JEDDAH — With all listed insurers in Saudi Arabia having published their preliminary year-end 2017 financial reports, S&P Global Ratings calculates that net income for the whole sector dropped by 55% to about Saudi Arabian riyal (SR) 1.1 billion from SR2.5 billion in 2016.

In addition, the sector posted a modest decline in gross premiums written (GPW) and a slim increase in overall shareholders' equity.