Shory’s Return to Tawakkalna - Selloff fears look overdone

Research evidence excerpt

Shory’s Return to Tawakkalna - Selloff fears look overdone

Saudi Arabia | Insurance

Rasan EquityJulyResearch9, 2026

FLASH NOTEShory's Return to Tawakkalna - Selloff fears look

RATING BUYoverdone

PRICE SAR150.00^

Widespread press reports of Shory's reactivation on Tawakkalna sparked a

Rasan selloff, which we view as an overreaction to a competitive development PRICE TARGET | % TO PT SAR180.00 | +20%

that is both manageable and partly embedded in our forecasts. Rasan will join 52W HIGH-LOW SAR159.60 - SAR82.20

Tawakkalna in the upcoming two days post approval. Shory's volumes and FLOAT (%) | ADV MM (USD) 42.3% | 58.16

insurance panel remain small. More importantly, most of Rasan's revenue is MARKET CAP SAR11.6B | $3.1B

either captive (Treza) or largely uncontested. TICKER RASAN AB ^Prior trading day's closing price unless otherwise

noted.

Shory moves, Rasan counters: We had flagged the emergence of Shory UAE as a potential

competitor, including its launch on Tawakkalna app which was initially suspended due to a

supposed compliance breach. Shory has since moved from a full integration to a redirection

access, allowing the offering to return to the app. Rasan had historically seen limited value in

joining the platform given Tameeni's strong brand and direct traffic. However, with competitors now

establishing a presence on the app, Rasan says it intends to participate as well and will be added

within the next 48 hours post approval.

Putting Volumes Into Perspective: The headline around Shory's relaunch sounds more significant

than the underlying numbers suggest. Shory has sold only 80-90 policies over the past 10 days

since inclusion in Tawakkalna (2k annualised vs. >5mn for Tameeni Motor). While it remains early