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TABLE iOF iCONTENT

Introduction-------------------------------------------------------------------------------------------------------

The iGCC iinsurance iindustry ioverview----------------------------------------------------------------------

Oman iinsurance iindustry--------------------------------------------------------------------------------------

World iOutlook i(Country iwise imarket isize iforecast) i---------------------------------------------------

Financial iand ivaluation ianalysis------------------------------------------------------------------------------

Conclusion---------------------------------------------------------------------------------------------------------

Annexure-----------------------------------------------------------------------------------------------------------
Introduction:
The iGulf iCooperation iCouncil i(GCC) iis ia iunion iinvolving ithe isix iArab iGulf
icountries, inamely iBahrain, iKuwait, iOman, iQatar, iSaudi iArabia iand ithe iUnited iArab

iEmirates i(UAE). iThese icountries iare ifeatured iby icommon icultural, ieconomic iand

ipolitical istructures. iThe iformation iof ithe iGCC ias ia iregional ientity ion iMay i25, i1981, iwas

iaimed ito iachieve icoordination, iintegration iand iinterconnection ibetween iits imembers.

iThis i essentially iimplies ithe iharmonization iand ithe igradual iunification iof idifferent

iregulations iand i structures.

“Oman’s iinsurance isector iis ipoised ito iregister istrong igrowth iover ithe imedium iterm ispearheaded iby
ihealth iinsurance iwhich iis ibeing imade icompulsory ifor iall iprivate iworkers iin i2018. iRising iawareness

iamongst inationals, igrowing iurbanization iand iestablishment iof isharia icompliant itakaful icompanies

iwill idrive igrowth iin ilife iinsurance iin ithe inear iterm. iOther igrowth idrivers iinclude icontinuing

ieconomic idiversification iand iinfrastructure idevelopment iand igrowth iof ismall i& imedium ienterprises

isector. iRecent iregulatory ichanges iincreasing ithe iminimum icapital ibase ifor iall iinsurers ihas ipositive

iconnotations. iThe iUAE iinsurance imarket’s ilong iterm igrowth iprospects ialso iremain ipositive. iA ispike

iin ithe inumber iof iconstruction iand iinfrastructure iprojects, iexpected iahead iof imajor ievents isuch ias ithe

iWorld iExpo i2020 iare iset ito istimulate ithe iindustry iin ithe ilong-term.

The GCC insurance industry overview:


i i i i

The iGCC iinsurance isector ihas idemonstrated iresilience iagainst ithe idecelerating
ieconomy, ihighlighting ithe iindustry’s istrength iand ipotential iamidst iconstrained ifiscal,

ibusiness iand iconsumer ispending. iThe ifactors ithat iempowered ithe iindustry iduring ithe

islowdown iwere ithe iimplementation iof imandatory ihealth iinsurance iand irisk-based

ipricing iin ithe imajor imarkets iof ithe iUAE iand iSaudi iArabia, irespectively. iThese igrowth

idrivers iare iin iaddition ito igrowing ibase iof ipopulation iand irevenue idiversification iefforts.

iThe isector iis iwitnessing ia imajor ioverhaul iof ithe iregulatory iframework, ias ithe

igovernments iare ideploying iefficient iand istringent iguidelines ito imake ithe iinsurance

isector iglobally icompetitive. iConsequently, ithe ipenetration ilevels, ialthough ilow, ihave

ibeen irising iwhile ioffering iample iopportunities ifor iconventional ias iwell ias iIslamic

iinsurance iproviders.

Exhibit i1: i iGCC iInsurance iMarket iSize i(based ion iGWP) Exhibit i2: iCountry-wise iShare iof iGCC
iInsurance iMarket

30 25%
26.2
25.3
25 4.3%
22.5 20% 4.6%
US$ ibillion

2016
19.32.9 2.8 5.5%
20 16.6% 11.2% i5.0%
16.9%
16.5 2.7 15%
9.7 39.1%
14.8 i 2.0 8.1%
15 1.3 i12.0% 9.9
5.6 8.1 12.2% 44.1%
1.2 10%
6.7 2011
10
4.9

10.2 5%
5 9.8 33.4%
8.0 8.9
6.5 7.2
3.4%
0 0% 38.0%
2011 2012 2013 2014 20152016
Change iy-o-yi(RHS) UAESaudi iArabiaQatarOmanKuwaitBahrain

