THE IMPACT OF FINANCIAL AND UNDERWRITING RISK MANAGEMENT EFFICIENCY ON THE FINANCIAL PERFORMANCE OF LISTED INSURANCE COMPANIES IN SAUDI ARABIA UNDER SOLVENCY REQUIREMENTS

This article aims to determine the level of financial and underwriting risk management of insurance companies in the Kingdom of Saudi Arabia. The study was conducted on a sample of insurance companies listed in the Saudi Exchange from 2019 to 2025. A descriptive-analytical method and a panel data analysis were applied. The independent variables of the study were underwriting risk (loss ratio), investment risk, and liquidity risk. The dependent variables were Return on Assets (ROA), Return on Equity (ROE), and solvency ratio according to SAMA regulations. The results of the study revealed that the level of performance and stability of insurance companies depends significantly on the management of underwriting and liquidity risks. In addition, the study found that the size of the company and other control variables also have a significant impact on the performance of insurance companies. Finally, based on the results of the study, recommendations were made for insurance companies and regulators to improve risk management and achieve the goals of Vision 2030.