Equity Snap: Tawuniya (TAWUNIYA AB): 2Q 2026: Solid premium growth, earnings lower on higher P&C claims

研报英文原文证据摘录

Equity Snap: Tawuniya (TAWUNIYA AB): 2Q 2026: Solid premium growth, earnings lower on higher P&C claims

30 July 2026

Equity Snap: Tawuniya Equities Insurance

(TAWUNIYA AB)

2Q 2026: Solid premium growth, earnings lower on

higher P&C claims Saudi Arabia

◆ Continued growth in GWP (up 30% y-y) and Insurance Ankur Agarwal*, CFA

revenue (19% y-y); net Insurance results (down 41% y-y) Senior Analyst, MENA Consumer, TMT & Transport HSBC Bank Middle East Limited, Dubai branch

earnings (down 31% y-y) affected by higher P&C claims ankurpagarwal@hsbc.com

+971 4 423 6558

Ramesh Pantagolusula*

Tawuniya (TAWUNIYA AB, SAR136.20, Buy, TP SAR174.00) Analyst, MENA Consumer & Education

HSBC Securities and Capital Markets (India) Private

(Priced as of 29 Jul 2026) Limited

ramesh.pantagolusula@hsbc.co.in

Solid premium and Insurance revenue growth: Tawuniya reported gross written +91 80 4550 2854

premium (GWP) of SAR7.0bn (up 30.3% y-y) and 18.8% above our estimate of

SAR5.9bn. Insurance revenue was SAR6.2bn (up 19.2% y-y) and 1.2% above our * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

estimate of SAR6.1bn because of growth in the company's key segments. During 1H

2026, GWP/revenue were up 21.5%/15.9%, respectively, indicating strong top-line

momentum and the structural opportunity in the sector.

Insurance results impacted by higher P&C claims: Insurance service result

(before reinsurance) swung to a loss of SAR 2.6bn versus a profit of SAR 1.1bn last

year owing to 1) large Engineering & Energy claims (largely but not fully offset by

reinsurance), 2) higher health claims due to a seasonality shift between Q1 and Q2,

and 3) higher motor claims driven by an increased loss ratio in the non-retail portfolio.