Oman Insurance industry:


i i

The iinsurance isector iin iOman igrew iat ian iaverage iannualized irate iof i10.3% ibetween
i2011 iand i2016 ito iUS$ i1.2 ibillion, ithe ithird ifastest igrowth iin ithe iGCC. iThe iexpanding

imarket iis imainly iattributed ito ithe irapid irise iin ithe ihealth iinsurance isegment. iThe ishare iof

ihealth iinsurance iin inon-life iGWP igrew ifrom i18.1% iin i2013 ito i30.3% iin i2016, ion ithe

iback iof iincreasing iuse iof ihealthcare ifacilities iand igrowing iawareness iabout ithe ibenefits

iof iinsurance iamong ithe ipeople. iMoreover, ithe isubscriptions ihave iincreased iahead iof ithe

iforthcoming imandatory ihealth iinsurance iin ithe icountry. iHowever, ithe ilargest ibusiness

iline icontinues ito ibe imotor iinsurance irepresenting iover i40% iof ithe inon-life iGWP idue ito

icompulsory ithird-party ipolicy irequirement. iThe ishare iof iproperty iinsurance ibusiness

ihas idropped iover ithe iyears iowing ito ia islowdown iin iconstruction iactivity. iOther ikey

ibusiness ilines iof imarine iand iengineering ialso iwitnessed ia idecline iin ithe ilast icouple iof

iyears idue ito ia ilackluster ibusiness iclimate. iConsequently, ithe inon-life iGWP i– imaking iup

i88.0% iof ithe itotal iinsurance iGWP i– igrew iat ia iCAGR iof i11.4% ibetween i2011 iand i2016.

Exhibit 1:Segment-wise Insurance GWP in Oman


i i i i i Exhibit 2: Composition
i i

of Non-life Insurance in Oman


i i i i i

1.5 20% 100%


i i i i 5.6% i i i i i4.9% i 6.9% 4.7%
16.9% 4.5% 4.1% 3.6%
7.1% 3.7%
1.20 6.9% 6.1% 4.7%
1.2 1.15 80% 11.9%
12.0%
15% 14.2%
1.04 15.7%
0.95
0.9 0.86 11.1% 60%
18.1% 22.0% 26.3% 30.3%
0.73 9.3%
10.5% 1.05 10%
1.01 40%
0.6
0.94
0.75 0.86
0.61
5% 45.8% 44.8%
20% 41.8% 41.3%
0.3
4.0%

0.12 0.11 i i 0.09 i 0.10 0.14 0%


0.0 2012 0.14 0%
2013 2014 2013 2014 2015 2016
2011 2015 2016

Life iInsuranceNon-life iInsuranceChange iy-o-yi(RHS) MotorHealthPropertyEngineeringMarineLiabilityOthers

World Outlook (Country wise market size forecast):


i i i i i i

Non-life iinsurance imarkets iacross ithe iGCC icountries iare iexpanding, idriven iby ian
iactive iregulatory ienvironment. iEnforcement iof iactuarial ipricing iin iSaudi iArabia,

imandatory ihealth iinsurance iin iDubai iand ia iunified imotor ipricing imechanism iin ithe iUAE

iwere ithe ikey idevelopments ifueling ithe iinsurance imarkets. iSuch ifactors ihelped ithe

iindustry itide iover i ithe irough ieconomic iweather, iwhich iaffected ipremium ivolumes iin
iother ibusiness ilines. i iThe iinsurance iprofitability ipicture ivaried iacross ithe icountries.
iProfitability iin ithe ilarge imarkets iof ithe iUAE iand iSaudi iArabia iwas ibacked iby ithe inew

iregulations. iOn ithe iother ihand, ithe ismall imarkets, iexcept iBahrain, iwitnessed ia idecline iin

inet iincome idue ito iprice icompetition iand ilow ipremium igrowth.

