Company for Cooperative Insurance (Tawuniya)

Pages 52
Tables 22
Charts 15
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• The Company for Cooperative Insurance (Also known as NCCI, Tawuniya), established in 1986, offers insurance and re-insurance solutions It is ba.....


• The Company for Cooperative Insurance (Also known as NCCI, Tawuniya), established in 1986, offers insurance and re-insurance solutions It is based in Riyadh, Saudi Arabia and it has more than 100 regional and sales offices across Saudi Arabia. 
• NCCI is the biggest takaful insurer in the GCC region, with a market cap exceeding USD 2.5bn. Its closest competitor in the industry is QGI, which has less than half the market cap, and deals in both conventional and Islamic insurance products. 
• The three operating segments of NCCI are Medical, Property & Casualty and Motor Insurance. 
• It is the only company in Saudi writing more than USD 1 billion annual premiums till early 2012 . 
• In the middle of 2013, NCCI entered into a strategic alliance with Aetna, a healthcare solutions company and started extending its services to Saudi citizens abroad . 
• The company has increased its gross premiums written (GWP) at a CAGR of over 10.4 per cent during the period 2010-14, rising from USD 1.1bn in 2010 to USD 1.7bn in 2014. 
• The net income for the company from underwriting premiums in 2014 was USD 291.9 million. Investments in the preceding year yielded an investment income of around USD 59.4 million in 2014. 


  1. Executive Summary
  2. Business Overview
    • Overview
    • Porter five force analysis
    • STEEPLED analysis
  3. Financial Overview
    • Revenue
    • Key Financial Ratios
    • Return on Equity (ROE) and Return on Asset (ROA)
    • CFO-to-Sales
    • Earnings Quality (EQ)
  4. Projections
  5. Peer Analysis
    • Regional Peers
    • Global Peers
  6. Share Market Overview
    • Dividend
    • Risk Metrics
    • Liquidity
    • Analyst Calls
    • Credit Rating
  7. Appendix
    • Sector Overview
    • Sector Drivers
    • Corporate Governance

Tables & Charts

1.1: Summary
1.2: Business View
1.3: Financial View(Long Term View)
2.1: Performance Indicators (Millions)
2.2: Summary of Porter’s Five Forces analysis
2.3: Summary of STEEPLED analysis
2.4: SWOT analysis
3.1: Financial Ratios 
3.2: Earnings Quality across time periods
3.3: Earnings Quality Components (Period End: March 2015)
4.1: Projections for Income Statement, Balance Sheet 
4.2: Growth of GCC Insurance Industry
5.1: Select Peer comparison based on size, P/E and dividends 
5.2: Peer comparison based on returns and margins (2014)
5.3: Peer comparison based on Balance Sheet strength 
5.4: Rankings against Global Peers based on Market Cap
6.1: Returns of NCCI Co vs. Saudi Index
6.2: NCCI, 2009-13
6.3: Risk Metrics
6.4: Liquidity Metrics
7.1: Projections for Income Statement, Balance Sheet 
7.2: Board of Directors and Executive Management

2.1: NCCI Business lines
2.2: NCCI Revenue: Business Line-Wise, (2014)
2.3: Key Milestones
2.4: NCCI GWP, Premium Ceded to Reinsurers and Insurance retention
2.5: Commission Ratio, Investment Yield and GWP, 2014
3.1: Gross Premium Written 2010-14, (USD Million)
3.2: Major segment Revenue (Net Premium Earned: 2010-2014 (USD million)
3.3: Du Pont Analysis
3.5: ROE & ROA, (2010-14)
3.6: Cash Flow from Operations (in USD million) and CFO-to-Revenue ratio, 2010-14
6.1: NCCI vs. Saudi Tadawul Index, Rebased 2010 to 31st Dec, 2014
6.2: NCCI Volume traded (in million) vs. Price
6.3: Risk vs. Return: NCCI, Peers and Saudi Index, 2010-14
7.1: GWP growth in Saudi Arabia
7.2: Retention rates by lines of business

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Company for Cooperative Insurance (Tawuniya)

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