Rasan results for the first nine months of 2026, published on 2 November, show revenue of SAR 819 million, up 64% year on year, at the Tadawul-listed operator of the Tameeni insurance aggregator, with a record third quarter of SAR 301 million, according to its release. Gross written premiums on its platforms reached SAR 8.6 billion, up 42%.

What Drove the Rasan Results

Motor leasing more than doubled to SAR 340 million, overtaking motor retail, which grew 34% to SAR 331 million and posted its strongest quarter. Health rose 18%, and domestic helper contract insurance led the newer products. Adjusted EBITDA rose 92% to SAR 359 million, and its margin widened 6.4 percentage points to 43.8%. Adjusted net profit rose 91% to SAR 330 million, a 40.3% margin, on what Rasan calls a debt-free, capital-light model.

Chief executive Nicola Garelli said the growth “has been delivered profitably, not at the expense of margin,” and described the strategy as strengthening the core while widening the platform around it.

How Rasan Makes Money

Rasan runs Tameeni, which it calls Saudi Arabia’s leading insurance aggregator, and Treza, a digital motor leasing platform, and partners with insurers and financial institutions. Gross written premiums of SAR 8.6 billion measure the policies placed through its platforms; the SAR 819 million of revenue is what Rasan itself books.

Fintechbits analysis

Why the Rasan Results Depend on Motor

In the Rasan results, revenue growing 64% while premiums grew 42% means Rasan is earning more per riyal of premium, through better commissions, a richer mix or leasing fees. The release does not separate those effects, and that is the number investors should ask for.

The concentration is the risk. Motor retail and motor leasing together brought in SAR 671 million, more than 80% of nine-month revenue. A change in motor insurance pricing rules or a slowdown in vehicle leasing would hit almost the whole business.

Margins deserve a second look too. Adjusted net profit of SAR 330 million sits well above reported net profit of SAR 284 million, and the release does not list the adjustments. Anyone comparing the Rasan results with other listed platforms should start from the reported figure. Gulf fintechs have been building scale quickly; Fintechbits profiled Tabby founder Hosam Arab, and the State of Fintech Q3 2026 tracks where funding is going.

Frequently asked questions

What were the Rasan results for the first nine months of 2026?

Rasan reported revenue of SAR 819 million for the first nine months of 2026, up 64%, with adjusted EBITDA of SAR 359 million and reported net profit of SAR 284 million.

What is Rasan’s biggest business line?

Motor leasing, at SAR 340 million of nine-month revenue, was slightly larger than motor retail at SAR 331 million.

Where is Rasan listed?

Rasan Information Technology Company trades on the Saudi Exchange (Tadawul) under the code 8313.

What to Watch Next

The fourth-quarter and full-year Rasan results will show whether motor leasing keeps doubling and whether newer lines such as domestic helper contract insurance grow enough to reduce the dependence on motor.