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8180
Governance: B

ALSAGR INSURANCE

ALSAGR INSURANCE

10.97 SAR / Share

As of: May 28, 2026

— P/E Ratio Trailing 12 Months
1.0x P/B Ratio Price to Book Value
— Dividend Yield Annual Dividend / Share
329.10M SAR Market Cap Total Valuation
1.00 Beta Systematic Risk Index
-35.2% Net Margin Net Profit / Revenue

Company Profile

Al Sagr Cooperative Insurance Company is a Saudi Joint Stock Company established in Dammam, Saudi Arabia, and licensed by the Insurance Authority to practice general and health insurance. The company operates through three main branches in Dammam, Jeddah, and Riyadh. Its insurance portfolio includes Medical, Motor, Engineering, Property, General Accident, and Marine (Cargo and Hull). While it previously held a reinsurance license, it was cancelled in 2015. The company conducts business in accordance with cooperative principles, where shareholders receive 90% of the annual surplus from insurance operations and policyholders receive 10%.

Sector Insurance
Fiscal Year End 12-31
Latest Filing Q1 2026 (2026-05-07)
Shares Outstanding 30.00M
Market Cap 329.10M
Enterprise Value —
Geographic Revenue
Major Customers

The Story

Alsagr Insurance is currently navigating a challenging operational phase, characterized by underwriting losses and capital erosion despite maintaining a notable insurance revenue base.

Source: Q1 2026 (2026-05-07)

Value Creation -23.7% 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
—
Sustainable Growth Rate Rate at which company can grow internally using reinvested profits
+2.1%
Payout Ratio Percent of net profits distributed as dividends
—
Net Margin Net profit margin generated from total operational revenue
-35.2%
ROE Return on Equity
-15.0%

Market Pricing Multiples

P/E Ratio Market value compared to corporate net earnings
—
P/B Ratio Market capitalization compared to corporate book value
1.0x
Combined Ratio Operating multiple reflecting core operational leverage
108.1%
Loss Ratio Asset pricing multiple relative to total topline revenue
—

Growth Story

Alsagr Insurance's top-line performance is characterized by a TTM Insurance Revenue of SAR 600M, alongside a Gross Written Premium (GWP) of SAR 150M. While these figures reflect an active market presence within the Saudi insurance sector, the company's capacity for sustainable growth is severely constrained. The sustainable growth rate is limited to 2.08%, weighed down by a negative return on equity (ROE) of -14.97%. The divergence between insurance revenue and GWP highlights the structural dynamics of premium recognition under IFRS 17, indicating that while the company can generate top-line volume, translating this volume into sustainable, equity-backed growth remains a key strategic hurdle.

Profitability Dynamics

The profitability profile of Alsagr Insurance is heavily pressured, as evidenced by a combined ratio of 108.11%, indicating that underwriting claims and expenses exceed earned premiums. This underwriting deficit is the primary driver behind the net loss of SAR -51M TTM. Consequently, the return on equity (ROE) has fallen to -14.97%, significantly underperforming the estimated cost of equity (Ke) of 8.70%. This negative spread demonstrates that the company's current operational structure and investment income from its SAR 151M portfolio are insufficient to offset underwriting losses and meet shareholder return expectations.

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
108.1%
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
95.8%

Risk Factors

With total assets of SAR 647M and total equity of SAR 343M, Alsagr Insurance maintains a capital buffer, but its balance sheet is sensitive to ongoing operational losses. Insurance contract liabilities stand at SAR 248M, representing the company's commitments to policyholders. In the highly regulated Saudi Arabian Monetary Authority (SAMA) environment, maintaining adequate solvency margins is critical. The combination of underwriting losses and capital erosion poses a risk to regulatory capital compliance, requiring careful management of reinsurance arrangements and underwriting discipline to stabilize the balance sheet.

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