The Company for Cooperative Insurance (Tawuniya), Saudi Arabia's leading insurance provider, has reappointed Abdulaziz Alnowaiser as Chairman for a new three-year term following regulatory approval, according to a filing with the Saudi Exchange (Tadawul). The Insurance Authority granted its no-objection to the board's decision earlier this year, with the new term commencing April 10, 2026 and extending through 2030. The reappointment underscores continuity in leadership at a pivotal moment for the Saudi insurer, which is pursuing capital expansion and digital transformation amid robust market growth.
Shareholders of Tawuniya approved the election of board members for the fresh four-year term during an ordinary general meeting on April 1, 2026, according to regulatory filings. Following the insurance regulator's approval at the end of April, the board formally reappointed Alnowaiser as Chairman and simultaneously appointed Salman bin Fares Alfares as Deputy Chairman. The newly elected nine-member board includes prominent Saudi business figures and reflects the company's mixed ownership structure, where the General Organization for Social Insurance holds 23 percent, the Public Pension Agency holds 24 percent, and the public owns 53 percent through Tadawul. The succession of Alnowaiser marks his second full term as Chairman since he initially took the post in 2020 following earlier service as a board member from 2015 to 2019.
Alnowaiser brings extensive executive experience across finance, insurance and real estate to the role. Since May 2024, he has served as Chief Executive Officer of Emaar, The Economic City, the master developer of King Abdullah Economic City, a sprawling economic zone in Jeddah backed by the Public Investment Fund. Previously, he spent five years as CEO of Tahakom Investments, a PIF-owned company with subsidiaries spanning technology, aviation and travel solutions. His earlier career included senior finance roles as CFO at STC Solutions and Al Othaim Real Estate Investment Company, supplemented by leadership positions at consulting firms and academic teaching at King Saud University. His formal credentials include degrees in accounting, finance and information systems from King Saud University, a Master of Accountancy from Case Western Reserve University, and professional certifications in international financial reporting standards. In addition to chairing Tawuniya, he also chairs United Insurance Company and serves on audit committees at Mobily, Saudi Arabia's leading telecommunications operator, and Maharah Company.
Tawuniya, established in 1986, stands as the first national insurance company licensed in Saudi Arabia to offer all types of insurance in compliance with Islamic cooperative principles. The company has solidified its position as the leading insurer across the broader Middle East and North Africa region. In its first quarter of 2026, Tawuniya reported insurance revenue of 5.8 billion Saudi riyals, up 12.6 percent compared to the same period in 2024, while gross written premiums grew 14.9 percent to 7.5 billion riyals. Full-year 2025 net profits reached 1.1 billion riyals, up 7.93 percent year-over-year. The company commands approximately 29 percent of the total Saudi insurance market and leads the motor insurance segment with 27.49 percent market share as of the third quarter of 2024. Tawuniya's ownership structure reflects significant backing from government social security agencies alongside public shareholding, positioning it as a systemically important institution within Saudi Arabia's financial system. The company recently received regulatory approval to expand its capital by 50 percent to 2.2 billion riyals, signaling growth ambitions.
Alnowaiser's continuation as Chairman during a period of capital expansion and product diversification appears designed to provide strategic continuity at an institution navigating evolving regulatory standards in Saudi Arabia's insurance sector. His simultaneous role as Emaar's CEO, while managing board-level responsibilities at multiple listed and private companies, suggests the Tawuniya board views his multi-sector expertise and government relationships as valuable amid anticipated regulatory tightening in capital requirements across the Gulf insurance industry. The regulatory approval process itself indicates stricter compliance oversight, consistent with broader patterns of assertive enforcement by Saudi authorities. His reappointment may signal the board's confidence in the company's current strategic trajectory, though balancing a CEO position at a major economic development entity while chairing a systemically important insurer introduces potential governance and time allocation considerations that market observers might scrutinize.
