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INSURANCEAllied Co-operativeAlso known asACIG, Saudi ACIGPriceSR63.8Pricing / Valuation as on May 27, 2009Mkt capSR0.6bn ($170.2mn)Sh. outstanding10.0mnKey statistics52 week range H/L (SR) 117.0/15.0Avg daily turnover (mn) SR US$3m 58.50 15.6212m 45.41 12.13Raw Beta 6m 1yr1.00 1.40Reuters8150.SEBloombergACIG ABPrice perform (%) 1M 3M 12MAbsolute (%) (35) 60 19Market (%) 6 32 (39)Sector (%) (2) 48 (26)Website: www acig.com saValuation multiples2006 2007 2008P/E (x) NA NM NMP/B (x) NA 10.9 3.2P/Sales (x) NA NA NADiv yield (%) NA NA NAAllied Cooperative Insurance Group (ACIG) was incorporated in 2007 through theacquisition of the Saudi assets and client portfolio of its parent company, ACIGBahrain. ACIG, based in Jeddah, offers Islamic Shariah-compliant insurance andreinsurance products in Saudi Arabia.Company financials2007* 2008YoY(%)CAGR(%)(05-08)Net Insurance Premium SRmn - - - -Total Revenues SRmn - - - -Net Income SRmn (5) (20) - -Assets SRmn 94 78 (17.2) -Equity SRmn 92 71 (23.5) -Investments SRmn 91 74 (19.1) -Technical Reserves SRmn - - - -Combined Ratio % - - - -Net Mgn % - - - -ROE % (5.1) (24.8) - -ROA % (5.0) (23.4) - -Div Payout % - - - -EPS SR (0.5) (2.0) - -BVPS SR 9.2 7.0 (23.5) -Source: Company, NCBC Research; * figures for FY2007 are from July- December 2007.Segment-wise business analysisProduct segment 2008 Geographic 2008%Rev % Net Inc Breakup %Rev % Net IncWeightage (%)TASI (free float weight) 0.06MSCI Saudi (domestic – mid cap) 0.29Free float (%)Free float 40.00Relative share price perf.11,0001509,0001007,0005,000503,000-M ay-08 Aug-08 Nov-08 Feb-09 M ay-09TASIA CIG (RHS)Top 5 shareholders (%)Islamic Development Bank 20.0Allied Coop Ins. Group Bahrain 20.0Source: NCBC ResearchSource: Company, NCBC Research• Business brief: ACIG offers a range of insurance products. Under its marineinsurance segment, it offers marine cargo insurance and inland transit insurance. TheMedical Insurance segment offers four product lines for all types of clients, from theoffice to the factory floor. The Motor Insurance segment provides third-party liabilityprotection, personal accident cover (for drivers and passengers) and comprehensive’own damage’ options. The General Insurance segment provides money insurance,fidelity insurance, personal accident insurance, public liability insurance, workmen’scompensation insurance, and medical malpractice insurance.• Financials: During 2008, the company reported a net loss of SR20.2mn. Thecompany’s assets also decreased to SR78.2mn at the end of 2008; whileshareholders equity aggregated to SR70.5mn.• Recent developments: ACIG reported its 1Q-09 results on April 20, 2009. Thecompany’s net loss widened to SR5.6mn in 1Q-09 compared to a net loss ofSR0.6mn in 1Q-08. In May 2009, ACIG entered into a contract with Netways to linkthe company's point of sales through a network.JUNE 2009ALLIED COOPERATIVE INSURANCE GROUP204
Company Page No. Banking and FinancialsKingdom Holding 206 PetrochemicalsAsser Trading 207 CementSaudi Arabia Refineries 208 RetailSaudi Industrial Services 209 Energy and UtilitiesSaudi Advanced Industries 210 Agriculture and FoodAl-Ahsa Development 211 Telecom and ITAl Baha Investment 212 InsuranceMulti InvestmentIndustrial InvestmentBuilding and ConstructionReal EstateTransportMedia and PublishingHotels and Tourism
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NCB Capital Research DepartmentJune
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KSA ECONOMY AND NATION 5Outlook and
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KSA: Economy and NationSearching gr
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OUTLOOK AND DIRECTIONat a CAGR of 5
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OUTLOOK AND DIRECTIONpropel growth
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OUTLOOK AND DIRECTIONThe dramatic c
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OUTLOOK AND DIRECTIONExhibit 7: Sov
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OUTLOOK AND DIRECTIONStrong hydroca
