Extra takes a lending hit, insurers split on investments, Mouwasat absorbs expansion costs

Retail up, lending down at Extra

Extra’s net income fell 26.6% y-o-y to SAR 104.8 mn in 3Q 2026, as a jump in impairment charges at its Tasheel consumer-finance arm overwhelmed a growing retail business, according to a Tadawul filing. Revenue, meanwhile, rose 5.8% to SAR 1.9 bn, on 6.1% retail growth and a 3.4% rise in consumer finance.

The two halves pulled apart: Retail net income rose 10.6% y-o-y on higher basket sizes, B2B strength, Clix and store growth, and the iPhone 18 launch. Consumer finance (aka Tasheel) went the other way, with net income down 82.4% as net impairment losses hit SAR 69.7 mn for the quarter. Extra framed the charge as prudent credit-risk management: SAR 33.8 mn was a management overlay to boost coverage and speed write-offs, and SAR 35.9 mn came from its annual ECL-model update as the loan book matured.

9M carries the same split: Extra reported a 9.9% y-o-y decline in net income to SAR 302 mn, despite a 5.4% increase in revenue to SAR 6 bn. A 36.2% drop in Tasheel’s bottom line on net impairment losses weighed down the results.

One-offs and higher costs weigh Bupa Arabia down

Bupa Arabia’s net income dipped on costs and one-offs while the business underneath grew. Net income fell 5.3% y-o-y to SAR 344.7 mn in 3Q 2026, even as ins. revenue rose 11.4% to SAR 5.6 bn and gross written premiums climbed 16% to SAR 5.4 bn, the insurer said in a Tadawul filing.

Reading past the headline, income before Zakat actually rose 1.9% to SAR 410.1 mn. The after-Zakat line fell because a year earlier Bupa booked a one-off Zakat-provision reversal that didn’t repeat this quarter. A 24.6% jump in other operating expenses to fund the expansion took some edge off the growth, but the operating engine held up with net ins. services results up 3.5% and net investment results up 14.1%.

The drag came from the sukuk portfolio. Total comprehensive income dropped 61.7% y-o-y to SAR 169.2 mn, far steeper than the net-income dip, on fair-value losses in Bupa’s FVOCI sukuk portfolio as interest-rate expectations shifted.

9M tells the same story. Net income edged up 0.8% to SAR 1 bn on ins. revenue of SAR 16.16 bn, up 14%, with gross written premiums up 12.9%, the net ins. result up 4%, and net investment income up 12.2%. Comprehensive income again fell — down 32.6% to SAR 775.3 mn — on the same sukuk marks.

Al Rajhi Takaful’s underwriting picks up the slack

Al Rajhi Company for Cooperative Ins. (Al Rajhi Takaful) posted a net income of SAR 87.4 mn in 3Q 2026, edging up 2% y-o-y, as an improvement in underwriting offset a swing to investment losses, the insurer said in a Tadawul disclosure. Ins. revenue rose 14.9% to SAR 1.6 bn on growth in medical and motor, despite higher expected losses.

Behind the numbers: The ins.-services result jumped 38.1% y-o-y to SAR 219.1 mn and the net ins. result rose 40.3% to SAR 101.1 mn, both driven by the medical and motor books. Working against that, the investment result swung to a SAR 79.1 mn loss from a SAR 275.6 mn gain a year earlier, which the company tied to higher investment credit-loss charges, though a large positive swing in net ins. finance cushioned the bottom line.

9M tells a steadier story: Net income rose 2.5% y-o-y to SAR 295.2 mn on ins. revenue of SAR 4.6 bn, up 16.6%, with net investment income up 12.1% to SAR 179.5 mn over the fuller period. The 9M ins.-services result, though, fell 61.9% to SAR 206.8 mn, carrying the weak first half when underwriting had turned negative.

Investment losses sink GIG’s 3Q

Gulf Ins. Group’s net income fell 44.2% y-o-y to SAR 19.2 mn in 3Q 2026, as a 68.4% drop in investment income to SAR 9 mn on mark-to-market losses outweighed fast-growing premiums, according to a Tadawul disclosure. Ins. revenue rose 48.5% to SAR 567.3 mn and gross written premiums doubled to SAR 718.3 mn, both driven mainly by motor.

The underwriting picture underneath was mixed: Net ins. results rose 9% to SAR 30.4 mn on the bigger book, but the ins.-services result fell 16.3% to SAR 69.9 mn as service expenses outran the revenue gain. The investment hit ran all the way through: total comprehensive income swung to a SAR 4.4 mn loss from a SAR 39.3 mn gain a year earlier, on mark-to-market losses.

9M holds up better: Net income rose 6.3% y-o-y to SAR 101.7 mn on ins. revenue of SAR 1.5 bn, up 32.4%, with gross premiums up 66% and ins. service up 20%. Investment income still fell over the period, down 32.3% to SAR 50.9 mn.

Mouwasat’s expansion comes with a near-term earnings drag

Mouwasat Medical Services’ net income declined 5.8% y-o-y to SAR 188 mn in 3Q, despite a 10.2% increase in revenue to SAR 856.4 mn, according to a Tadawul filing. The revenue growth came from the new Yanbu Hospital, which opened in 1Q, and higher inpatient occupancy, and the dip in net income is a base effect — the year-earlier quarter was boosted by a recovery of doubtful receivables that didn’t repeat. Excluding that, the bottom-line grew 4.3%.

9M shows expansions’ lifts and drags: Net income rose 2.9% y-o-y to SAR 600.4 mn in 9M on revenue of SAR 2.57 bn, up 9.8%, helped by lower Zakat after a 2024 assessment was finalized. Start-up costs at the newly opened Yanbu Hospital held reported growth back; excluding that drag, Mouwasat says net income would have grown 14%.