Insurance companies in Saudi Arabia are close to announcing their full financial results for the first half of 2018. These companies, which are listed in the local market, are expected to grow significantly in the second quarter of this year compared to the first quarter of 2018. Saudi insurance companies profit has hit $12.6 million in Q1 of 2018, but, it is expected to reach $26.6 million in the second quarter, which means that their growth rate may exceed the 100 percent barrier compared to the first quarter. On Monday, the Saudi stock market recorded better performance by insurance companies, with AXA Insurance gaining 10 percent, while both al-Rajhi Takaful and al-Ahlia Insurance Company saw an increase of 9 percent. Saudi Arabia’s stock index closed on a two-point increase, at 8309 points, amid trading worth about $1.04 billion dollars. Saudi Arabia recently launched the Financial Sector Development Program (FSDP), one of 12 executive programs launched by the Council of Economic and Development Affairs (CEDA) to achieve the objectives of Vision 2030. FSDP seeks to develop the financial sector as a diversified and effective financial services sector to support the development of the national economy by stimulating savings, finance and investment. The program will achieve these goals by enabling financial institutions to support private sector growth, ensuring the formation of an advanced capital market, and promoting and enabling financial planning, without impeding the strategic objectives intended to maintain the financial services sector’s stability. On enabling financial institutions to support private sector growth, the Program aims to enhance depth and breadth of financial services and products offered, build an innovative financial infrastructure, manage risks through a thriving insurance sector, and promote capabilities of the talent force. The program will develop a sustainable and thriving insurance sector in Saudi Arabia. In so doing, it focuses on enhancing the existing regulatory environment to drive consolidation and strengthen balance sheet capacity. Emphasis on enforcing insurance regulations will also ensure further development and market growth. FSDP aims to ensure the formation of an advanced capital market through facilitating raising capital by the government and private sector, offering an efficient platform to encourage investment and diversify the investor base, providing a safe and transparent infrastructure, and enhancing market participants capacity and sophistication.