Aljazira Takaful expects 25% market share of protection, savings’ GWPs by year-end: CEO

Aljazira Takaful Taawuni Co.’s market share is expected to rise to 25% of protection and savings programs’ gross written premiums (GWPs) by 2020-end, Sager Nadershah, chief executive officer and managing director, told CNBC Arabia.

The transfer of Bank Aljazira’s portfolio to the company will have a positive impact, he added, noting it would contribute to raising the company’s market share by increasing retail sector’s client database, which grew by 143%.

He also said that savings funds premiums crossed SAR 1 billion.

Elsewhere, Nadershah indicated that the prospective merger between Aljazira Takaful and Solidarity Saudi Takaful is on track, noting that the due diligence process is soon to be completed.

Last week, Aljazira Takaful announced completing the transfer process of Bank AlJazira’s insurance portfolio to the company (related party) as of Jan. 1, 2020.

Bank AlJazira owns 30% of Aljazira Takaful’s shares.