UAE

The iUAE iis ithe ilargest iinsurance imarket iin ithe iGCC iand iranked i39th iglobally ibased
ion iGWP. iA iwell-diversified ieconomy, ia igrowing ibase iof ipopulation, iintroduction iof

inew iforms iof iinsurance iand ian ioverhaul iof ithe iregulatory ienvironment ihave ibeen

iauguring igrowth ifor ithe idomestic iinsurance iindustry. iThe icountry iregistered iGWP iof

iUS$ i10.2 ibillion iin i2016, itranslating iinto ia iCAGR iof i9.5% ifrom iUS$ i6.5 ibillion iin

i2011 i(see iExhibit i12). iAfter iregistering ia istrong iincrease iduring i2012 ito i2015, ithe

igrowth islowed idown iin i2016 idue ito ithe ichallenging ieconomic iconditions. iThe itrend

iwas ia ireflection iof iweakness iin iboth ithe ilife iand inon-life iinsurance isegments. iHowever,

ia ihigh igrowth icompared ito ithe ioverall ieconomy iunderlines ithe isector’s istrength.

Saudi Arabia
i

The iinsurance imarket iin iSaudi iArabia iis ithe isecond ilargest iin ithe iGCC. iThe iGWP
igrew iat ia iCAGR iof i15.0% iin ithe ilast ifive iyears ito iUS$ i9.9 ibillion iin i2016 i(see iExhibit

i16), idriven iby igrowth iin icompulsory iinsurance ilines i– imedical iand imotor. iAdditionally,

ia ilarge iand igrowing ibase iof ipopulation, iincreasing iawareness iof iinsurance ibenefits iand

irising inumber iof ivehicles ihave ibacked iGWP igrowth. iMotor iand ihealth iwere ithe ikey

iinsurance ilines, icontributing i86.0% ito ithe itotal inon-life iinsurance iGWP i(see iExhibit i17)

iand inearly i84% ito ioverall isector iGWP. iThese ibusiness ilines igrew iat iannualized irates iof

i13.9% iand i25.4%, irespectively, ibetween i2011 iand i2016. iGrowth iwas istimulated iby ithe

ienforcement iof iactuarial ipricing iin i2013. iHowever, ithe ioverall iindustry igrowth

idecelerated iin i2016 iowing ito ithe ioil iprice imeltdown iand iits irepercussions ion ibusiness

iactivities iand iinfrastructure ispending. iReduced iemployment ilevels iaffected ihealth

iinsurance ivolumes, ia imajor icontributor ito ithe isector. iGWP iin icommercial ilines iof

iengineering, imarine, ienergy, iproperty/fire, iaccidents i& iliability iand iaviation ialso

ideclined iduring ithe iyear.

Qatar

Qatar iis ithe ifastest igrowing iinsurance iindustry iin ithe iGCC, iregistering ia iCAGR iof
i19.7% iin ithe iGWP ito ireach iUS$ i2.9 ibillion iin i2016 ifrom iUS$ i1.2 ibillion iin i2011. iThe
ihigh igrowth iperiod iwas imainly iduring i2011-2014 ibacked iby ia iperiod iof ielevated ioil
iprices iand ithe iensuing iinvestments ion ieconomic iexpansion iand iinfrastructure

idevelopments iin ipreparation ifor ithe iFIFA iWorld iCup i2022. iWith ithe idrop iin ioil iprices,

ithe iGWP igrowth ihas imoderated iin ithe ilast icouple iof iyears.

Oman

The iinsurance isector iin iOman igrew iat ian iaverage iannualized irate iof i10.3% ibetween i2011
iand i2016 ito iUS$ i1.2 ibillion, ithe ithird ifastest igrowth iin ithe iGCC. iThe iexpanding imarket iis imainly

iattributed ito ithe irapid irise iin ithe ihealth iinsurance isegment. iThe ishare iof ihealth iinsurance iin inon-

life iGWP igrew ifrom i18.1% iin i2013 ito i30.3% iin i2016, ion ithe iback iof iincreasing iuse iof ihealthcare
ifacilities iand igrowing iawareness iabout ithe ibenefits iof iinsurance iamong ithe ipeople. iMoreover, ithe

isubscriptions ihave iincreased iahead iof ithe iforthcoming imandatory ihealth iinsurance iin ithe icountry.

iHowever, ithe ilargest ibusiness iline icontinues ito ibe imotor iinsurance irepresenting iover i40% iof ithe

inon-life iGWP idue ito icompulsory ithird-party ipolicy irequirement. iThe ishare iof iproperty iinsurance

ibusiness ihas idropped iover ithe iyears iowing ito ia islowdown iin iconstruction iactivity. iOther ikey

ibusiness ilines iof imarine iand iengineering ialso iwitnessed ia idecline iin ithe ilast icouple iof iyears idue

ito ia ilackluster ibusiness iclimate.

