Saudi Arabia’s finance, insurance firms hit 6,659 in 2018: Statistics Authority

The number of finance and insurance firms operating in Saudi Arabia declined by 5 entities year-on-year (YoY) to 6,659 institutions by the end of 2018, from 6,664 in 2017, annual data compiled by the General Authority for Statistics showed.

The total number of employees in these entities dropped by 408 workers YoY to 113,300 last year.

The number of Saudi nationals working in these entities retreated by 90 workers to 82,200, and expats fell by around 318 employees.

Finance & Insurance Sectors
Item	2017	2018	Variation
Number of entities	6,664	6,659	(5)
Number of Saudi employees (‘000)	82,308	82,218	(90)
Number of non-Saudi employees (‘000)	31,420	31,102	(318)
Total employees (‘000)	113,728	113,320	(408)

Financial brokerage firms made up for 44 percent, or 2,962 institutions in the sector, with 74,100 employees in the same period.

Finance & Insurance Sectors (2018)
Economic activity	Number of entities	Employees
Economic activity	Number of entities	Saudis	Non-Saudis	Total
Financial brokerage (Banks)	2,962	60,047	14,062	74,109
Insurance	1,229	10,242	7,532	17,774
Other loans providing activities	1,436	5,262	2,041	7,303
Other financial services (excl. insurance)	149	2,086	1,391	3,477
Financial lease	259	496	2,186	2,682
Other helping activities financial services	269	1,579	1,035	2,614
Holding companies	48	539	863	1,402
Reinsurance	45	542	843	1,385
Brokerage activities related to securities contracts	136	546	349	895
Cash management	37	213	225	438
Insurance agency and brokerage	38	193	129	322
Risk & damage assessment	21	286	32	318
Financial markets management	13	50	251	301
Other insurance helping activities	17	137	163	300
Total	6,659	82,218	31,102	113,320

Operating expenses in the finance and insurance industry rose 5 percent YoY to SAR around SAR 49.62 billion in 2018, while operating revenue jumped 7 percent YoY to SAR 173.2 billion.

Employees’ total compensation stood at SAR 23.18 billion in the same period.

Finance & Insurance Sectors (2018) SAR mln
Item	2017	2018	Variation
Employees’ compensations	22.92	23.18	+1%
OPEX	47.31	49.62	+5%
Operating Revenue	162.02	173.20	+7%

Finance & Insurance Sectors Details (2018) (SAR bln)
Economic activity	Employees compensations	OPEX	Operating revenue
Financial brokerage (Banks)	17.23	34.40	135.62
Insurance	3.50	10.02	18.50
Other loans providing activities	1.07	2.01	7.32
Holding companies	0.49	0.93	3.23
Financial lease	0.14	0.93	3.33
Other financial services (excl. insurance)	0.25	0.47	2.13
Reinsurance	0.30	0.55	1.99
Other helping activities financial services	0.11	0.18	0.61
Brokerage activities related to securities contracts	0.04	0.05	0.17
Cash management	0.01	0.02	0.07
Financial markets management	0.01	0.02	0.06
Insurance agency and brokerage	0.01	0.02	0.06
Other insurance helping activities	0.01	0.02	0.06
Risk & damage assessment	0.01	0.01	0.05
Total	23.18	49.62	173.20

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