Insurance Sector

March 23, 2016

Concentration of Insurance Segments per Company

The following table reflects the concentration of insurance activities for every company in the sector in 2015 which provides signals for the
vulnerability to the change in the distribution of its insurance portfolio.

Health insurance represented 100% in the cases of Bupa Arabia and Enaya, more than 80% for Sagr, Amanah and Medgulf. In the vehicle
sector, Salama and Malath held the highest concentration with 87% and 85%, respectively. In protection and saving insurance, 100% of the
operations of Jazira Takaful, SABB and Ahli Takaful focused on this type of insurance.

Company Health Insurance Vehicle Insurance General Insurance Protection & Savings Total
Health Insurance
Bupa Arabia 100% 100%
Enaya 100% 100%
Sagr Insurance 87% 7% 7% 100%
Amana Insurance 86% 11% 3% 100%
MEDGULF 70% 17% 13% 100%
Tawuniya 65% 17% 18% 100%
ANB Insurance 63% 0.1% 25% 12% 100%

Vehicle Insurance
SALAMA 8% 87% 5% 100%
Malath Insurance 5% 85% 10% 100%
Trade Union 8% 73% 19% 100%
Al Rajhi Takaful 16% 72% 11% 1% 100%
Buruj 22% 65% 14% 100%
UCA 10% 62% 28% 100%
Al-Ahlia 26% 60% 14% 100%
ACIG 32% 58% 9% 100%
Walaa Insurance 9% 56% 35% 100%
WAFA Insurance 39% 55% 6% 100%

General Insurance
ACE 27% 73% 100%
Al Alamiya 1% 41% 57% 100%
Alinma Tokio M 38% 55% 7% 100%
Gulf Union 13% 36% 50% 100%

Protection & Savings

Jazira Takaful - - - 100% 100%
SABB Takaful - - - 100% 100%
ATC - - - 100% 100%

Multi-Line
ALLIANZ SF 13% 25% 41% 21% 100%
Wataniya 50% 45% 6% 100%
Solidarity 45% 35% 17% 3% 100%
AXA-Cooperative 31% 48% 19% 2% 100%
Gulf General 20% 40% 39% 100%
SAICO 39% 30% 31% 100%
AICC 37% 41% 22% 100%
Arabian Shield 39% 41% 20% 100%

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Insurance Sector

March 23, 2016

Financial Indicators
Net Income LTM
Closing Price Issued Shares Free Floating Shareholders Equity to Capital
Company Ending Sep 2015 Market Cap. 12M EPS PE P/BV
(SAR) (MN) Shares (MN) Equity (MN) Paid
(MN)

Tawuniya 220.1 11101 2302 2.102 2531. 252.1 20.1 1201. 3021 2031

ANB Insurance 32023 3201 1102 )3102( 1. 15312 )10.1( N 12012 1022

Jazira Takaful 32032 3201 1102 1202 322 15213 1021 11012 3023 1011

Malath Insurance 12012 3101 3101 ).0.( 221 222 )1033( N 1013 1011

MEDGULF 21021 11101 3102 )21103( .12 25121 )2011( N 2031 10.1

ALLIANZ SF 2101. 2101 201 2301 211 132 101. 320.2 2012 1011

SALAMA 11011 2201 1202 10. 122 221 1011 122011 1011 101.

Walaa Insurance 11012 2101 3201 )2103( 323 211 )1021( N 1022 1011

Arabian Shield 23012 2101 1101 2103 211 222 2012 11022 1011 1021

SABB Takaful 21022 3201 1203 301 322 .11 1011 221012 2021 1012

SANAD 12023 2101 1202 2 32 312 - - -

SAICO 12012 2201 1203 3203 222 22. 102. 13022 1023 10..

Wafa .0.1 2102 1202 )1301( 12 212 )3012( N 3011 1033

Gulf Union 11011 2201 1201 1202 122 222 1021 11011 1022 1021

ATC 220.2 1102 202 3202 1.2 211 2011 21011 3011 1012

Al-Ahlia 1032 3201 3102 )230.( 121 213 )101.( N 1012 1031

ACIG 12012 2101 1201 1101 112 311 1021 210.. 2021 1021

AICC 2022 2101 2102 )1102( 231 312 )1021( N 1022 102.