Kuwait

Kuwait iis ione iof ithe ismallest iand ileast ideveloped iinsurance isectors iin ithe iGCC iwith
ian iindustry iequivalent ito ionly i1% iof ithe iGDP. iMeasured iby iGWP, ithe isector igrew iat ia

iCAGR iof i6.4% ito iUS$ i1.12 ibillion iin i2016 ifrom iUS$ i0.82 ibillion iin i2011. iThe igrowth iin

ipremiums iremained ivolatile iduring ithe iperiod, iwith ia idecline iin i2015 iand ia irebound iin

i2016. iLife iinsurance isegment iaccounted ifor i16.4% iof ithe itotal iGWP iand igrew iat ian

iannual iaverage iof i3.6% iduring ithe ifive-year iperiod. iNon-life iGWP igrew iat ia ifaster ipace

iof i7.0%, ibut ithe igrowth iwas ito ian iextent isubdued iby ia ifall iin i2015. iDue ito imandatory

ithird-party imotor iinsurance, imotor iis ithe ilargest iinsurance iline iaccounting ifor inearly i30%

iof ithe icountry’s iGWP. iHealth iand ilife iare ithe iother ikey isegments.

Bahrain

With ia iGWP iof iUS$ i0.74 ibillion iin i2016, iBahrain ihas ithe ismallest iinsurance iindustry iin
ithe iGCC. iAlso, ithe igrowth ihas ibeen ithe islowest iin ithe iregion iat ia iCAGR iof i5.3% isince i2011. iThe

iGWP ihas iremained ialmost iunchanged iin ithe ilast ithree iyears, isignifying ian iinactive imarket. iLife

iinsurance ipremiums ideclined iduring ithe iperiod iand iaccounted ifor iless ithan i20% iof ithe itotal

iinsurance imarket. iNon-life iinsurance ipremiums igrew iat ia iCAGR iof i6.3% ibetween i2011 iand i2016

iand iformed ithe ilargest ipart i(81.1%) iof ithe iindustry. iGrowth iin ithis isegment iwas iled iby ia irapid

irise iin ithe imotor iand imedical iinsurance ipremiums. iSubsequently, itheir irespective ishares iin ithe

itotal inon-life iGWP iexpanded iby i2.3 ippts ito i35.8% iand i7.2 ippts ito i28.2% iin i2016. iMandatory
ithird-party imotor iinsurance iand ia ihigh icomposition iof iexpatriates iwho ipurchase imedical
iinsurance ito itake icare iof ithe ihigh ihealthcare icost ivalidate ithe ihigh icomposition iof ithese ibusiness

ilines. iMedical iinsurance iis ilikely ito iget ia iboost iin ianticipation iof iregulatory ichanges ito imake

ihealth iinsurance imandatory ifor iexpatriates. iTakaful iinsurance ihas ia istrong ibase iin iBahrain, iwith ia

ishare iof i22% iin ithe icountry’s itotal iinsurance iGWP iin i2016. i

Financial and Valuation Analysis:


i i i

The iinsurance iindices iin ithe iGCC imirror ithe iindustry iperformance iand ioutlook iin
irespective icountries. iIn ithe ilast i52 iweeks iended iDecember i7, i2017, ithe iinsurance iindices

iin ithe iGCC ihave ibeen ivolatile iand iposted imixed ireturns. iDuring ithe iperiod, ithe iinsurance

iindices iin iAbu iDhabi, iDubai iand iKuwait iposted ihigh ireturns iof i26.8%, i9.0% iand i9.5%,

irespectively. iThe iindex iin iBahrain igave ilow isingle-digit ireturn iof i3.1%. iAt ithe isame

itime, ithe iindices iin iSaudi iArabia iand iQatar igave inegative ireturns iof i4.3% iand i30.8%,

irespectively. iThe idecline iin iQatar iis idue ito ithe isevered idiplomatic iand itransport ilinks,

icompelling iinvestors ito ipull iout iinvestments ifrom ithe icountry.

