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Governance: B

RASAN

RASAN

151.00 SAR / Share

As of: May 28, 2026

38.4x P/E Ratio Trailing 12 Months
14.2x P/B Ratio Price to Book Value
— Dividend Yield Annual Dividend / Share
11.70B SAR Market Cap Total Valuation
1.00 Beta Systematic Risk Index
116.9% Net Margin Net Profit / Revenue

Company Profile

Rasan Information Technology Company is a Saudi Joint Stock Company engaged in providing an insurance aggregator platform, online auto auctions, and online leasing insurance services. The Group's operations are primarily conducted through its Tameeni and Treza brands, offering Motors and Health insurance brokerage and leasing-related insurance products. The company also operates in vehicle auctions, towing, and storage via Awal Mozawadah. Rasan is publicly traded in the Kingdom of Saudi Arabia and holds regulatory status through subsidiaries such as Tameeni Electronic Insurance Brokerage Company and Treza LLC, with a presence in KSA, UAE, and Egypt.

Sector Insurance
Fiscal Year End 12-31
Latest Filing Q1 2026 (2026-05-10)
Shares Outstanding 77.51M
Market Cap 11.70B
Enterprise Value —
Geographic Revenue
Major Customers

The Story

RASAN operates as a high-efficiency digital intermediary and technology provider, generating exceptional returns with minimal balance sheet underwriting risk.

Source: Q1 2026 (2026-05-10)

Value Creation +28.4% 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
+25.0%
Payout Ratio Percent of net profits distributed as dividends
—
Net Margin Net profit margin generated from total operational revenue
116.9%
ROE Return on Equity
37.1%

Market Pricing Multiples

P/E Ratio Market value compared to corporate net earnings
38.4x
P/B Ratio Market capitalization compared to corporate book value
14.2x
Combined Ratio Operating multiple reflecting core operational leverage
28.8%
Loss Ratio Asset pricing multiple relative to total topline revenue
—

Growth Story

RASAN demonstrates a powerful growth trajectory, driven by its digital-first business model. For the trailing twelve months (TTM), the company achieved Insurance Revenue of SAR 794M, alongside a Gross Written Premium (GWP) of SAR 261M. This unique revenue-to-GWP profile highlights its position as a platform-driven player rather than a traditional risk-carrier. With a sustainable growth rate of 25.00% and a sustainable ROE of 18.56%, RASAN leverages its digital market penetration to scale operations rapidly without the capital constraints typically faced by legacy insurers.

Profitability Dynamics

The company's profitability profile is highly unconventional for the insurance sector, characterized by an exceptionally low Combined Ratio of 28.81%. Because RASAN operates primarily as a technology and aggregation platform, it avoids the direct claim exposures that drive up traditional loss ratios. This operational efficiency translates into an outstanding Return on Equity (ROE) of 37.13% for the TTM period. When compared against its Cost of Equity (Ke) of 8.70% (derived from a Beta of 1.0038), RASAN generates substantial economic spread, demonstrating that its fee-and-commission-based model yields superior capital efficiency compared to traditional underwriting.

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
28.8%
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
—

Risk Factors

From a risk perspective, RASAN's balance sheet is remarkably unencumbered. The company reports SAR 0 in Insurance Contract Liabilities and SAR 0 in traditional insurance investments, reflecting its position as a technology intermediary rather than a risk-bearing underwriter. With Total Assets of SAR 1.9B and Total Equity of SAR 822M, its capital structure is highly liquid and free from the typical solvency pressures associated with SAMA's strict reserve requirements for risk-carrying insurers. However, its primary risks shift from underwriting and reinsurance volatility to technological disruption, cybersecurity, regulatory changes affecting digital brokers, and platform transaction volumes.

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