Investor Pulse: Insurance Takes Center Stage, Healthcare Takes a Back Seat

研报英文原文证据摘录

Investor Pulse: Insurance Takes Center Stage, Healthcare Takes a Back Seat

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medium-term oversupply.

Rasan Continues to Command Attention: Future growth drivers beyond 2026 remained top of

mind for investors, particularly the venture into lending distribution and the non-declarative medical

insurance, as well as the sustainability of TPL and comprehensive motor pricing following this year's

strong rally. Investors were constructive on Rasan's push into medical large corporate distribution,

given current resistance of Bupa and Tawuniya. Competition was the dominant area of focus,

following Shory UAE's entry into KSA and the launch of few aggregation platforms by traditional

brokers. Foreign ownership increased to 39%, up from 25% in 2025, underscoring strong and

growing interest from international investors.

TAW Favored Over Bupa: TAW's well-received 2030 strategy, unveiled at the May CMD and

closely aligned with the NIS strengthened confidence in its growth outlook. Investor conviction

was further supported by its delivery track record, having exceeded its 2021-25 strategic targets a

year ahead of schedule. Continued market share gains and margin expansion in medical, a higher

comprehensive motor mix, and above-sector P&C growth reinforced the investment case. Concerns

around business complexity following the reinsurance venture, as well as potential exposure

to Super El Niño and regional conflicts, were largely alleviated by the venture's small targeted

scale and TAW's substantial reinsurance protection. By contrast, sentiment on Bupa was more

cautious following weak 1Q trends, a softer margin outlook, and limited access to management.

Nonetheless, investors continue to value Bupa's simpler monoline model, natural hedge against