iiiiiiii Financial iPerformance iof ithe iSelected iInsurance iCompanies iin ithe iGCC

Market GWP GWP Net Cession ROE


Company iName Countr Shor iCap i2016 (2-yr iProfit iRate i(3- (3-yr
y t i(US$ i(US$ iCAGR i i(2-yr yr iavg. i iavg.
iFor
iMillion) Million) %) iCAGR i %) %)
m %)
Abu iDhabi iNational iInsurance iCo. UAE ADN 408.4 646.8 -5.0% NM 47.4 -8.2%
I %
Al iAin iAhlia iInsurance iCo. UAE AAIC 155.2 262.6 26.8% 2.5% 67.8 4.1%
%
Al iRajhi i Company i for i Cooperative
iInsurance
KSA ARC 634.1 519.7 43.6% 138.6% 23.7 18.9%
C %
Arab iInsurance iGroup UAE ARIG 86.9 245.4 -11.8% -23.4% 15.1 2.7%
%
Bahrain iKuwait iInsurance iCo. Bahrain BKIC 90.9 111.7 2.9% -17.9% 69.3 9.5%
%
Bupa iArabia i for i Cooperative
iInsurance iCo.
KSA BUP 2,122.3 2,117.0 17.6% 44.7% 10.5 38.5%
A %
Company i for i Cooperative
iInsurance
KSA CCI 3,088.8 2,148.1 13.9% 14.4% 20.9 28.5%
%
Dhofar iInsurance iCo. Oman DIC 103.9 143.5 -7.2% NM 59.2 -
% 19.2%
Doha iInsurance iCo. Qatar DICO 182.1 141.6 -1.7% -3.3% 73.0 8.9%
%
Emirates iInsurance iCo. UAE EIC 245.0 278.2 10.3% -8.2% 54.8 8.9%
%
Gulf iInsurance iGroup Kuwait GINS 432.9 704.0 7.5% -2.9% 48.3 15.0%
%
Mediterranean iand iGulf
Cooperative iInsurance i and KSA MGC 287.0 851.8 -14.9% -40.9% 16.8 0.0%
iReinsurance iCo.
I %
National iGeneral iInsurance iCo. UAE NGI 88.2 149.8 10.5% -32.0% 41.0 8.5%
N %
Oman iInsurance iCo. iPSC UAE OIC 226.3 968.1 4.6% -40.0% 58.0 6.8%
%
Oman iUnited iInsurance iCo. Oman OUIS 91.9 100.2 -3.4% 6.6% 45.9 13.6%
%
Orient iInsurance UAE ORI 90.3 702.7 19.7% 10.7% 72.0 11.8%
%
Qatar iGeneral iInsurance i&
Reinsurance iCo. Qatar QGIR 1,158.6 173.0 1.1% -51.2% 68.6 12.2%
%
Qatar iInsurance iCo. Qatar QIC 3,262.4 2,659.6 39.8% 1.6% 18.8 17.1%
%
Takaful iEmarat iInsurance UAE TKF 82.1 154.7 118.1% 44.6% 22.4 10.2%
E %
Consolidated 13,078.6 13.0% -0.2% 31.4
%
Average 688.3 8.6% -5.9% 43.9 9.9%
%
High 2,659.6 43.6% 44.7% 73.0 38.5%
%
Low 100.2 -14.9% -51.2% 10.5 -
% 19.2%

Valuation Analysis:
i

The iGCC-based iinsurance icompanies iare itrading iat ian iaverage iP/E imultiple iof
i12.0x iand iP/B imultiple iof i1.7x. iAmong ithe iselected iset iof icompanies, iQGIR iand iTKFE
ihave iexceptionally ihigh iPE imultiples. iThe ihigh iratio iof iQGIR iis imainly idue ito ithe idrop
iin iprofits iled iby ilosses iin ilast itwo iquarters ifrom ithe inatural icatastrophes iin ithe

iAmericas. iExcluding ithese ioutliers, iQIC icommands ithe ihighest iP/E imultiple iof i18.3x

ion ithe iback iof ithe iresults iof iits isubsidiary iQGIR. iOn ithe iother ihand, iOrient iInsurance

