Saudi digital insurance company Rasn has grown from a startup founded in 2016 into a listed business with a market value exceeding SAR10 billion ($2.67 billion), according to the announcement.
Moayad Abdullah Al-Falaj, who co-founded the company with initial capital of SAR3 million ($800K), moved from operations and business development roles to chief executive and later managing director. He became Rasn’s chairman in August 2026.
Rasn operates platforms and applications for comparing and purchasing insurance policies, alongside related fintech services. It was listed on Saudi Arabia’s Tadawul market in June 2024, at an initial market value of about SAR2.8 billion ($746.7 million).
The company’s revenue rose from SAR43.4 million ($11.6 million) in 2020 to SAR653.3 million ($174.2 million) in 2025. Net profit reached SAR246.8 million ($65.8 million) in 2025, compared with SAR572,000 ($152.5K) five years earlier.
Growth continued in the first half of 2026, when revenue increased 111% year on year and net profit climbed 168% to SAR174 million ($46.4 million). Operating profit rose 177%, while its margin improved to 35% from 27%.
Rasn now faces a more competitive digital insurance market, with new platforms entering the sector and customers placing greater emphasis on service speed and user experience. Its next challenge will be sustaining growth, margins and customer retention as its early digital advantage becomes easier to replicate.
Source: Annahar