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OUTLOOK AND DIRECTIONExhibit 13: KS
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OUTLOOK AND DIRECTIONappropriate po
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OUTLOOK AND DIRECTIONInternational
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THIS PAGE IS INTENTIONALLY LEFT BLA
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History and overviewThe leading GCC
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HISTORY AND OVERVIEWExhibit 25: Bre
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HISTORY AND OVERVIEWExhibit 29: Con
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HISTORY AND OVERVIEWMarket regulati
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HISTORY AND OVERVIEWeconomic condit
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HISTORY AND OVERVIEWExhibit 38: Vol
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Banking and FinancialsLeveraging th
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BANKING AND FINANCIALSExhibit 43: R
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BANKING AND FINANCIALSExhibit 50: A
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PetrochemicalsCost advantage fuelli
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PETROCHEMICALSExhibit 55: Compariso
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CEMENTExhibit 60: Sector details% w
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RetailBetting on increasing consume
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RETAILExhibit 69: Revenue of compan
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Energy and UtilitiesPrivatizing is
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ENERGY AND UTILITIES(PIF) and SECO.
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ENERGY AND UTILITIESincrease the ut
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AGRICULTURE AND FOODare Herfy, Al-B
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AGRICULTURE AND FOODExhibit 91: Ave
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TELECOM AND ITline penetration stan
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TELECOM AND ITZain started trading
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INSURANCEExhibit 103: Country wise
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INSURANCE(YoY), despite growth in r
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Multi-investmentLight at the end of
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MULTI-INVESTMENTExhibit 114: Revenu
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Industrial InvestmentFacing the imp
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INDUSTRIAL INVESTMENTExhibit 122: R
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Building and ConstructionHealthy pi
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BUILDING AND CONTRUCTIONThe buildin
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BUILDING AND CONTRUCTIONSaudi Aramc
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REAL ESTATE AND DEVELOPMENTExhibit
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REAL ESTATE AND DEVELOPMENTsection
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REAL ESTATE AND DEVELOPMENTExhibit
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TRANSPORTATIONRoad transportRoad tr
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TRANSPORTATIONNational Shipping Com
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TRANSPORTATIONfears, and plunging f
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MEDIA AND PUBLISHINGExhibit 159: Re
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MEDIA AND PUBLISHINGExhibit 166: Av
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HOTEL AND TOURISMSeparately, leisur
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HOTEL AND TOURISMIn 2008, the secto
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BANKS AND FINANCIAL SERVICESAl Rajh
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BANKS AND FINANCIAL SERVICESBanque
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BANKS AND FINANCIAL SERVICESAlinma