iCo. ihas ithe ilowest iP/E iat i0.9x. iDue ito ian iexceptionally ilow imultiple, ithe icompany iis

iexcluded ifrom ithe iindustry iaverage iP/E imultiple. iBarring ithis, iArab iInsurance iGroup

ihas ithe ilowest iP/E imultiple iof i7.9x. iMeasured iby iP/B imultiple, ithe iinsurance

icompanies iin iSaudi iArabia iappear ipricey iat iabove i3.0x. iOrient iInsurance iCo. iis itrading

iat ia isignificant idiscount ito ithe ipeer iaverage. iOrient iInsurance iwith ithe ilowest ivaluation

iratios iappears iattractive, iconsidering iits ithree-year iaverage iROE iof i11.8%.

i Key iValuation iRatios iof iInsurance iCompanies iin ithe iGCC

LT Current
Company iName M iMarket iCap

P/E P/B /GWP


iRati iRati iin i2016

o i(x) o i(x) i(x)

Abu iDhabi iNational iInsurance iCo. 8.9 0.8 0.63


Al iAin iAhlia iInsurance iCo. 11. 0.5 0.59
6
Al iRajhi iCo. ifor iCooperative iInsurance 14. 4.3 1.22
3
Arab iInsurance iGroup 7.9 0.3 0.35
Bahrain iKuwait iInsurance iCo. 13. 1.0 0.81
3
Bupa iArabia ifor iCooperative iInsurance iCo. 15. 3.5 1.00
8
Company ifor iCooperative iInsurance 15. 3.9 1.44
2
Dhofar iInsurance iCo. NM 2.4 0.72
Doha iInsurance iCo. 8.7 0.7 1.29
Emirates iInsurance iCo. 8.6 0.9 0.88
Gulf iInsurance iGroup 13. 1.6 0.61
2
Mediterranean iand iGulf i Cooperative
iInsurance iand iReinsurance iCo.
NM 5.7 0.34
National iGeneral iInsurance iCo. 9.5 0.7 0.59
Oman iInsurance iCo. 10. 0.4 0.23
1
Oman iUnited iInsurance iCo. 11. 1.3 0.92
9
Orient iInsurance 0.9 0.1 0.13
Qatar iGeneral iInsurance i& iReinsurance iCo. 66. 0.7 6.70
4
Qatar iInsurance iCo. 18. 1.3 1.23
3
Takaful iEmarat iInsurance 57. 2.3 0.53
0
Average 12. 1.7 0.75
0
Median 11. 1.0 0.68
8
High 18. 5.7 1.44
3
Low 7.9 0.1 0.13

CONCLUSION:
The iresults ishow ithat ithe iaverage iof itechnical iefficiency iscores ifor i6 iyears iis i88.43 iper
icent. iThe iaverage icost iefficiency iand iallocative iare i75.53 iper icent iand i63.76 iper icent,

irespectively, isuggesting ithat ithe iTakaful iinsurance iin ithe iGCC iis imoderately iefficient

iand ithere iis ia ilarge iroom ifor iimprovement. iThe iresults ialso ishow ithe iefficiency ifor ieach

icountry. iUAE iand iQatar iscore ithe ihighest itechnical iefficiency, iwhile iSaudi iArabia iand

iUAE iare ithe imost icost iefficient iamong ithe iGCC icounties.

The iimplication iof ithis istudy iwill ipromote iunderstanding iof iTakaful iinsurance iand
iits iefficiency. iManagers iin ithe iTakaful iinsurance iindustry ishould ifocus ion ienhancing

ithe iefficiency iof itheir ifirms. iAlso, ithis istudy ishows ithe ioperating istatus iof ithe iGCC

iTakaful iindustry iin iterms iof iefficiency. iHence, iit iwould ibe iuseful ifor imanagers iand

iregulators iin itaking isteps ito iimprove ithe ioverall iinsurance iindustry imarket. iFor

iexample, iTakaful iinsurers ican ibe iranked iby itheir iefficiency ito idetermine ithe imost

iefficient isuppliers iof iinsurers. iManagers iof iinsurers iwith ilow iefficiency irankings ican

iuse ithis iknowledge ito idevelop iways ito iimprove iperformance.

References:
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