00:00 We have decided to increase capital to support growth and maintain the financial wall.
00:09 The insurance company has a lot of criticism.
00:13 As a rich company in this capital, we have to support the growth.
00:21 The market has grown, and we have grown by more than 20% in the past 10 years.
00:26 We have to maintain this opportunity through capital, and we are looking for more capital.
00:34 To maintain the classification, we need more capital.
00:39 This is also in the reports of the classification agencies.
00:45 But if there is an increase in capital, how will it be exploited, Mr. Vargas?
00:51 Do you expect that after the acquisition of SABTACAFUL and MetLife, there will be a third acquisition after the increase?
01:01 At the moment, we are focusing on increasing capital.
01:12 We are open to the idea of integration if this is logical for the company, and if there is integration in the management and products of the target companies.
01:25 We are open to this, and at this stage we are focusing on increasing capital.
01:30 On the other hand, we are now working on the integration process that took place with SABTACAFUL.
01:38 Have all the procedures you have completed related to the transfer of assets after this integration?
01:44 Certainly, the assets were transferred immediately after the integration, and the integration took 8 or 9 months.
01:59 The process has been completed, and we are ready for the next stage.
02:05 How much did you benefit from these experiences to integrate, Mr. Vargas?
02:12 And have we started to witness the study of new security products for the market?
02:23 This acquisition was very useful, and the most important thing is that we had a fair price and an addition to the capital, and that was from the acquisition.
02:36 We got the license to secure life and security products for life, and we started selling these products.
02:43 We believe that protection is a long way ahead of us, and this is also important in the Kingdom of Saudi Arabia, and we believe in the opportunities in this sector.
02:55 You are talking about 5% as a market share now after the integration with the companies.
03:02 What are your goals, and where do the security products focus as security sectors today at the company?
03:10 That's a very interesting question.
03:14 I don't have any expectations for the coming year, but the history since 2011 until now, that is, the last 10 years, has grown by about 20%.
03:29 And this is a big growth.
03:31 I'm not saying that we will continue to grow at the same pace, but there is an opportunity for that.
03:37 And we are in this period in the security sector in the best case.
03:43 And I think that there are opportunities for growth, and we will be able to benefit from the market share.
03:50 Since 2011, our market share was about 1%, and after 10 years, we have reached 5%.
03:58 And I don't know what our market share will be in the coming years, maybe five times more.
04:05 But I think we will increase significantly.
04:09 Yes, but you mentioned the sectors, Mr. Vargas, today as a health security sector, as a car security sector, and also security on the life of the company.
04:19 How do you distribute your will from these sectors today?
04:27 Yes, it is mainly property and property.
04:35 And we are specialized in this field, and we have a 10% stake in this field.
04:41 And we have a field and experience in the sector, but we have other limits in relation to cars, perhaps in the best five companies in the health sector.
04:51 We have a small share, but we have a chance to grow in the health sector, and in relation to protection and savings.
04:57 We have this integration, and we still aspire to be one of the best five companies.
05:03 We have a good situation in the market, and a long way, but we believe that there are many opportunities for growth.
05:11 In contrast, you are clearly focusing on the re-securing of the sector today. What are your goals from this sector, Mr. Vargas, and what is the expected growth for the company?
05:33 Saudi Arabia, for example, in 2022, this sector was estimated at 9 billion out of 50 billion.
05:45 Of the 9 billion, 18% or more of the re-securing, that is, about 1.8 million.
05:53 The rest is the re-securing. And if there is a way out of this, we will not target more.
06:03 Last year, there were more than 100 million in terms of insurance, and I think we will reach 200 or 500 million or a billion in the coming years.
06:17 I think we will reach this level in this sector, the re-securing sector.
06:25 Finally, what are your expectations for the insurance prices in light of the rise in interest rates, Mr. Vargas?
06:30 Do you see any fluctuations in the insurance prices?
06:34 And especially that you see that Saudi Arabia is also today making some adjustments to the comprehensive insurance rules for vehicles.
06:42 As I mentioned earlier, the Saudi insurance sector has many growth expectations.
06:56 Since yesterday, insurance on cars has become mandatory.
07:01 It was always mandatory, but it has become mandatory there.
07:04 And we expect that the insurance sector on cars will grow significantly from 50% to 70% or 80% in the next 12 months.
07:12 And this will add more.
07:15 And we expect that the prices will probably be more logical, and we have growth opportunities in projects such as Niom and other projects.
07:27 And the health sector or health insurance sector is growing.
07:31 So the prices are according to the requirements, and if the requirements are correct, the prices will be reduced.
07:37 So in any case, there are growth opportunities in the market, and the insurance sector on cars during 2022 and 2023 and 2024 was the best solution.