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BANKS AND FINANCIAL SERVICESSABBAls
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BANKS AND FINANCIAL SERVICESBank Al
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BANKS AND FINANCIAL SERVICESBank Al
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PETROCHEMICAL INDUSTRIESSaudi Basic
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PETROCHEMICAL INDUSTRIESSaudi Kayan
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PETROCHEMICAL INDUSTRIESSaudi Indus
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PETROCHEMICAL INDUSTRIESRabigh Refi
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PETROCHEMICAL INDUSTRIESYanbu Natio
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PETROCHEMICAL INDUSTRIESNama Chemic
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PETROCHEMICAL INDUSTRIESMethanol Ch
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CEMENTSaudi CementAlso known asSCCP
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CEMENTSouthern CementAlso known asS
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CEMENTYanbu CementAlso known asYCCP
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PriceSR46.5Pricing / Valuation as o
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RETAILJarir Marketing CoAlso known
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RETAILAldrees PetroleumAlso known a
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RETAILAhmed H. Fitaihi CoAlsoknown
Page 154 and 155: RETAILNational AgricultureAlsoknown
Page 156 and 157: THIS PAGE IS INTENTIONALLY LEFT BLA
Page 158 and 159: ENERGY AND UTILITIESSaudi ElectricA
Page 162 and 163: AGRICULTURE & FOOD INDUSTRIESSavola
Page 164 and 165: AGRICULTURE & FOOD INDUSTRIESNation
Page 166 and 167: AGRICULTURE & FOOD INDUSTRIESQassim
Page 168 and 169: AGRICULTURE & FOOD INDUSTRIESSaudi
Page 170 and 171: AGRICULTURE & FOOD INDUSTRIESFood P
Page 172 and 173: AGRICULTURE & FOOD INDUSTRIESHalwan
Page 174 and 175: AGRICULTURE & FOOD INDUSTRIESTabuk
Page 178 and 179: TELECOMMUNICATIONSaudi TelecomAlso
Page 180 and 181: TELECOMMUNICATIONZain KSAAlso known
Page 184 and 185: INSURANCETawuniyaAlso known asTawun
Page 186 and 187: INSURANCESABB TakafulAlso known asS
Page 188 and 189: INSURANCEAl Sagr CompanyAlso Known
Page 190 and 191: INSURANCEBupa Arabia for Coop InsPr
Page 192 and 193: INSURANCESaudi IAIC Co-op.Also know
Page 194 and 195: INSURANCESanad InsuranceAlso known
Page 196 and 197: INSURANCESaudi Fransi Coop.Also kno
Page 198 and 199: PriceSR28.4Pricing / Valuation as o
Page 200 and 201: INSURANCESaudi Indian Co.Also known
Page 202 and 203: INSURANCESaudi Arabian Co-opAlsokno
Page 206 and 207: MULTI-INVESTMENTKingdom Holding CoA
Page 212 and 213: MULTI-INVESTMENTAl-Baha InvestmentA
Page 214 and 215: INDUSTRIAL INVESTMENTAlsoSaudi Arab
Page 216 and 217: INDUSTRIAL INVESTMENTSaudi Pharma.A
Page 218 and 219: INDUSTRIAL INVESTMENTSaudi Paper Mn
Page 220 and 221: INDUSTRIAL INVESTMENTAstra Indl Gro
Page 222 and 223: INDUSTRIAL INVESTMENTAlsoSaudi Indl
Page 224 and 225: INDUSTRIAL INVESTMENTAlso known asF
Page 226 and 227: BUILDING & CONSTRUCTIONSA Amiantit
Page 228 and 229: BUILDING & CONSTRUCTIONAl-Babtain P
Page 230 and 231: BUILDING & CONSTRUCTIONSaudi Cerami
Page 232 and 233: BUILDING & CONSTRUCTIONArabian Pipe
Page 234 and 235: BUILDING & CONSTRUCTIONME Specializ
Page 236 and 237: BUILDING & CONSTRUCTIONSaudi Indust
Page 240 and 241: REAL ESTATE DEVELOPMENTDar Al Arkan
Page 242 and 243: REAL ESTATE DEVELOPMENTMakkah Const
Page 244 and 245: REAL ESTATE DEVELOPMENTTaiba Holdin
Page 246 and 247: REAL ESTATE DEVELOPMENTSaudi Real E
Page 248 and 249: TRANSPORTNational ShippingAlso know
Page 250 and 251: TRANSPORTUnited InternationalAlso k
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MEDIA AND PUBLISHINGSaudi ResearchA
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MEDIA AND PUBLISHINGTihamaAlso know
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PricePricing / Valuation as on May
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