SAR 14.4 Billion
GWP (2020 - 2023)SAR 14.4 Billion
GWP (2020 - 2023)
12.3 million
insurance policies sold 2020G-2023G12.3 million
insurance policies sold 2020G-2023G
50%
of motors insured in Saudi Arabia50%
of motors insured in Saudi Arabia
1st& Largest
insurance aggregator in KSA by Gross Written Premiums (GWP) with market shares of ~47% for Tameeni Motor and ~62% for Treza1st & Largest
insurance aggregator in KSA by Gross Written Premiums (GWP) with market shares of ~47% for Tameeni Motor and ~62% for Treza
SAR 256 million
in revenue as of 2023G with a CAGR of 81% over 2020G-2023GSAR 256 million
in revenue as of 2023G with a CAGR of 81% over 2020G-2023G
50%
of motors insured in Saudi Arabia50%
of motors insured in Saudi Arabia
28%
adjusted EBITDA margin in 2023G28%
adjusted EBITDA margin in 2023G
3.5 million
Average monthly visits (2023G) with more than 90 integration points and 800 data points for data ingestion as of 2023G3.5 million
Average monthly visits (2023G) with more than 90 integration points and 800 data points for data ingestion as of 2023G
7.5 million
customers served in the Kingdom since the launch of operations in 2017G and up to 30 September 2023G7.5 million
customers served in the Kingdom since the launch of operations in 2017G and up to 30 September 2023G
The Group benefits from strong strategic drivers fuelling the expansion of the FinTech market in the Kingdom:
1st and largest Insurtech aggregator in KSA by Gross Written Premiums (GWP), the Group has served over 7.5 million customers in the Kingdom since the launch of its operations in 2017G and up to the 30 September 2023G.
Rasan has gained a dominant market share in the Kingdom across its product offerings and particularly within the motor insurance and leasing segments, benefiting from first mover advantages and its ability to scale.
Tameeni Motor’s market share of the total volume of personal motor insurance in terms of GWP increased from 30% in 2020G to C.47% in 2023G.
Treza’s market share in terms of GWP increased from 1% in 2020G to 62% in 2023G.
The Group is well-positioned to duplicate the success story of market leadership in the motor insurance segment across other existing and new products and in particular Tameeni Health
The Group also aims to disrupt the corporate health segment through a digital proposition in partnership with health insurance companies.
Best-in-class proprietary tech stack built in-house through dedicated teams across three geographies: Saudi Arabia, UAE and Egypt.
The Group’s proprietary modern platform supercharges operations and fosters innovation through development of new products, continuous upgrading of its platforms and user experience, as well as streamlining operations through superior reliability and unmatched scalability.
Cutting-edge market and customer insights through leveraging artificial intelligence and actuarial capabilities.
Through its unique service offering and value proposition, Rasan thrives to provide the best user-centric experience for its customers and partners through its seamless and distinctive platforms.
As of 30 September 2023G, the Group has partnerships with 24 insurance companies, 22 banks, leasing companies, data providers and several payment portals.
The high reliability and attractive innovative features of the Group’s platforms and products promote high levels of customer and partners’ adoption and retention.
The Group has a strong track record of delivering consistent and rapid financial growth thanks to a significant increase in volume of policies sold and the ramp-up of newly launched business lines.
The Group’s GWP grew at a CAGR of 69% from SAR 1.4 billion in the year 2020G to SAR 6.6 billion in the year 2023G.
The Group’s revenue increased by 5.9 times from SAR 43.4 million in the year 2020G to SAR 256.2 million in the year 2023G achieving a CAGR of 81% during the same period.
In addition to the significant increase in revenues, the Group consistently achieved profitability during the years 2020G to 2023G
The Group’s EBITDA grew at a CAGR of 131% from SAR 5.2 million in 2020G to SAR 63.6 million in the year 2023G for an Adjusted EBITDA margin of 27.7% in the year 2023G.
The Group’s net income grew at a CAGR of 332% from SAR 0.6 million in the year 2020G to SAR 46.0 million in the year 2023G for an Adjusted Net Income margin of 20.8% in the year 2023G.
This solid cash flow generation, along with a a robust balance sheet with a net cash position, is underwritten by a financial framework that balances investment for strong profitable growth and return of capital to shareholders.
Protect:
Protect the current market position in the KSA motor market
Maintain focus and agility against an evolving landscape
Target high margin and value-add products to customers
Enhance:
Replicate success of Tameeni Motor in Tameeni Health
Enhance operational and financial performance
Build proven artificial intelligence models capable of leveraging data from various platforms / products
Grow:
Expand presence across the insurance value chain, name through product development, pricing & underwriting solutions (with no underwriting risk), in addition to claims management
Expand into adjacent insurance verticals
Innovate:
Leverage in-house tech stack and capabilities to differentiate revenue streams into coherent digital markets
Diversify:
Expand across FinTech verticals and potentially into new GCC markets
Strategic inorganic growth through strategic acquisitions
The Group is led by one of its founding shareholders and is managed by a highly experienced leadership team in the insurance and technology space who has over 100 years of combined executive management experience and FinTech expertise.
The Group’s management is supported by a strong corporate governance structure and has strong local market knowledge, regulatory expertise and a deep commitment to maintaining the highest standards of excellence within the Group.
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