas of Specialization

• Vehicle Insurance: Comprehensive coverage for private and commercial vehicles.

• Health Insurance: Tailored health plans for individuals and groups.

• Life Insurance: Protection and savings plans aligned with Islamic principles.

• Accident Insurance: Coverage for personal accidents and related expenses.

• General Insurance: Including property, liability, and travel insurance.

Key Technologies Utilized

• Digital Platforms: Online portals and mobile applications for policy management and claims processing.

• Data Analytics: Utilization of big data to assess risk and personalize insurance offerings.

• Artificial Intelligence: AI-driven chatbots and customer service tools to enhance user engagement.

Primary Markets Targeted

• Individual Clients: Providing personal insurance solutions to meet diverse needs.

• Corporate Clients: Offering group insurance plans and corporate risk management services.

• SMEs: Tailored insurance products for small and medium-sized enterprises.

Financials and Funding

Funding History

Al Rajhi Takaful is a publicly listed company on the Saudi Stock Exchange (Tadawul) under the ticker symbol 8230. The company has not disclosed specific details regarding its funding history or recent funding rounds.

Recent Financial Performance

• 2024: The company reported a net profit of SAR 332.3 million, with a Gross Written Premium (GWP) of SAR 10.91 billion, marking an 81.1% increase from the previous year.

• 2023: Net profit stood at SAR 328.1 million, with a GWP of SAR 6.02 billion, reflecting a 73.6% growth from 2022.

Capital Structure

The company's capital base is robust, with total shareholders' equity increasing to SAR 2.08 billion by the end of 2024, up from SAR 1.72 billion in 2023.

Pipeline Development

Key Initiatives

• Product Expansion: Introduction of new insurance products to meet evolving customer needs.

• Digital Transformation: Ongoing development of digital platforms to enhance customer engagement and streamline operations.

• Strategic Partnerships: Collaborations with financial institutions and service providers to offer comprehensive insurance solutions.

Anticipated Milestones

• 2025-2026: Expected launch of AI-driven customer service tools and expanded digital offerings.

• 2026-2027: Projected growth in market share, particularly in the motor insurance segment, with rates anticipated to increase during the third quarter of 2025.

Technological Platform and Innovation

Proprietary Technologies

• Digital Platforms: User-friendly online portals and mobile applications for policy management and claims processing.

• Data Analytics: Advanced analytics tools for risk assessment and personalized insurance offerings.

• Artificial Intelligence: AI-driven chatbots and customer service tools to enhance user engagement.

Significant Scientific Methods

• Risk Assessment Models: Utilization of big data and machine learning algorithms to evaluate and price insurance risks accurately.

• Customer Behavior Analysis: Analyzing customer data to tailor products and services to individual preferences.

Leadership Team

Key Executives

• Saud Al Ghonaim: Chief Executive Officer

• Saud Al Rajhi: Vice Chairman of the Board

• Ahmed Al Zaeem: Director

Recent Leadership Changes

• Yazeed Alshehri: Joined as Director, Talent Management on September 22, 2025.

Competitor Profile

Market Insights and Dynamics

The Saudi Arabian insurance market is characterized by a competitive landscape with several key players:

• Tawuniya: Leading insurer with a market share of 29% as of 2022.

• Bupa Arabia: Specializes in health insurance, holding a 27% market share in 2022.

• Al Rajhi Takaful: Third-largest insurer with a market share of 7.05% in 2020.

Competitor Analysis

• Bupa Arabia: Focuses on health insurance with a strong customer service reputation.

• Tawuniya: Offers a broad range of insurance products and has a significant market presence.

• Medgulf: Provides diverse insurance solutions and has a growing market share.

Strategic Collaborations and Partnerships

• Al Rajhi Bank: Increased its stake in Al Rajhi Takaful to 35% in September 2022, aiming to strengthen the bank's role in developing the financial sector and enhancing its presence in the insurance market.

Operational Insights

Al Rajhi Takaful's strategic focus on digital transformation and customer-centric services positions it favorably in the competitive landscape, enabling the company to offer innovative and efficient insurance solutions.

Strategic Opportunities and Future Directions

Strategic Roadmap

• Digital Expansion: Enhance digital platforms to improve customer engagement and operational efficiency.

• Product Diversification: Develop new insurance products to meet the evolving needs of the market.

• Market Penetration: Increase market share in under-served segments through targeted marketing and strategic partnerships.

Future Business Directions

• AI Integration: Implement artificial intelligence to streamline claims processing and customer service.

• Sustainability Initiatives: Incorporate sustainable practices into operations and product offerings.

Opportunities for Expansion

• Regional Growth: Explore expansion opportunities in the GCC region to leverage the growing demand for Sharia-compliant insurance.

• Product Innovation: Introduce innovative insurance solutions tailored to specific customer segments.

Contact Information

• Official Website: alrajhitakaful.com

• Social Media:

• LinkedIn: Al Rajhi Takaful

• Twitter: @AlRajhiTakaful

• Facebook: Al Rajhi Takaful