Al-Etihad Cooperative Insurance Co. reported a rise in 2023 net profit to SAR 93.9 million, from SAR 12.7 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,176.70 | 1,489.05 | 26.5 % |
| Insurance Revenues | 1,072.87 | 1,202.17 | 12.1 % |
| Net Profit Before Zakat & Tax | 31.20 | 103.90 | 233.0 % |
| Net Income | 12.70 | 93.90 | 639.2 % |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.28 | 2.09 | 639.2 % |
Insurance revenues edged up 12% year-on-year (YoY) due to a rise in insurance premiums, especially motor insurance that grew 58% YoY.
Net insurance service results jumped 62% YoY, and net investment returns increased 184% YoY to SAR 43.4 million. In addition, other income rose to SAR 26 million, as a result of reclassifying the income earned from industry pools for 2023 to other income instead of insurance services results.
Zakat and income tax provisions decreased by SAR 8.5 million YoY. The insurer also booked an increase in the fair value of investment in Najm Insurance Service Co.
Meanwhile, net financing expenses grew by SAR 7.4 million and non-attributable expenses by SAR 2 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 261.45 | 446.22 | 70.7 % |
| Insurance Revenues | 286.97 | 326.25 | 13.7 % |
| Net Profit Before Zakat & Tax | 22.41 | 23.96 | 6.9 % |
| Net Income | 15.91 | 23.96 | 50.6 % |
| Average Shares | 45.00 | 45.00 | - |
| EPS (Riyals) | 0.35 | 0.53 | 50.6 % |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,176.70 | 1,489.05 | 26.5 % |
| Insurance Revenues | 1,072.87 | 1,202.17 | 12.1 % |
| Insurance Services Income | 20.91 | 33.83 | 61.8 % |
| Investment Income | 23.56 | 66.98 | 184.3 % |
| Net Profit of Insurance Services and Investment | 44.40 | 93.33 | 110.2 % |
In Q4 2023, net profit soared 51% YoY to SAR 24 million.
The fourth-quarter net profit skyrocketed from SAR 8.18 million in Q3 2023.
Shareholders’ equity, no minority interest, rose to SAR 671.62 million as of Dec. 31, 2023, from SAR 536.61 million a year earlier.
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