Tawuniya has delivered remarkably strong results in 2022 underpinned by healthy and steadfast growth in all business lines, enabling the company to consolidate its position as the top insurance company in the Kingdom.
Dear Shareholders,
The year 2022 was characterized by rapid changes and dynamic developments in the national economy of the Kingdom with strong growth in our national GDP and our fiscal policies yielding robust resilience in the face of growing global inflationary pressures and geopolitical events. This economic environment resulted in organic and continuous demand for insurance services that have become ever-more relevant in de-risking our economic growth, helping our beloved Kingdom realize its economic vision and aspirations under the Vision 2030 program.
Against this backdrop, Tawuniya has delivered remarkably strong results in 2022, underpinned by healthy and steadfast growth in all business lines, enabling the company to consolidate its position as the top insurance company in the Kingdom and the most trusted business partner for risk management insurance solutions. The results of 2022 culminated in Tawuniya achieving a 40% growth in our Gross Written Premium reaching a historical record for the company of more than SAR 14 Bn. Such growth was readily translated into solid profitability with our earnings growing by 37% year-on-year driven by business excellence across all lines of business.
This performance comes as a result of carfully crafted and excuted strategy. In 2020, we embarked on an ambitious strategy for Tawuniya 2025, charting our vision to be partners with our clients and members for a safer future and bigger dreams. Our strategy for Tawuniya is underpinned by four strategic promises of being passionate about our people, customer centric, prioritizing digital first in our operations, and delivering extraordinary results, all of which saw remarkable developments during the year 2022.
During 2022, we have reliably executed ambitious operations digitization projects in line with our “digital first” promise, enabling us to streamline our claims management processes and enhance our customer journeys, and introduce sophisticated technologies to underwrite policies for motor insurance. Moreover, staying true to our promise towards customer centricity, we saw remarkable growth in the adoption of telematics in motor insurance through the success of the Tawuniya Drive program, rewarding defensive driving behavior for our clients and enabling them to enjoy remarkable services and loyalty discounts. The adoption of our exclusive Vitality program has also played a key role in differentiating our health insurance offering, and enabling our members and clients keep a closer eye on their health habits and activity while helping employers gain enhanced insights into the wellbeing of their employees. Such programs have significantly strengthened and solidified our customer experience in 2022 and helped us position Tawuniya as a key business partner of choice for all of our clients.
Our general insurance line has also witnessed tremendous growth in premiums written reaching more than SAR 2 Bn. and a healthy increase risk retention levels standing as a testament to our strong solvency and our ability to earn an “A-“ credit rating by the S&P global rating agency. Equally important, is our strategic partnerships to be the insurer of choice for key Vision 2030 projects, unlocking the potential for this sector to grow even bigger and enabling us to deliver on our strategy promise of achieving extraordinary results.
Last year also marked an important milestone for the company embarking on a new operating module for our employees that introduced enhanced agility while maintaining business integrity and the resolute governance framework Tawuniya is known for. This organizational evolution of Tawuniya has also played a key role in enabling the company to attract and retain top talent in all relevant fields of specialization in today’s competitive labor market. Moreover, we have made excellent progress in our ESG agenda issuing our inaugural ESG report during 2022, highlighting our sustainability strategy, commitments, and key sustainable development goals. These milestones mark important achievements tied to our promise to be passionate about our people.
Finally, I would like to thank you for the trust you bestowed in our team, and I extend my appreciation to our clients for their loyalty, and the Tawuniya team for their tremendous and sincere efforts to bring our strategic objectives to life. We look forward towards another year full of successes and prosperity for our company.
Abdulaziz I. Alnowaiser
Chairman of the Board
