Company and Competitor Profile for Tawuniya

Overview

The Company for Cooperative Insurance (Tawuniya) is a key player in the Saudi Arabian insurance industry. Established in Riyadh in 1986, Tawuniya operates as a Saudi Joint Stock Company under the principles of cooperative insurance aligned with Islamic Shariah. It was licensed to operate in all insurance sectors in Saudi Arabia by December 2004, regulated by the Saudi Central Bank (SAMA). Tawuniya has a significant presence in the Saudi market, supported by a workforce of 7,100 employees and generating an annual revenue of $2 billion.

Services

Tawuniya offers a comprehensive portfolio of insurance products, with over 60 classes covering health, motor, takaful, travel, and property and casualty insurance. The company is especially recognized for its specialty lines such as marine, aviation, and energy insurance, positioning itself as a top choice through innovation and technological advancement.

Financial Performance

The company reported a strong financial performance with post-zakat net profits rising to SAR 616 million in 2023, compared to SAR 302 million in 2022. This financial growth reflects successful strategic initiatives and efficient pricing, notably improving their non-life combined ratio to approximately 92% in the first half of 2024.

Recent Developments

Strategic partnerships are a focal point for Tawuniya's growth. Significant collaborations include the renewal of a health insurance contract with STC in September 2024 and a partnership with Hakbah aimed at innovating financial savings solutions. Tawuniya's participation in the 24 Fintech conference in Riyadh further underscores its commitment to technological and market expansion.

Leadership

Tawuniya's leadership team is notable for its commitment to innovation and strategic growth:

Dr. Othman Y. Al-Kassabi, CEO, leads with over 15 years of experience, focusing on digital transformation.

Dr. Ammr K. Kurdi, Chief Financial Officer, provides substantial expertise in finance, accounting, and executive leadership.

Shareholder Structure

The authorized, issued, and paid-up capital of Tawuniya is SAR 1,250 million, divided into 125 million shares at SAR 10 each.

Technological Advancements

Tawuniya's strategic investment in technology enhances both service delivery and customer interaction, as seen through their user-friendly platforms and mobile applications. These advancements have contributed to the company receiving an award for the best insurance e-services in 2019.

Ratings and Recognitions

Tawuniya holds an 'A-' rating from Standard & Poor's with a stable outlook, and a positive Fitch rating outlook, affirming its robust financial health.

Competitor Profiling

Key Competitors

Tawuniya's market competition includes several major firms:

Salama Islamic Arab Insurance Co.: A leading Takaful provider in the UAE, serving around 450,000 customers with AED 10 billion in coverage.

BF&M Group: Provides diverse insurance solutions from Bermuda across the Caribbean, focusing on property, casualty, motor, and marine products.

MiddleOak: Specializes in multifamily insurance within the US market, with a history dating back to 1845.

Arabia Insurance Company: Operates across eight Arab countries offering a range of motor, life, medical, and property insurance services.

Brit Insurance: Specializes in underwriting complex risks on a global scale, particularly in accident, health, and property sectors.

Strategic Insights

To maintain its market position, Tawuniya aims to understand the competitive dynamics and continue enhancing its digital capabilities and insurance offerings. As the insurance industry evolves, leveraging e-services and competitive product diversification could bolster Tawuniya's market share in Saudi Arabia.

Visit [Tawuniya's website](https://www.tawuniya.com/en) for more information.