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TAWUNIYA

TAWUNIYA

138.00 SAR / Share

As of: May 28, 2026

17.4x P/E Ratio Trailing 12 Months
3.6x P/B Ratio Price to Book Value
1.2% Dividend Yield Annual Dividend / Share
20.70B SAR Market Cap Total Valuation
1.00 Beta Systematic Risk Index
5.2% Net Margin Net Profit / Revenue

Company Profile

The Company for Cooperative Insurance (Tawuniya) is a Saudi Joint Stock Company established in 1986, headquartered in Riyadh. Its primary purpose is to transact cooperative insurance operations, reinsurance, and agency activities across principal lines of business including medical, motor, marine, fire, engineering, energy, aviation, takaful, and property and casualty. Tawuniya generates revenue primarily through gross written premiums from corporate and retail clients, with its major concentration in the medical segment. The company is regulated by the Insurance Authority (formerly SAMA) and operates on a 90/10 surplus-sharing basis between shareholders and policyholders. Its majority shareholder is the General Organization for Social Insurance (GOSI), which is fully owned by the Saudi government. Tawuniya operates several subsidiaries providing digital insurance agency services, healthcare services, claims settlement, and reinsurance activities.

Sector Insurance
Fiscal Year End 12-31
Latest Filing Q1 2026 (2026-05-12)
Shares Outstanding 150.00M
Market Cap 20.70B
Enterprise Value —
Geographic Revenue
Major Customers

The Story

Tawuniya operates as the dominant multi-line insurer in Saudi Arabia, leveraging massive scale to deliver double-digit returns significantly above its cost of capital.

Source: Annual 2025 (2026-03-05)

Value Creation +11.9% Excess Return on Capital (Spread between ROIC/ROE and Cost of Capital)
Cash Flow Payback — Estimated years of operating cash flows required to cover Enterprise Value

Performance & Distributions

Dividend Yield Trailing annual dividends paid relative to share price
1.2%
Sustainable Growth Rate Rate at which company can grow internally using reinvested profits
+18.8%
Payout Ratio Percent of net profits distributed as dividends
20.3%
Net Margin Net profit margin generated from total operational revenue
5.2%
ROE Return on Equity
20.6%

Market Pricing Multiples

P/E Ratio Market value compared to corporate net earnings
17.4x
P/B Ratio Market capitalization compared to corporate book value
3.6x
Combined Ratio Operating multiple reflecting core operational leverage
94.8%
Loss Ratio Asset pricing multiple relative to total topline revenue
—

Growth Story

Tawuniya demonstrates significant market penetration with Insurance Revenue reaching SAR 21.4B and Gross Written Premiums (GWP) at SAR 23.8B. The company's growth trajectory is underpinned by a sustainable growth rate of 18.81%, suggesting that its internal capital generation is robust enough to fund expansion. This trajectory is further supported by a disciplined payout ratio of 20.33%, allowing the firm to retain nearly 80% of its earnings to fuel its market-leading position and maintain its competitive edge in the Saudi insurance landscape.

Profitability Dynamics

The profitability profile is defined by underwriting discipline, evidenced by a combined ratio of 94.78%, which indicates that the company is generating a profit from its core insurance operations before accounting for investment income. With a trailing twelve-month net income of SAR 1.1B, Tawuniya achieves an ROE of 20.59%. This performance significantly outpaces its estimated cost of equity of 8.65%, demonstrating substantial value creation through an efficient spread between underwriting results and capital costs.

Risk & Capital Structure

Beta Systematic market risk indicator relative to the TASI index
1.00
Cost of Equity Minimum required rate of return demanded by shareholders
8.7%
Combined Ratio Underwriting cost efficiency margin (Claims + Expenses) / NEP
94.8%
Loss Ratio Net claims incurred relative to net earned premiums
—
Expense Ratio Acquisition and general admin costs relative to net earned premiums
—
Retention Ratio Proportion of gross written premium retained by company
82.3%

Risk Factors

Tawuniya manages a complex risk profile characterized by SAR 13.4B in insurance contract liabilities, representing the core of its obligations to policyholders. The balance sheet shows a total asset base of SAR 21.8B supported by SAR 5.4B in equity, reflecting the scale of its operations within the SAMA regulatory framework. While the company maintains a significant investment portfolio of SAR 4.7B to back its liabilities, the primary risk management focus remains on the adequacy of reserves and the mitigation of claims volatility across its large-scale multi-line exposures.

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