Trade Union 12021 2202 1102 2202 222 222 10.2 11022 1011 10.2

Sagr Insurance 22013 2201 1202 1101 211 1.1 3022 1011 1021 1012

UCA .012 2.01 3201 )2301( 2.2 212 )1011( N 1013 1011

Bupa Arabia 11202. 1101 2101 12201 15112 15... 1011 130.2 203. 2011

Weqaya 1.03. 2101 130. - - 311 - - -

Al Rajhi Takaful 22012 2101 1201 3102 321 111 10.1 23012 2011 1012

ACE 21011 1101 101 130. 1.1 211 103. 33012 2032 10.1

AXA-Cooperative 120.2 2201 2103 220. 211 122 1012 22013 1023 1012

Gulf General 12022 2101 1301 )310.( 121 321 )1011( N 10.. 1011

Buruj 12012 2201 1202 2102 233 221 1013 12011 101. 10.3

Al Alamiya 31011 2101 1201 2203 2.2 15221 1011 2201. 2021 1023

Solidarity 1021 2202 3.0. )2102( 213 222 )10.3( N 2023 1032

Wataniya 22032 1101 302 )110.( 21 222 )101.( N .022 1021

Amana Insurance 1011 3201 2201 )1201( 111 212 )1021( N 2032 1032

Enaya 11022 2101 1101 )2103( 211 222 )1021( N 2021 1021

Alinma Tokio M 22021 2201 1201 )210.( 313 15122 )102.( N 3022 1021

Total 151..02 11201 .2101 1152.1 3151.1 102. 11022 20.1 10.2

Closing prices of March 20, 2016.

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Insurance Sector

March 23, 2016

P/E and P/BV for Insurance Companies

Nineteen companies in the sector generated profits in the four quarters ending December 2015.

The following figure reflects the valuation levels of these companies* based on P/E and P/B** based on 2015 figures:

6.0

5.5
Bupa Arabia

5.0

4.5

Allianz SF
4.0
P rice / B o o k Valu e

ATC
3.5
Tawuniya
3.0

AlRajhi Takaful
2.5 ACIG
ACE

2.0 Sagr Insurance Arabian Shield Buruj

SAICO Trade Union
1.5 AXA

1.0

0.5

0.0

5 10 15 20 25 30 35 40

P rice / Earn in g

* Excluding six companies with very inflated multiples

** Closing prices of March 20, 2016.

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Insurance Sector

March 23, 2016

Insurance Premiums Breakdown

SAR MN GWP NWP NEP Net Claims Incurred Retention Ratio Claims Ratio

Company 2014 2015 G 2014 2015 G 2014 2015 G 2014 2015 G 2014 2015 2014 2015

Tawuniya 6,208 7,545 22% 5,293 6,422 21% 4,804 5,665 18% 3,659 4,144 13% 85.3% 85.1% 76.2% 73.2%

ANB Insurance 6 145 2 97 0 34 0 31 30.6% 66.7% 98.9% 91.8%

Jazira Takaful 30 71 136% 18 28 57% 6 23 280% 3 3 - - 44.0% 12.1%

Malath Insurance 1,413 1,863 32% 1,266 1,524 20% 1,033 1,721 67% 927 1,486 60% 89.6% 81.8% 89.7% 86.4%

MEDGULF 4,416 4,002 (9%) 3,198 3,359 5% 3,127 3,467 11% 2,622 3,269 25% 72.4% 83.9% 83.8% 94.3%

ALLIANZ SF 725 803 11% 398 460 16% 421 388 (8%) 317 278 (12%) 54.9% 57.3% 75.3% 71.6%

SALAMA 319 392 23% 299 369 23% 257 341 33% 219 292 33% 93.8% 94.2% 85.2% 85.4%

Walaa Insurance 650 753 16% 335 539 61% 269 449 67% 206 383 86% 51.6% 71.6% 76.6% 85.4%

Arabian Shield 453 531 17% 290 332 14% 273 330 21% 215 238 11% 64.1% 62.5% 78.7% 72.1%

SABB Takaful 193 202 5% 165 170 3% 226 128 (43%) 13 6 (51%) - - 5.6% 4.8%

SANAD 124 0.1 (100%) 73 -3 (103%) 141 13 (90%) 100 -17 (117%) 58.9% 71.2% (125.9%)

SAICO 804 888 11% 545 560 3% 462 602 30% 359 460 28% 67.8% 63.1% 77.7% 76.3%

Wafa 214 522 144% 141 408 189% 129 264 105% 81 276 240% 65.9% 78.2% 62.9% 104.4%

Gulf Union 342 225 (34%) 187 100 (47%) 197 121 (39%) 186 81 (57%) 54.6% 44.3% 94.2% 66.6%

ATC 341 361 6% 78 74 (5%) 79 74 (5%) 15 15 2% - - 18.8% 20.2%

Al-Ahlia 238 260 9% 213 235 10% 229 209 (9%) 182 161 (11%) 89.5% 90.6% 79.5% 77.2%

ACIG 297 549 85% 229 456 99% 213 384 81% 149 291 95% 77.1% 83.0% 70.2% 75.8%

AICC 644 654 2% 443 379 (15%) 413 414 0% 325 327 1% 68.8% 57.9% 78.6% 78.8%

Trade Union 808 846 5% 563 668 19% 648 580 (11%) 589 480 (19%) 69.6% 78.9% 90.8% 82.7%

