What Nitaq does

Nitaq for Actuarial Services is a private actuarial consulting firm headquartered in Riyadh, Saudi Arabia, founded in 2011 and licensed by SAMA to provide actuarial services to the Saudi insurance sector. It serves insurance companies, pension funds and retirement schemes, corporates requiring risk management, and regulatory bodies, with named customers and counterparties including Taawuniya, Malath Insurance Company, Takaful Insurance Company, several other insurers, and the General Organization of Social Insurance.

The core service portfolio covers insurance actuarial work such as product development and pricing, reserving, reinsurance optimisation, liability adequacy testing, asset-liability modelling, and insurance portfolio valuation; pension and social security work including retirement plan design and IAS 19/FAS 87 pension obligation valuations; and risk management services including internal capital models for catastrophe, market, credit, mortality, casualty, and operational risks. Nitaq also offers a tools and software layer through Pranalytix, a French-based software company it participated in creating, which provides predictive analytics tools using big-data technology and artificial intelligence algorithms for insurance, pensions, and risk management.

The business model is B2B professional services rather than self-serve software. Services are sold directly to enterprise and government clients through project-based engagements and retainer arrangements, with pricing not publicly disclosed and likely negotiated per mandate. The company’s market position is tied to local regulatory credibility, actuarial talent, repeat institutional relationships, and international alliances with Actuscope, Taha, and Pranalytix.

Name

Nitaq

Legal name

Nitaq for Actuarial Services

Website

https://nitaq.com.sa

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Nitaq is a Riyadh-based actuarial consulting firm serving Saudi insurance companies, pension funds, corporates, and regulators with actuarial valuations, pricing, reserving, risk management, pension obligation work, and predictive analytics via Pranalytix.

Ownership category

akta.pro rank

Product category

Actuarial Consulting Services

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Other Scientific and Technical Consulting Services (54169)

SIC

Services-Management Consulting Services (8742), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Risk Management Consulting (Enterprise & Operational Risk) (FSAEADAG)

akta.pro secondary industries

Financial Reporting & Technical Accounting Advisory (GAAP/IFRS) (BPAHABAF), Purchase Price Allocation (PPA) & Intangible Asset Valuation (FSAEAHAF)

Keywords

• Actuarial consulting
• Insurance services
• Pension valuation
• Risk management
• Predictive analytics

Headquarters

HQ city

Riyadh

HQ country

Saudi Arabia

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Actuarial Consulting Services: Professional consulting services including actuarial valuations, risk management advisory, and financial modelling for insurance and pension sectors. Revenue generated through project-based engagements and retainer arrangements with corporate clients and regulatory bodies.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Nitaq provides actuarial consulting services to insurance companies, pension funds, and regulators in Saudi Arabia, covering product development and pricing, reserving, experience studies, reinsurance optimization, asset-liability modelling, and pension valuations under IAS 19/FAS 87. It also delivers risk management advisory including the design of internal capital models, and offers predictive analytics tools through the Pranalytix platform that combines big data and artificial intelligence algorithms.

Product overview

Nitaq is an independent actuarial consulting firm offering a portfolio of professional services for the insurance and pensions industries. The core offerings include Insurance Services, Pensions & Social Security Services, and Risk Management Services. These are complemented by Tools & Software powered by the Pranalytix platform, which provides advanced predictive analytics combining big-data technologies and artificial intelligence algorithms. Together, the consulting services and analytical tools enable clients to measure and manage risk, grow revenue, and create competitive advantage in the Saudi Arabian market.

Differentiator

Problem solved

Functional benefit

Products and services

• Insurance Services Actuarial consulting services for insurance companies covering product development and pricing, reserving, experience assumptions studies, reinsurance optimisation, budgeting and business planning, liability adequacy testing, asset-liability modelling, and valuation of insurance portfolios. Targeted at Saudi insurance companies needing actuarial support across the full insurance value chain.
• Pensions & Social Security Services Actuarial consulting for corporate clients and public schemes, including retirement strategy and plan design, actuarial valuation of pension obligations under IAS 19 and FAS 87, and risk management for pension schemes. Targeted at corporate pension plans and public pension schemes in Saudi Arabia.
• Risk Management Services Design and implementation of internal capital models for enterprise risk quantification and allocation, covering catastrophe, market, credit, mortality, casualty, and operational risks. Supports risk-based capital modelling and annual credit rating assessments for insurance companies and large corporates.
• Tools & Software (Pranalytix Platform) Advanced predictive analytics tools backed by big-data technology and artificial intelligence algorithms, designed by French-based partner Pranalytix. Provides predictive modelling solutions for insurance, pension, and risk management applications, offered to Nitaq's enterprise clients in Saudi Arabia.

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature1 record

Partnerships

Three partnerships are on record, tiered core and strategic.

• PranalytixcoreTechnology or IntegrationFrench-based software company co-created by Nitaq, providing predictive analytics solutions that combine big data technologies and artificial intelligence algorithms. Pranalytix offers advanced predictive modelling tools for insurance, pensions, and risk management. Nitaq uses Pranalytix's platform to deliver AI-powered analytics services to clients.
• ActuscopestrategicStrategic or Co-development PartnerLebanese-based consulting actuarial firm. Part of Nitaq's international network of actuarial partners, providing access to regional expertise and collaboration on client engagements across MENA region.
• TahastrategicStrategic or Co-development PartnerUAE-based actuarial and consulting firm. Strategic alliance partner providing coverage across Gulf region and access to additional actuarial expertise and resources.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Regional players

• Lux Actuaries & Consultants: MENA-focused independent actuarial and consulting firm serving insurers and pension schemes across the Gulf; directly comparable in service lines but headquartered outside KSA.
• Actuscope: Lebanon-based consulting actuarial firm and Nitaq alliance partner offering comparable actuarial services across the MENA region.
• Badri Management Consultancy: UAE-based actuarial consultancy offering IFRS 17, reserving, pricing and pension valuation services across the Middle East, closely matching Nitaq's offering in an adjacent geography.

Broad incumbents

• Milliman: Global actuarial and risk consultancy serving insurers and pension funds worldwide, including the Gulf; overlaps directly on actuarial services at far greater scale.
• Mercer: Marsh McLennan's consulting arm with extensive retirement/pension and actuarial services active in the Gulf, overlapping with Nitaq's pension and benefits work.
• WTW (Willis Towers Watson): Global advisory firm with large actuarial, insurance and retirement/pension consulting practices competing for the same enterprise mandates as Nitaq.
• Aon: Global risk and reinsurance advisory group with actuarial and risk-capital consulting capabilities that intersect with Nitaq's risk management services.
• Deloitte (Actuarial & Insurance Solutions): Big Four actuarial and IFRS 17 advisory practice active in Saudi Arabia, competing for insurance regulatory and valuation engagements.
• EY (Actuarial Services): Big Four firm providing actuarial, reserving and insurance regulatory advisory in the Gulf, overlapping with Nitaq's insurance consulting scope.

Others

• RGA (Reinsurance Group of America): Reinsurer with actuarial pricing and product-development advisory capabilities for life/health insurers; adjacent to Nitaq's insurance actuarial work rather than a direct competitor.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xtwitter.com/Nitaq_Actuarial
• LinkedInlinkedin.com/company/nitaq-for-actuarial-services

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nitaq