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8280
Governance: B

LIVA

LIVA

10.44 SAR / Share

As of: May 28, 2026

13.0x P/E Ratio Trailing 12 Months
0.9x P/B Ratio Price to Book Value
— Dividend Yield Annual Dividend / Share
417.60M SAR Market Cap Total Valuation
1.00 Beta Systematic Risk Index
17.5% Net Margin Net Profit / Revenue

Company Profile

LIVA Insurance Company is a Saudi joint stock company headquartered in Riyadh, licensed by the Insurance Authority to transact cooperative insurance and reinsurance operations in the Kingdom of Saudi Arabia. The Company offers a diverse range of products across Motor, Medical, Property, Engineering, Marine, and Protection & Savings (Group Life) segments. Major shareholders include Liva Insurance B.S.C. and Riyad Bank, and its ultimate parent company is Oman International Development and Investment Company SAOG (OMINVEST), based in Oman. In March 2026, the Company announced the termination of merger negotiations with Malath Cooperative Insurance following the expiry of their non-binding Memorandum of Understanding (MOU). The Company maintains a statutory deposit with SAMA representing 10% of its paid-up capital and operates under IFRS 17 and IAS 34 standards.

Sector Insurance
Fiscal Year End 12-31
Latest Filing Q1 2026 (2026-05-10)
Shares Outstanding 40.00M
Market Cap 417.60M
Enterprise Value —
Geographic Revenue
Major Customers

The Story

LIVA operates as a mid-sized insurer in the Saudi market, balancing SAR 633M in TTM insurance revenue with a highly disciplined underwriting approach to maintain profitability.

Source: Q1 2026 (2026-05-10)

Value Creation -2.1% 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
+3.2%
Payout Ratio Percent of net profits distributed as dividends
—
Net Margin Net profit margin generated from total operational revenue
17.5%
ROE Return on Equity
6.6%

Market Pricing Multiples

P/E Ratio Market value compared to corporate net earnings
13.0x
P/B Ratio Market capitalization compared to corporate book value
0.9x
Combined Ratio Operating multiple reflecting core operational leverage
98.2%
Loss Ratio Asset pricing multiple relative to total topline revenue
—

Growth Story

LIVA's growth trajectory is characterized by a strategic focus on premium quality over sheer volume, as evidenced by its TTM Insurance Revenue of SAR 633M alongside a Gross Written Premium (GWP) of SAR 279M. This positioning reflects a deliberate market strategy, likely involving structured reinsurance or portfolio optimization. The company's sustainable growth rate stands at 3.21%, supported by a sustainable ROE of 3.30%. This indicates a measured expansion path where premium growth is carefully aligned with capital retention, ensuring that market penetration does not outpace the company's underlying capital generation capabilities.

Profitability Dynamics

Profitability at LIVA is defined by tight underwriting discipline, highlighted by a Combined Ratio of 98.16% which keeps the company in profitable territory, albeit with thin technical margins. This underwriting performance, combined with returns from its SAR 540M investment portfolio, culminated in a TTM Net Income of SAR 32M and an ROE of 6.59%. However, this ROE falls short of the company's estimated Cost of Equity (Ke) of 8.70% (derived with a Beta of 1.0038). This gap suggests that while LIVA is profitable in absolute terms, it is currently working to optimize its operational efficiency and investment yields to fully cover its cost of capital.

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
98.2%
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
80.2%

Risk Factors

LIVA's risk profile is anchored by a solid balance sheet structure, featuring Total Assets of SAR 1.1B and Total Equity of SAR 486M. The company manages Insurance Contract Liabilities of SAR 480M, which are well-matched by its investment book of SAR 540M, providing a reassuring liquidity cushion. Operating under the stringent regulatory oversight of the Saudi Central Bank (SAMA), LIVA's capital adequacy remains a key priority. The primary risks stem from maintaining underwriting discipline to prevent the Combined Ratio from drifting above 100%, alongside managing the volatility of its investment assets in a fluctuating macroeconomic environment.

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