| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,070.78 | 1,190.00 | 11.1 % |
| Insurance Revenues | 129.29 | 206.95 | 60.1 % |
| Net Income | 11.20 | 31.79 | 183.9 % |
| Average Shares | 89.10 | 89.10 | - |
| EPS (Riyals) | 0.13 | 0.36 | 183.9 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Insurance Revenues | 133.23 | 206.95 | 55.3 % |
| Net Income | 19.19 | 31.79 | 65.6 % |
| Average Shares | 89.10 | 89.10 | - |
| EPS (Riyals) | 0.22 | 0.36 | 65.6 % |
This was attributed to revenue growth stemming from expansion across most of the company’s business segments, which resulted in a SAR 77.7 million increase, or 60% year-on-year (YoY).
In addition, net profit from reinsurance operations grew by SAR 20.6 million, or 197%, due to a rise in revenues.
Saudi Re also reported a 4% YoY decrease in reinsurance expenses and a 65% YoY increase in net investment income.
Sequentially, the three-month profit leapt by 65.6% from SAR 19.19 million in Q4 2023.
This was propelled by robust revenue growth stemming from expansion across the majority of the company's business segments, which resulted in a SAR 73.7 million increase, or 55% quarter-on-quarter (QoQ).
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,070.78 | 1,190.00 | 11.1 % |
| Insurance Revenues | 129.29 | 206.95 | 60.1 % |
| Insurance Services Income | 10.45 | 31.09 | 197.5 % |
| Investment Income | 11.13 | 18.34 | 64.8 % |
| Net Profit of Insurance Services and Investment | 12.98 | 42.57 | 228.0 % |
Moreover, the uptick in net profit from reinsurance operations by SAR 12.5 million, marking a 67% increase QoQ, driven by 55% revenue growth, along with a 5% reduction in reinsurance expenses, contributed to Saudi Re’s higher profit in Q1 2024 QoQ.
Shareholders’ equity, no minority interest, stood at SAR 11.79 billion at the end of Q1 2024, compared to SAR 10.28 billion a year earlier.
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