The Company for Cooperative Insurance (Tawuniya) is a Saudi Joint Stock Company established in Riyadh, Saudi Arabia by Royal Decree number M/5 of 17.4.1405H (5.4.1985 G) and was registered on January 18, 1986G (7.5.1406H) under Commercial Registration number 1010061695.
The purpose of the Company is to transact cooperative insurance operations and all related activities such as reinsurance or agency activities. Its principal lines of business include motor, marine, fire, medical, engineering, energy, aviation, takaful, and casualty insurance.
1986: Established as a Saudi Joint Stock Company.
1987: The first fiscal year.
1988: Achieving the highest growth rate of business amounting 789%.
1989: Confirmed through recognized research as the market leader in the Saudi insurance market. (market share)
1991: Launched a medical insurance program which subsequently became known as Taj.
1992: Achieved 50% growth in retail business.
1993: Launched EDGE, Tawuniya's integrated bilingual back bone information system.
1995: Introduction of new retail products such as Personal Accident, Rukhsa, Taj Family/Individual, and Medical Malpractice.
1997: Established a state-of-the-art Customers Services Center (CSC).
1998: Achieved 50% nationalization of Tawuniya’s workforce.
1999: Keeping the same growth rate without affecting by low oil prices.
2000: Launching of the savings plans for the first time.
2001: Re-structuring the business into 4 segmentations (Major, Corporate, Commercial and retail.)
2002: Introduction of compulsory Drivers' License (Rukhsa) and Foreign Vehicle insurance.
2003: The issuance of the law on the supervision of cooperative insurance Companies.
• Received the first registered license from SAMA to transact business in accordance with the new Cooperative Insurance Law.
• Shareholders increased the paid up capital from SR 250 million to SR 500 million.
• The Tawuniya IPO started on December 21, 2004 floating 7 million shares representing 70% of the company's total capital.
• Conducted its first General Assembly after privatization of the company.
• Launched two insurance plans (Shop Owners Insurance Plan and Manasek Plan for Hajj and Umra Performers.
• Assigned (A) rating from S&P.
• Dividing the structure to 3 strategic business units and 2 distribution units.
2007: Establishing the Sharaia Board to revise the insurance policies in accordance with Islamic Shariaa.
Capital & Ownership
The authorized, issued and paid up capital of the Company is SR 750 million consisting of 75 million shares of SR 10 each. The capital ownership is as follows: The General Organization for Social Insurance 23%, the Public Pension Agency 24%, and 53% held by the public through stock market.
How to Reach us
The Head Office is located at:
ABRAJ Atta'awuneya, 700 King Fahad Road, Riyadh, Saudi Arabia.
P.O. Box 86959 Zip Code 11632.
Tel. 00966 1 218 0100
Fax 00966 1 2180102