Rasan has reported full-year 2025 revenue of $174 million (SAR 653 million), up 82% from $95 million (SAR 358 million) in FY 2024. Net profit reached $66 million (SAR 247 million), a 161% increase year-on-year.
Adjusted EBITDA came in at $78 million (SAR 293 million), up 158%, with margins expanding to 44.9% from 31.7% in the prior year. Adjusted net income hit $72 million (SAR 269 million), up 184%, with margin reaching 41.2%, an improvement of 14.8 percentage points.
Gross written premiums across all products reached $2.3 billion (SAR 8.5 billion), up 30% year-on-year. The company said all three core segments, motor retail, motor leasing, and health, showed strong momentum during the year.
Founded in 2016 by Moayad and Ayman Alfallaj, Rasan operates Tameeni, Saudi Arabia's largest online insurance aggregator with roughly 47% market share in retail motor insurance, alongside Treza (a B2B insurance platform for motor leasing companies and banks) and Awalmazad (an online auto auction platform for salvage and repossessed vehicles).
The company was the first entity to obtain a Saudi Central Bank licence for electronic insurance brokerage.
Revenue grew 82% while operating expenses increased at a substantially lower rate. The company maintains a debt-free balance sheet.
Rasan listed on Tadawul's main market in June 2024 after raising $224 million in an IPO that was 129 times oversubscribed. Shares surged the maximum permissible 30% on their first day of trading, closing at a market capitalisation of just under $1 billion.
Prior to listing, the company had raised just $24 million in a single external round led by Impact46 in 2021. The stock now trades at SAR 136.80, giving the company a market capitalisation of SAR 10.6 billion (approximately $2.8 billion), roughly triple its debut valuation.
Rasan's revenue trajectory since listing has been steep: $68 million in FY 2023, $95 million in FY 2024, and now $174 million, representing a compounding growth rate well above the broader Saudi insurtech sector.
During 2025, the company launched several new product lines including Health Individual, Home, Protection & Savings, and Domestic Helper Contract insurance, expanding beyond its core motor and health aggregation business.
The diversification push aligns with Rasan's stated ambition to deepen its integration across Saudi Arabia's financial ecosystem and its assessment that its total addressable market could grow roughly 450% by 2027.