Sagr Insurance 240 864 260% 181 793 339% 162 445 174% 106 256 142% 75.3% 91.8% 65.3% 57.7%

UCA 1,165 1,272 9% 796 892 12% 782 739 (6%) 794 688 (13%) 68.3% 70.1% 101.5% 93.1%

Bupa Arabia 5,740 7,328 28% 5,659 7,286 29% 4,595 6,739 47% 3,649 5,211 43% 98.6% 99.4% 79.4% 77.3%

Al Rajhi Takaful 945 1,362 44% 856 1,228 44% 712 1,019 43% 563 791 41% 90.6% 90.2% 79.1% 77.6%

ACE 248 269 8% 99 121 21% 94 115 22% 55 70 28% 40.1% 44.9% 57.8% 60.4%

AXA-Cooperative 1,040 1,128 8% 911 1,002 10% 851 996 17% 714 827 16% 87.6% 88.8% 83.9% 83.0%

Gulf General 367 352 (4%) 186 171 (8%) 190 169 (11%) 123 144 17% 50.6% 48.7% 64.8% 85.2%

Buruj 379 447 18% 325 386 19% 274 332 21% 198 255 29% 85.7% 86.2% 72.3% 76.9%

Al Alamiya 335 402 20% 172 255 49% 160 235 47% 141 140 (1%) 51.2% 63.5% 87.9% 59.6%

Solidarity 187 303 62% 135 210 55% 156 205 31% 151 172 14% 72.4% 69.2% 96.5% 83.7%

Wataniya 434 519 20% 166 234 41% 191 209 9% 149 176 17% 38.3% 45.2% 78.1% 84.1%

Amana Insurance 392 414 6% 275 334 21% 191 277 45% 213 228 7% 70.3% 80.8% 111.8% 82.2%

Enaya 33 71 117% 20 42 117% 30 27 (12%) 22 20 (9%) 59.8% 59.7% 73.7% 76.6%

Alinma Tokio M 93 220 138% 33 61 88% 33 46 40% 33 36 8% 35.2% 27.7% 100.4% 77.8%

Sector 29,821 35,564 19.3% 23,550 29,191 24.0% 21,351 26,764 25.3% 17,078 21,217 24.2% 78.97% 82.08% 79.98% 79.28%

GWP: Gross Written Premium NWP: Net Written Premium NEP: Net Earned Premium

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Insurance Sector

March 23, 2016

Retention Ratio Breakdown - 2015

Company Health Insurance Vehicle Insurance General Insurance Total
Tawuniya 97.7% 100.0% 24.5% 85.1%
ANB Insurance 98.0% 99.1% 6.4% 66.7%
Jazira Takaful - - - -
Malath Insurance 100.0% 87.5% 23.7% 81.8%
MEDGULF 99.8% 68.2% 18.6% 83.9%
ALLIANZ SF 47.6% 97.8% 19.3% 57.3%
SALAMA 93.7% 98.5% 19.5% 94.2%
Walaa Insurance 100.0% 99.7% 19.2% 71.6%
Arabian Shield 100.0% 53.0% 7.9% 62.5%
SABB Takaful - - - -
SANAD 58.0% - - -
SAICO 77.9% 98.7% 9.3% 63.1%
Wafa 59.4% 99.1% 13.2% 78.2%
Gulf Union 95.0% 58.6% 20.4% 44.3%
ATC - - - -
Al-Ahlia 92.6% 97.8% 56.5% 90.6%
ACIG 74.2% 98.1% 20.1% 83.0%
AICC 53.9% 84.5% 13.8% 57.9%
Trade Union 40.4% 95.1% 31.8% 78.9%
Sagr Insurance 97.5% 92.7% 14.9% 91.8%
UCA 100.0% 91.5% 11.7% 70.1%
Bupa Arabia 99.4% - - 99.4%
Al Rajhi Takaful 97.2% 98.2% 25.7% 90.2%
ACE - 97.5% 25.2% 44.9%
AXA-Cooperative 99.8% 99.5% 45.0% 88.8%
Gulf General 40.9% 83.1% 17.5% 48.7%
Buruj 98.2% 96.3% 19.6% 86.2%
Al Alamiya 39.4% 98.7% 38.6% 63.5%
Solidarity 61.9% 96.8% 34.5% 69.2%
Wataniya - 81.1% 9.9% 45.2%
Amana Insurance 86.4% 54.7% 20.7% 80.8%
Enaya 59.7% - - 59.7%
Alinma Tokio M - 51.8% 9.8% 27.7%
Sector 95.86% 91.33% 21.46% 82.08%

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