# Tawuniya CEO Othman AlKassabi Says Insurer Holds 30% of Saudi Market as Profit Rises 1%

> Tawuniya holds about 30% of Saudi Arabia's insurance market, its CEO said, as net profit rose 1% to SAR 911.55 million in the first nine months of 2026.

- Published: 2026-11-05T12:03:41+00:00
- Section: Earnings & Results
- Author: News Desk
- URL: https://newsforagent.com/news/2026-11-05/tawuniya-saudi-insurance-market-share
- Source: [Argaam](https://www.argaam.com/en/article/articledetail/id/1950776)

## Key takeaways

- Tawuniya CEO Othman AlKassabi said the insurer holds about 30% of Saudi Arabia's insurance market, including 35% in health and 18% in motor.
- Health insurance accounted for 72% of Tawuniya's gross written premiums and 74% of insurance revenue.
- Tawuniya's net profit rose 1% to SAR 911.55 million in the first nine months of 2026, while third-quarter net profit reached SAR 301.71 million, up 74%.

Tawuniya CEO Othman AlKassabi said the insurer holds about 30% of Saudi Arabia's insurance market, with a 35% share in health, 31% in general and 18% in motor. [Argaam](https://www.argaam.com/en/article/articledetail/id/1950776) reported the figures from an interview with Asharq Bloomberg. Net profit rose 1% to SAR 911.55 million in the first nine months of 2026.

## AlKassabi Outlines Tawuniya's Market Position

[Tawuniya](https://akta.pro/company-profiles/000aabq/tawuniya), or The Company for Cooperative Insurance, is Saudi Arabia's largest cooperative insurer, offering motor, health, property and casualty, and specialized insurance products to individuals, SMEs, large enterprises and visitors through digital and broker channels.

AlKassabi said the company's aim is not simply to raise market share but to balance growth with profitability to meet shareholders' expectations. "The company's objective is not simply to increase market share, but to strike the right balance between growth and profitability to meet shareholders' expectations," he said.

Profit growth in the third quarter of 2026 was supported by exceptional performance in motor insurance and continued growth in health insurance, which accounted for 72% of total gross written premiums and 74% of insurance revenue. Tawuniya contributed to settling claims worth SAR 7 billion in the first nine months of 2026, AlKassabi said.

On mergers and acquisitions, AlKassabi said Tawuniya is monitoring potential deals locally and internationally and will assess opportunities that align with its strategic direction. He added that the company has a strong financial position and is expanding into investments in supply chains linked to healthcare and automotive, as well as risk management.

## Tawuniya's Profit and Market Figures

According to akta.pro [company records](https://akta.pro/company-data), Tawuniya is identified as Saudi Arabia's largest insurer, with a leading position in the Kingdom's insurance sector. The same records show Saudi Arabia's insurance market recorded SAR 76.1 billion in gross written premiums in 2024, representing 16.3% year-on-year growth, and is projected to grow at 10-15% annually through 2030, when it is expected to exceed SAR 140 billion.

## Chairman Resignation and Earlier Profit Decline

Tawuniya announced the resignation of board chairman Abdulaziz Bin Ibrahim Alnowaise in October 2026, without disclosing the reason, The future of trading reported. In July 2026, AlKassabi said the insurer posted its sharpest quarterly profit decline in over two years in the second quarter, with net profit falling 31% year-on-year to SAR 321.8 million despite continued revenue growth, Argaam reported. Tawuniya shareholders approved a cash dividend of SAR 2 per share, totaling SAR 300 million, for 2025 at an extraordinary general meeting on June 28, with payment scheduled for July 19, 2026, Argaam reported.

## Tawuniya's Next Steps

Tawuniya will assess merger and acquisition opportunities locally and internationally that align with its strategic direction, AlKassabi said. The company is also expanding into investments in supply chains linked to healthcare and automotive, as well as risk management.

## Companies in this story

- [Tawuniya company profile](https://akta.pro/company-profiles/000aabq/tawuniya) · website: https://tawuniya.com

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